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85% to 2% util

Moderator

Re: 85% to 2% util


fused wrote:

Revelate wrote:

Won't quite be optimal (3-5 points off from having the 2 balances based on my own testing), but while I think 100 points is probably stretching it with what you described, 70 wouldn't surprise me one bit.  I suspect you'll move to 715ish but that's a SWAG admittedly.


I'm not certain the OP will gain 100 points with the FICO 08 formula. It's certainly possible for someome with his/her credit history, no baddies and low util to have FICO scores above 740 with the 98 and 04 formulas. Now if FICO 08 places a bigger emphasis on credit history calculations (including AAoA), I doubt the OP gets the 100 points he/she is hoping for.


If you get 2-3 credit cards and sit on them for 2 years, can get the 740/750 on FICO 8; that said, I was taking what was written with various new accounts through that time and figured AAOA and other stuff might be limiting from that.  I suspect with a year of gardening they'd be at that 750 level, but a lot of my SWAG's regarding FICO 8 are just that: simply not enough real datapoints yet.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 11 of 33
Moderator Emeritus

Re: 85% to 2% util


Revelate wrote:

fused wrote:

Revelate wrote:

Won't quite be optimal (3-5 points off from having the 2 balances based on my own testing), but while I think 100 points is probably stretching it with what you described, 70 wouldn't surprise me one bit.  I suspect you'll move to 715ish but that's a SWAG admittedly.


I'm not certain the OP will gain 100 points with the FICO 08 formula. It's certainly possible for someome with his/her credit history, no baddies and low util to have FICO scores above 740 with the 98 and 04 formulas. Now if FICO 08 places a bigger emphasis on credit history calculations (including AAoA), I doubt the OP gets the 100 points he/she is hoping for.


If you get 2-3 credit cards and sit on them for 2 years, can get the 740/750 on FICO 8; that said, I was taking what was written with various new accounts through that time and figured AAOA and other stuff might be limiting from that.  I suspect with a year of gardening they'd be at that 750 level, but a lot of my SWAG's regarding FICO 8 are just that: simply not enough real datapoints yet.


SWAG??

 

So, you believe the FICO 08 formula does in fact place a bigger emphasis on credit history calculations. If that's true, I agree the 100 point gain would be a stretch. Any information on how much more of an emphasis FICO 08 places on revolving util calculations. It's my understanding the FICO 08 formula does place a greater emphasis on these calculations. I just don't know how much, tho.

Message 12 of 33
Moderator

Re: 85% to 2% util


fused wrote:

Revelate wrote:

fused wrote:

Revelate wrote:

Won't quite be optimal (3-5 points off from having the 2 balances based on my own testing), but while I think 100 points is probably stretching it with what you described, 70 wouldn't surprise me one bit.  I suspect you'll move to 715ish but that's a SWAG admittedly.


I'm not certain the OP will gain 100 points with the FICO 08 formula. It's certainly possible for someome with his/her credit history, no baddies and low util to have FICO scores above 740 with the 98 and 04 formulas. Now if FICO 08 places a bigger emphasis on credit history calculations (including AAoA), I doubt the OP gets the 100 points he/she is hoping for.


If you get 2-3 credit cards and sit on them for 2 years, can get the 740/750 on FICO 8; that said, I was taking what was written with various new accounts through that time and figured AAOA and other stuff might be limiting from that.  I suspect with a year of gardening they'd be at that 750 level, but a lot of my SWAG's regarding FICO 8 are just that: simply not enough real datapoints yet.


SWAG??

 

So, you believe the FICO 08 formula does in fact place a bigger emphasis on credit history calculations. If that's true, I agree the 100 point gain would be a stretch. Any information on how much more of an emphasis FICO 08 places on revolving util calculations. It's my understanding the FICO 08 formula does place a greater emphasis on these calculations. I just don't know how much, tho.


Scientific (or Silly) Wild-Assed Guess!

 

We don't really have much data on how much more important revolving utilization is: except given to state that FICO 8 in my opinion weights recent and instant and time information (revolving utilization) heavier than FICO '04 did.  

 

Most people who find these forums pay off their credit card debt tout-suite, and then they don't have massive variations.  If I still had a bunch of low limits I'd do testing but bleh, I don't have enough financial resources to really play those games with my scores anymore.   I do know that on my tax lien side, when I got the silly tax lien in November '13, that while FICO '04 stayed virtually flat (as I had an older tax lien from 3 years ago at that point), the initial FICO 8 hit dropped me near identically to the FICO '04 score... and six months later, while my EQ '04 had only gained a few points back, my EQ 8 score had moved back to 700 or 25ish points higher.

 

If I had to guess from a model development perspective, given the lender goals during the time it was being created, I think they expected blemishes on large swathes of their customers during the financial downturn, and that it was about what was going on right now for their customer's financial lives, rather than what happened before... as such, near term and instant in time things got heavier weights.  My theory anyway.

 

Wouldn't be hard to test if someone had the financial resources to do it, but it'd be a hard thing to isolate as it'd hurt me less than it'd hurt a clean sheet like Android01 and as such we'd need several datapoints from people who were subscribed to MyFICO SW, and either Equifax SW or DCU's FICO score to really get a good analysis.

 

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 13 of 33
Moderator Emeritus

Re: 85% to 2% util

Okay! I told llecs that we should wait and see what the OP reports to the forum. He agreed! lolSmiley Tongue

Message 14 of 33
Valued Contributor

Re: 85% to 2% util

checking back in to post results.  Scores were 647 622 630

 

now 767 760 758

 

in order of transunion equifax experian

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 15 of 33
New Contributor

Re: 85% to 2% util

Nice bump! If it was me.... I'd pull the trigger on the CSP today then garden.
TU FICO 10/2/14 826
Message 16 of 33
Moderator Emeritus

Re: 85% to 2% util


rootpooty wrote:

checking back in to post results.  Scores were 647 622 630

 

now 767 760 758

 

in order of transunion equifax experian


Congrats! You have great scores. You must feel like a million bucks.

Message 17 of 33
Valued Contributor

Re: 85% to 2% util


RecoveredDebtaholic wrote:
Nice bump! If it was me.... I'd pull the trigger on the CSP today then garden.

I cant i close on my first home on sept 12th.  Before I applied for the home I went new car shopping and a dealer ran my credit 10 times then I decided to wait on the car but still have the inquiries.

 

I think that will be the deal breaker for me regardless on low util scores and history

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 18 of 33
Valued Contributor

Re: 85% to 2% util


rootpooty wrote:

checking back in to post results.  Scores were 647 622 630

 

now 767 760 758

 

in order of transunion equifax experian


Wow!!! Thanks for reporting back.  That was better than a 100 pt bump on everything.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


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Message 19 of 33
Highlighted
Valued Contributor

Re: 85% to 2% util


rootpooty wrote:

checking back in to post results.  Scores were 647 622 630

 

now 767 760 758

 

in order of transunion equifax experian


Whoohoo! I'll bet you felt like floating on air when you saw those scores. Good going, rootpooty, and thanks for reporting back.

Message 20 of 33