Understanding FICO® Scoring

[LadyFICO]

Hey all:

I'll be the guinea pig since this is my new crusade to be house ready in 3-6 months with the methods you all have shared with me. I originally pulled my baseline scores in feb and have tried to check on a monthly basis. These are all my scores thus far. My immediate goal is 620-650 to qualify for a decent mortgage out of s/p territory.

MYFICO TransUnion                                       True credit version 

623 6/1/07                                                           604    All has posted!

592 5/19/07         1 cc update remains            604 5/19/07                                     

564 5/11/2007      Inquiries removed              603 5/11/2007 4 cc update 1 inquiry removed

562 4/28/2007    No change 5/7/07                    595 5/9/2007     a couple of inquiries have fallen off

                                                                           588 5/4/2007    2 cc update from max

506 3/20/2007                                                    575 5/2/2007    1 cc update from max

478 2/3/2007                                                      565 3/1/2007     0 cc update from max

MYFICO Equifax

604   6/1/07                                         614 All has posted and I believe I have aged some new accounts

587 went down due to inquiries

596 5/17/07 Had to pull a scorepower for this update!

584 5/16/07 scorewatch alert                             607 5/16/07 Don't get it?

561 5/9/2007       6 cc update                             606 5/9/2007    6 cc update

530 5/7/2007 I guess they are really going to make me work for those points!

528 4/28/2007                                                    588 5/5/2007     4 cc update from max

510 3/8/2007                                                      583 5/2/2007     2 cc update from max

533 2/17/2007

 MYFICO Experian

589  6/1/07                                                        612  all updated plus inquiries

 572 5/19/07 new installment loan added    614 5/15/07       5 cc update + inquiry (Ouch)

 572 5/8/2007                                                    612 5/8/2007      4 cc update from max

 541 4/28/2007                                                  565 5/2/2007     2 cc update from max

 502 3/20/2007

 475 2/3/2007

As I have explained in the past collections and deletions have hurt my fico score for EQ but not TU and EX. I hope this is a glitch and EQ will rebound a little more as I continue to play by the rules no lates on anything since last december. All collections and CO are zero paid or transferred. 10 CC all maxed out until 3 weeks ago and only one update has hit my report on all bureaus with 2 now showing on EX and EQ I believe. I'll edit if I am wrong. I am hoping the pay offs will bring my accounts up to if not past at least the 600 level. I will continue to try to get util to all below 10% soon. I am expecting an install loan to hit and who knows what that might do to my credit profile. I am hopeful and anxious since I hadn't realized until this moment that EX alone went up 66 points and TU 84 points! I am curious why EQ is so low when it was originally the highest. I must of lost a lot of hx with the deletions. Any thoughts or comments are always welcomed!!!

Hope to hear from all of you soon!

I decided to add truecredit so that we can also monitor the differences in the scoring models for all you statisticians out there. I'll supply the data and you can interpret

Message Edited by LadyFICO on 05-02-2007 05:33 PM

Message Edited by LadyFICO on 05-05-2007 05:59 AM

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Message Edited by LadyFICO on 05-16-2007 03:57 AM

Message Edited by LadyFICO on 05-17-2007 10:14 PM

Message Edited by LadyFICO on 05-19-2007 02:16 AM

Message Edited by LadyFICO on 06-01-2007 11:21 PM

[Boswd]

Awesome, good job and keep up the hard work.   Almost a hundred point jump on the TU in 2 months, that's great

[dazednconfused]

Excellent work on the positive bump ups.  Congratulations for your hard work.  I don't know why EQ is lower that the rest, you are probably right re: history.  I think if you continue to do what you are doing, your scores should increase to the 600 range in 3-6 months.  You're really not that far off..and for a mortgate, they are going to take the middle score anyway, so you look like you'll be in good shape.  Keep us posted.

[smallfry]

Good work. Keep it up.

[Tuscani]

Fantastic!

[jaybee]

Congrats on your score ups.

I have not went up 88 points, but in the last 6 weeks I have added up to 67 points to my scores. i too have true credit and it is a little weird but my scores (TC) are fairly close to my FICO.

I am thinking that with your EQ going down is because of something that I saw on one of the earlier threads talking about abeing in a new pool. My scores have been doing the same thing lately because I have some things deleted. I can not wait to see what it will eventually go up to!

Keep up the good work!!

Keep us up to date on your progress as well.

[LadyFICO]

Congrats on your huge point increase. If I am in a new pool I wish someone would tell me how to swim with the slightly bigger fish

[MM1234]

Congrats !! I think thats a great increase.

[LadyFICO]

Something I noticed I have two hsbc (orchard) cc and they both just reported to eq I guess overnight no statement has cut yet so I guess we should always be aware of our usage on this one. Also, this update has not hit the other two bureaus yet nor have I received an alert from scorewatch to let me know of any score changes which I believe should occur due to now four cards I have paid down from max should be showing . I'm almost inclined to think that maybe eq batches the changes for x number of days and makes a score determination for the month. Whereas the other two adjust your scores as soon as a change occurs. Making EQ the hardest for me to get a huge point boost like the other bureaus. Just some more thoughts.

[Tuscani]

HSBC has always been quick to report. It can be difficult getting goodwill adjustments as well, so always pay them on time.

Message Edited by Tuscani on 05-05-2007 08:24 AM