Understanding FICO® Scoring

[JayToo]

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I liken FICO to a man's lot in marriage. You don't get much credit for doing the right things but screw up and oh boy.

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Reminds me of my Grandfather's answer to the secret of my Grandparents' 60+ year marriage: "Yes, dear"!

[MidnightVoice]

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JayToo wrote:

Reminds me of my Grandfather's answer to the secret of my Grandparents' 60+ year marriage: "Yes, dear"!

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Hey!!!   That is my line!

[JayToo]

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MidnightVoice wrote:

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JayToo wrote:

Reminds me of my Grandfather's answer to the secret of my Grandparents' 60+ year marriage: "Yes, dear"!

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Hey!!! That is my line!

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Well, he was born in 1907 and my wonderful grandmother trained him.... er, I mean, communicated her desires persuasively early on!!

I haven't gotten married yet, but I have wondered if the minister/priest/rabbi/etc pulled the men to the side after the ceremony and passed along the torch of this sage advice!!


ETA: the "big mouths"

Message Edited by JayToo on 01-06-2008 01:13 PM

[haulingthescoreup]

All this reminds me of a t-shirt I used to see that said, "If mama ain't happy, ain't nobody happy!"

[WhirledPeasPlease]

I looked around as to where to post this and ended up here.  (I'm definitely NOT a 760 person yet!)

I pulled my EQ score today and compared it with my last pull on 3/8/08.

3/8/08 -

Positive - limited use of revolving (reported 13%)

3/16/08

Negative - heavy use of revolving (reported 14%)

Has anyone else had 13 to 14 be interpreted as the breaking point for EQ scoring?

TIA-

P

[Timothy]

Nope-

I have seen 30% being a positive factor-

This means more than anything FICO is getting more picky about your profile-

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WhirledPeasPlease wrote:

I looked around as to where to post this and ended up here.  (I'm definitely NOT a 760 person yet!)

I pulled my EQ score today and compared it with my last pull on 3/8/08.

3/8/08 -

Positive - limited use of revolving (reported 13%)

3/16/08

Negative - heavy use of revolving (reported 14%)

Has anyone else had 13 to 14 be interpreted as the breaking point for EQ scoring?

TIA-

P

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[WhirledPeasPlease]

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Timothy wrote:

Nope-

I have seen 30% being a positive factor-

This means more than anything FICO is getting more picky about your profile-

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Hmmm.  I guess they'd like for me to stay at 13 or lower for my 'personal' profile.  If AMEX would ever update from Jan I would be under 10%.  (Yes I know, it's my fault for letting that amount report, but that was before I really understood how slow they can be.)

[Donnernv]

Here's a weird one.  FICO 806.  Why am I dubious?  Oldest CC 43 years.  Never missed paying in full every month.  Usual CC (VISA) 14 years.  Never missed paying in full every month.  No mortgage since 1993.  Never a car loan.  Never any other type of loan.  Six CCs, three active.  CC limit $81,000; average utilization 10%.

No negatives ever on reports.  Not of any kind.  Bought my two present dwellings for cash.  One home 15 years ago;  one five years ago.  Bought my four cars for cash.

Not that it's relevant to FICO, but net worth is ~$20 million, mostly in cash and brokerage accounts.

This isn't 850?  What in the world is?

[haulingthescoreup]

Hi, Donnernv, welcome to the forums!

What rude remarks do you get on your FICO score report? (I'm guessing that since you only gave one score, you pulled your EQ [Equifax] score.) They would be on screen 2, where you should see a balance scale with negatives in red and positives in green.

My guess is that it's because you no longer have a mortgage or loan reporting. FICO loves seeing a mix of credit types, both revolving and installment, and so you lose some points if you don't have one or the other. For those of us in the more typical credit ranges, having both of these active on our reports shows that we are dutifully doing the classic American scramble of mortgage, car loan, and CC's.

Also, once your credit is this perfect, there is an unseemly scramble to find things to penalize.

[Donnernv]

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