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FAKO v FICO - all the same - its all a scam!

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ajc17
New Visitor

FAKO v FICO - all the same - its all a scam!

Fico score dropped 60 points from 815 to 749  - looked into alerts to find out why - reason: I used a old credit card with no charges on it for 3+ months to buy an emergency plane ticket - 530 dollars - and then paid the balance off in full the next month! That was 4 months ago! I have No balances on any cards and only use my AMEX gold travel card - and my score has not recovered! there is no ryhyme or reason to how these scores work - they are counterintuitive - and it is all a big scam to get you to pay ridiculous fees to monitor information that is incorrect 45% of the time! it is GUILT before INNOCENCE - and you have to give a pound of flesh to rpove you are right and some scumbag debt agency is lying to scam you for more money! I am disgusted! Trying to get someone from FICO on the phone for 3 days - on hold 15-25minutes each time! It is all a bunch of garbage!

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2 REPLIES 2
cashnocredit
Valued Contributor

Re: FAKO v FICO - all the same - its all a scam!


@ajc17 wrote:

Fico score dropped 60 points from 815 to 749  - looked into alerts to find out why - reason: I used a old credit card with no charges on it for 3+ months to buy an emergency plane ticket - 530 dollars - and then paid the balance off in full the next month! That was 4 months ago! I have No balances on any cards and only use my AMEX gold travel card - and my score has not recovered! there is no ryhyme or reason to how these scores work - they are counterintuitive - and it is all a big scam to get you to pay ridiculous fees to monitor information that is incorrect 45% of the time! it is GUILT before INNOCENCE - and you have to give a pound of flesh to rpove you are right and some scumbag debt agency is lying to scam you for more money! I am disgusted! Trying to get someone from FICO on the phone for 3 days - on hold 15-25minutes each time! It is all a bunch of garbage!


First, congratulations. Those are good scores even at 749. That's quite a bit above most people's scores.

 

Secondly, I know how frustrating it is when FICO (or any score) drops unexpectedly. My score dropped from 750+ to 690 when my accounts reached 4 years old and the new bucket that I got put in didn't like balances, though they were quite tiny) on all my cards. Before that it wasn't much of a factor. That was on the old FICO 4 model. The new FICO 8 model has different peculiar things. It's really just a statistical artifact. They aren't looking to punish you or me. Coming up with a score is a complex process and what they look at is to see how similar someone with our pattern is at any point in time to large numbers of others that are similar. When your score is high this becomes even more uncertain and strange things can occur.

 

It woud help if you post your FICO score for each alert from before the drop to now along with the alert details. That helps us all get a better understanding of what FICO responds to.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 2 of 3
Thomas_Thumb
Senior Contributor

Re: FAKO v FICO - all the same - its all a scam!


@ajc17 wrote:

Fico score dropped 60 points from 815 to 749  - looked into alerts to find out why - reason: I used a old credit card with no charges on it for 3+ months to buy an emergency plane ticket - 530 dollars - and then paid the balance off in full the next month! That was 4 months ago! I have No balances on any cards and only use my AMEX gold travel card - and my score has not recovered! there is no ryhyme or reason to how these scores work - they are counterintuitive - and it is all a big scam to get you to pay ridiculous fees to monitor information that is incorrect 45% of the time! it is GUILT before INNOCENCE - and you have to give a pound of flesh to rpove you are right and some scumbag debt agency is lying to scam you for more money! I am disgusted! Trying to get someone from FICO on the phone for 3 days - on hold 15-25minutes each time! It is all a bunch of garbage!


Check your credit report(s) for any new statements in your summary such as a hard inquiry or a late payment. Although your $530 charge was PIF, perhaps they did not credit your payment until after the due date. A late payment can drop your score big time.

 

It is likely you re-activated a dormant credit card. If your AMEX is a charge card, it is categorized differently in Fico 8. The Fico models will ding your score if you have active revolving credit cards but are not reporting at least a small balance on one active CC. If the card has been re-activated, the model continues to look for signs that you are using revolving credit until the card goes dormant again. However, if your AMEX is a revolving credit card then you are already showing use.

 

Note:  CLs associated with dormant credit cards may not count toward your overall CL. 

 

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
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