Silly FAKO, satisfied installment loan, score drops 21pts

[SoulMaster]

I'm not paying to update my FICO, but until 10 minutes ago, my FAKO @ Transunion was 691.  Now, it's 670.

The ONLY change (alert) was an installment loan (Credit Builder) got its last $84 payment, reported 0 balance and closed.

So, in essence, they're saying that I satisfied the terms of a loan I had out, without ever being late, and so now I must be punished.

If my EQ FICO© does the same thing when it hits over here, I'm going to be madder than a hornet.

-SM

[pizzadude]

With fako scoring, who knows why you lost points. I quit trying to understand their ups and downs a long time ago.

I would be surprised if the same thing happened with your FICO score.

[MarineVietVet]

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@SoulMaster wrote:

@I'm not paying to update my FICO, but until 10 minutes ago, my FAKO @ Transunion was 691.  Now, it's 670.

The ONLY change (alert) was an installment loan (Credit Builder) got its last $84 payment, reported 0 balance and closed.

So, in essence, they're saying that I satisfied the terms of a loan I had out, without ever being late, and so now I must be punished.

If my EQ FICO© does the same thing when it hits over here, I'm going to be madder than a hornet.

-SM

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Besides the scores from the TU website being useless the advice given is often useless and can be the exact opposite of what really needs to be done.Your TU FICO might not have moved at all or may have gone up. There is simply no way to know.

For FICO scoring if this was your only installment loan you might lose a few points because your credit mix would be affected but closed accounts are still factored into credit mix although open, active accounts are weighed more heavily than closed accounts.

Once again ignore the scores and ignore the advice.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[SoulMaster]

I'm less angry this morning... and I knew it was FAKO silliness, but still!.  

Got a MyFICO alert that the account was closed/PIF, and my actual-real FICO score is unchanged.  Thank the stars.

Stupid FAKOS.  (Note:  I only use that FAKO site to get my three reports every month, I normally don't pay attention to the scores at all).

Someone over @ Fair Issac should have trademarked the words "Credit Score".  It's too late now (common use), but it would be really nice if those bozos couldn't call them that.  I have clients come into our office every day wanting to protect their mythical 700+ scores that they're getting from non-FICO sites.  When we pull the real ones, they're shocked as the FICO equivalent usually comes back in the mid-sixes.

-SM

p.s. Mods, I spell checked this thread... how is it that "MyFICO" and "Issac" are not in the default dictionary?  Lol!

[pizzadude]

Good, I'm glad to hear that your FICO didn't drop at all. Marine's advice to ignore FAKOs and the scoring advice is sound.

I agree it's too bad that many many people believe that they are in good shape based on a FAKO score that is waaaaaayyy off the mark from FICO.

[llecs]

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@SoulMaster wrote:

p.s. Mods, I spell checked this thread... how is it that "MyFICO" and "Issac" are not in the default dictionary?  Lol!

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Nope, but feel good that "myopic" is in there.