FICO (EQ) is whack

[ma_fico]

I just lost nine points for a "new account" hurting my score - on the day the account turned 6 months old.

The following 1 new negative factor(s) are hurting your score:

• The time since your most recent account opening is very recent

Stupid EQ.

Didn't lose points when it was 5 months old.

Didn't lose points when it was 4 months old.

GAINED 3 points when it turned 3 months old

Only lost 1 point when the darn thing was opened.

Stupid FICO.

Score still above 750, at least.  (This is the only account under a year old.)

[MarineVietVet]

I learned a long time ago not to give a second thought to a few points up or down on my score. That's the way of the FICO world. You can drive yourself to distraction by it but why bother? If you do all the right things your score will take care of itself.

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

[ma_fico]

I understand, mv, but I think it's just plain silly <other, more colorful, modifiers deleted> for scores to go down as account age goes up, kwim?

(thanks too, for your service, if I read your moniker correctly!)

[MarineVietVet]

I understand, mv, but I think it's just plain silly

LOL. I can think of stronger words than silly but this is a family forum.

(thanks too, for your service, if I read your moniker correctly!)

I appreciate the thanks. I feel there is no greater honor than to serve your country in uniform. Of course being a Marine is the greatest honor of all.  IMHO. 

[Jazzzy]

---

@ma_fico wrote:

I just lost nine points for a "new account" hurting my score - on the day the account turned 6 months old.

The following 1 new negative factor(s) are hurting your score:

• The time since your most recent account opening is very recent

Stupid EQ.

Didn't lose points when it was 5 months old.

Didn't lose points when it was 4 months old.

GAINED 3 points when it turned 3 months old

Only lost 1 point when the darn thing was opened.

Stupid FICO.

Score still above 750, at least.  (This is the only account under a year old.)

---

I have learned that when I get an alert with a score change I have to take the "reason" given in the alert with a grain of salt. I once got an alert that my score went up one point. The "reason" given was that I had an inquiry. I was smart enough to know that my score didn't go up because of an inquiry.

There are soooooo many things that go into your score. Lots of moving parts. ScoreWatch is choosing one...but it may not be applicable.

Yes...very frustrating.

[haulingthescoreup]

+1 --the reasons given are frequently irrelevant. I wish they wouldn't send them at all, if they're not going to be relevant.

Nevertheless, you did lose some points, and something caused this. Did your AAoA or your oldest account go up one year between month 5 and month 6? This might have put you in a new score bucket that doesn't like to see any accounts less than a year or two old.

If you save your old FICO reports to disk (I hope to heaven everyone does, for what we pay for them!), compare the negatives on screen 2 for month 5 and month 6. Did they change order, or did anything new appear? Also compare the positives, although they are much less useful in explaining score changes.

My first guess is that one of your history categories (AAoA or oldest account) went up a year and put you in a new scoring bucket, but it could also be something completely unrelated, like one additional revolving account reporting a balance, or your util crept up and went over a certain percentage point, or a similar scenario.

Message Edited by haulingthescoreup on 10-27-2009 06:16 PM

[Anonymous]

I just lost 9 points for using my Amex card. Reason given was a dormant card as just been used. If by dormant they mean I haven't used it in a month, then yes I suppose so. Also a high balance has been reported on this card, the total was $323.  Is this what they now consider a "high balance"?

I just bought a house last month and have been purchasing things using different cards for different things. Never mind that everyone one of them are paid to zero, I've lost about 59 points because cards are reporting a balance even though technically there is none. 

On a side note it seems cards are reporting balances right away now even before the cut off date, yet fail to report or is it that FICO doesn't seem to care that payment has been made. How is it that your charges are seen immediately but not your payments? I think if you're going to ding points for charging you should get them back for paying. 

[haulingthescoreup]

Most cards do report the balance as of the statement cut date. (Not as of the due date.) Occasionally one will hiccup and report twice in a month. Brand new accounts might report a balance right away. HSBC and Orchard bank cards, along with US Bank cards, update the balance as of the last business day of each month.

Otherwise, I've never had one update before the statement. That would get me pretty hot.

[smallfry]

---

@Anonymous wrote:

I just lost 9 points for using my Amex card. Reason given was a dormant card as just been used. If by dormant they mean I haven't used it in a month, then yes I suppose so. Also a high balance has been reported on this card, the total was $323.  Is this what they now consider a "high balance"?

I just bought a house last month and have been purchasing things using different cards for different things. Never mind that everyone one of them are paid to zero, I've lost about 59 points because cards are reporting a balance even though technically there is none. 

On a side note it seems cards are reporting balances right away now even before the cut off date, yet fail to report or is it that FICO doesn't seem to care that payment has been made. How is it that your charges are seen immediately but not your payments? I think if you're going to ding points for charging you should get them back for paying. 

---

Like Hauling said earlier ignore the reasons. Some might be valid or bucket driven some are just off the wall. I've let c. 1500 report to my cards for nearly 3 years and for the first time last month FICO neggie #3 on EQ was high revolving balances. I know that's patently ridiculous but if that's all they got to say then things are looking up for me.

[Anonymous]

My credit union visa is reporting balances throughout the month as well as my Discover card. I used my Lowes card and a few days later received notification that a balance had been reported by them. Since I used the Lowes card about 10 times in a months time every time I charge on it, like clock work a few days later I get an email stating a balance has been reported. Yet none of this emails are stating that a balance has decreased due to payment.

IMO I think the next legislation that should be done are on these scores and how they come to them. If they're going to send them out to companies they should be required to show exactly how they came to such and such.