FICO Anniversary Boost

[Anonymous]

I have 2 closed, paid as agreed mortgages with anniversaries in March.  Should a FICO boost be experienced for these accounts?   Is any increase lessened because these accounts are closed?

Also, can anyone explain the difference between the TU 98 score sold here vs. TU 04 that's pulled by mortgage lenders?

TIA

[llecs]

If the anniversary hits a major milestone like 10, 20, or something like that, then maybe. Length of history produces the bump. It doesn't matter if opened or closed. IIRC, TU04 treats payment history with repect to repetitive baffles a bit differently than TU98. TU04 also treats special CCs like an Amex charge differently in that it won't score the high balance and balance like TU98 does. Inquiry duplication for car and home is different too in respect to the window. There are many others like buckets but not sure. DW and I used a lender that pulled TU04. Her TU04 was over 30 points higher than TU98. Mine was 30 lower.

[crackiein]

My anniversaries are 7 & 8 years, respectively.  With that said, it appears that I shouldn't get my hopes up for any increase either.

You mentioned that bumps can be expected at milestone anniversaries such as 10 or 20 years but I thought accounts started dropping off at 10 years.  Believe me, I would do backflips and cartwheels for my old accounts to still be reporting.  

[MarineVietVet]

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@crackieinpismo wrote:

My anniversaries are 7 & 8 years, respectively.  With that said, it appears that I shouldn't get my hopes up for any increase either.

You mentioned that bumps can be expected at milestone anniversaries such as 10 or 20 years but I thought accounts started dropping off at 10 years.  Believe me, I would do backflips and cartwheels for my old accounts to still be reporting.  

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Yes it's true that closed accounts generally stay for about 10 years after closing. That's why it's so important to keep as many accounts open and in good standing as possible. Not knowing any better I have closed many accounts over the years that in hindsight was a big mistake.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Imhotrodcrazy]

Next month my oldest account turns 19 yrs old.  My aaoa just turned 7.  It will be interesting to see if I get a bump in my TU score. 

[Anonymous]

I'm curious too.  If I understand correctly, any score increase due to trade line anniversary will take place the 1st of the month.  I'm a little apprehensive that there may be lag time (like Score Watch) and think I'll pull on the 2nd or 3rd just to be safe.

[Anonymous]

Waited and waited for the 1st to roll around thinking that maybe I would get a point or 2 for the anniversary but didn't receive any increase at all.  I'm quite disappointed to say the least. 

Just wanted to share my experience with others ...

[cashcardscore]

10 years is the time indeed when accounts fall off. Mine was my oldest account and it was closed. Fell of 1 month before it would of been 10.

[Anonymous]

Update ... I actually got a 1 point increase which I attribute to the closed mortgage accts as there was no other change in my CR.  It seems to me that closed accounts don't get the same FICO luv that open trade lines get.  If someone has knowledge about this, please chime in.

But there was a difference between the TU score pulled here which was 728 vs. the lender pulled TU '04 which was 720.  I also noticed that my Score Watch subscription noted EQ was 720 and lender pulled 721 although I received an update today that my score had increased 1 point.  Not sure how it increased with that new inquiry but suspect Score Watch is about a week behind with updating score changes.

I don't recall but either EQ or EX dinged me for no installment accounts.  I guess an open mortgage isn't considered an installment loan and is treated differently.  Does this mean I need an auto loan or will a charge card, signature card or LOC suffice?

[chasmith]

Charge cards and lines of credit are revolving (you can pay down then borrow again).  Installment would be a loan you pay off over time, could be an auto loan, or as simple as putting money in a savings account at a Credit Union, borrowing the same amount, and paying over 12 or 24 months.