Reply
Contributor
crocpa
Posts: 89
Registered: ‎06-09-2007
0

Learn from my bad experience: -15 EQ FICO

I'm a big FICO score risk taker.  On Friday I opened a new CC w/ $15K CL then on Saturday I requested four CL increases.  I've had my car four months now and I've already refinanced it twice. I'm on the third bank.  I take big risks with my score because it's paid off in big gains. However, I made a mistake that cost me 15 FICO points on my EQ credit report.  Since EQ is the one everyone checks over here in the East coast, it hurts.  My mistake was requesting a CL increase from Citibank and not calling them to specifically request a soft hit.  Try calling creditors for credit line increases instead of performing them online.  In the end, both CB and Chase approved my increases however Chase did it without a hard pull.  Have you had any good/bad experiences or observations on the FICO formula that you haven't seen discussed? Please share with us. 
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Learn from my bad experience: -15 EQ FICO

Taking such a huge hit for minuscule things like Inqs is one of the major downfalls of having a higher score. For example, an Inq would never cost you 15pts if you had a 550 with 20 existing Inqs. :smileyhappy:

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}