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Moderator Emeritus
MarineVietVet
Posts: 14,248
Registered: ‎07-14-2009
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Re: Deconstructing one's score

 


RobertEG wrote:

Just my personal opinion.

I would not strive first to get the number/% of cards reporting a balance to zero as a primary payment strategy.

First, I would focus on getting overall % util down.

Second, getting % util of each card down.

Last, worrying about the number of cards reporting $0 balance. That is a minor tweak.

 

 


Agreed. I have 7 cards and most months at least 5 of them report some sort of balance. But many people show progress when half or less of revolving accounts report a balance. I think it can help but don't look at it as #1 on your list. IMO.
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
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Whats In Your FICO Score

 

Valued Contributor
my-own-fico
Posts: 1,237
Registered: ‎01-05-2010
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Re: Deconstructing one's score

marinevietvet wrote:

"I have 7 cards and most months at least 5 of them report some sort of balance. But many people show progress when half or less of revolving accounts report a balance. I think it can help but don't look at it as #1 on your list. IMO.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work"

I would think though that your situation is ideal for having less than half of all revolving accounts report a balance. You could even afford to let a couple of cards slip through the cracks, on top of the one that you normally would let report a balance.

My aim is not primarily the potential gain in points for the score. Or even the curiosity of just how far you can clean up and squeeze your score to see where it's at when you have done what can be done.

It's more a lifestyle thing for me. If your default is paying before the statement cycle date, you're accustomed to a period of credit that's about half the number of days compared to the due date.

That means the cycle of your everyday life is close to a month ahead. Good not just for a cushion in these meltdown times, but a freedom opens up where at any given time you can use the card that's best suited for savings.

Once that takes place, the whole thing snowballs upwards. The savings are used at reinforcing the early credit card payments, including an occasional splurge or emergency, and the rest is stashed away.

Sounds good on paper at least :smileyvery-happy:

The lost luggage office’s trained professional, “Has your plane arrived yet?”
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fused
Posts: 16,378
Registered: ‎03-12-2007
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Re: Deconstructing one's score

 


my-own-fico wrote:

fused wrote:

"+1, I agree with Robert!"

I have been wondering about that +1 stuff!

Of course it depends on how far "down" he meant.

If the overall util is 9% and the util of each card is 9%, then I would go for the $0 balance thing first.

Doesn't EQ highly reward that approach?

But if we're talking 50% utils, then certainly +1.


This is what has worked the best for me. I let only one card report a balance of 1%, all of my others a $0 balance. I don't ever let any card report more than 1%. This has given me scores well over 800.

 

Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
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Re: Deconstructing one's score

llecs.......I don't understand the  EX-FICO score you say I can't see.

 

I use EX's credit expert to monitor.  Are you telling me I'm paying

for nothing.

 

Moderator Emeritus
MarineVietVet
Posts: 14,248
Registered: ‎07-14-2009
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Re: Deconstructing one's score

 


casinoannie97 wrote:

llecs.......I don't understand the  EX-FICO score you say I can't see.

 

I use EX's credit expert to monitor.  Are you telling me I'm paying

for nothing.

 


I believe what llecs means (subject to correction) is that no one has been able to pull their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only.

 

The scores you get through CreditExpert are not FICO scores but I assume the reports themselves are fine.

 

 

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
0

Re: Deconstructing one's score

yes but he's saying we have one we can't see?????

 

Who can see it?

 

Actually my EQ score is higher than the EX SCORE

I get from them.

 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Deconstructing one's score

Ditto to Marinevietvet. The scores offered via CreditExpert.com are FAKOs called PLUS scores. But the reports are fine. I used to use CreditExpert too.
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Deconstructing one's score

Casinoannie, EX FICO scores exist. Lenders can pull them for you. But EX stopped the consumer access to these so as to promote their own. When EX pulled out of myFICO, their advertising for freecreditreport, creditchecktotal, consumerinfo, triple advantage and others skyrocketed. They figured that if consumers cant get their EX FICO, then they'll rely on these other sites. Because they carry a fee, their consume business went up.
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
0

Re: Deconstructing one's score

[ Edited ]

OK  So when Verizon did the hard pull on EX

what score did they get?

 

I do pull my FICO for my other two scores.

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Deconstructing one's score

[ Edited ]

casinoannie97 wrote:

OK  So when Verizon did the hard pull on EX

what score did they get?

 

I do pull my FICO for my other two scores.


Hard telling. Likely they have their own internal scoring system, just as others do like Amex. Maybe their only focus is CO history for cell phones or other telecoms. Every lender is different. I had DW app for a BofA CC, who pulls EX, and had her ask BofA about their scoring decisions. They said they didn't use a score but that they look specifically at the baddies, type of baddies, and length of baddies, etc. That made sense because (grant it...3 yrs ago) some were getting approved with a BofA with lower scores than I had.

 

 

ETA...the only lenders I can think of, that typically pull EX, that use a specific score as a part of their decision process is Prosper and the ScoreX PLUS score, a majority of mortgage lenders for all 3 FICOs, but specifically a Classic FICO, and PSECU for a Classic EX FICO. I know there are others. I just don't know them.


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