Understanding FICO® Scoring

[Donnernv]

Sorry.  Not "in" 24 months..."for 24 months".

[Timothy]

You have an exellent score-
You do not have a good MIX- for FICO-  

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Donnernv wrote:

No "reds" on the balance scale.  No negative comments.  Suggestion was to "pay off CC debt within 24 months".  Isn't 43 years enough?

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[Donnernv]

Well, to me it's for entertainment only.  As I told FICO, "Frankly, Scarlett, I don't give a **bleep**".  I don't need nor use credit...CC only for air miles and online orders.  But it is still hokey to me.

[haulingthescoreup]

You fall far out of the general mix of credit consumers, so it's not at all surprising that your score is so goofy. FICO scores are designed to attempt to predict future credit behavior by the consumer, and you now aren't giving them as much recent information as they would like, as you no longer have any installment loan products.

At some point, everyone comes to a place where what makes sense financially does not make sense for FICO scoring and vice versa. That's where you are now. It would be silly financially to take out a $2000 loan to placate the score formula, but that would probably raise your scores. And as you point out, you have no need in doing that.

[psychic]

Donnernv, I don't have any mortgage or loans reporting either. 

On the right side of your "FICO Score Summary" page (under FICO score ingredients and How you rate) are all of the factors (Payment history, Amount of debt, etc. ) rated "Great? "  Are any rated "Very Good? "  The reason I'm asking, is that you did mention your utilization averages about 10%.  I was wondering if that could be affecting your score.   

Are these comments on your "Understanding Your FICO Score ('balance scales' ) " page--

What’s hurting your FICO® score

Because your FICO® score is exceptionally high, there are no actionable negative factors present with your score. Continue to manage your credit as you currently are doing to maintain your very high FICO® score.

1. There are no negative reasons significantly affecting your FICO® Score.

Message Edited by psychic on 03-19-2008 02:49 AM

[marty56]

I got a Score watch alert today that my EQ went up 4 points due to a balance drop.  I pulled all my scores and was suprised that TU was still and 756 but the real suprise was my EX score 761!

I got that even with a 120 day late from BofA that will be 3 years old in August.

Look out other high FICO achievers, there goes the neighborhood.

[psychic]

marty56--

Congratulations on your score increase!!!  We always appreciate seeing other FICO High Achievers participating in the forums.  Let's hope there will be more!!!

[haulingthescoreup]

marty, welcome to the club! Oh, wait, I'm not in the club yet.

Well, please hold a seat for me, then! Many congrats--you've done a lot of work, and I'm glad to see that you're getting the benefits.

[marty56]

Yes I will.  I think we should get FICO points for being aware of FICO and trying to imporve our scores.

I think I know how the Giants feel about winning the Superbowl but now having to deal with the pressure of next season were everyone wants a piece of them.  Especially New England.

I can see BofA saying No!!!!!!!!!!!! he cant be there,  he wasnt supposed to get here for another 4 years or ever.

Believe me, I am going to watch my FICO back more then ever.

Message Edited by marty56 on 03-23-2008 08:03 AM

[casinoannie97]

i bought my car in "02 and had it paid off in '04.  I get penalized for not having any installment loans.  I am not buying a car or house so my ficos will go up.

I can not get EQ to move up.