Credit Card Center Advertiser Disclosure

New Member
Posts: 2
Registered: ‎09-25-2007
0 Kudos

Re: FICO score and mortgage balance

- sgh, out of curiosity, did you happen to pull all 3 FICO (not FAKO) scores, and was your TU lower than the others? -
No, I did the free annual credit report for all 3.  TU was the only one offering free credit scores so I used them to get my score.  I figured since the info is pretty much the same on all the 3 credit reports then the credit scores would be too.  I was just surprised that the  refinance showed up as a negative.  The other 2 items seemed a bit petty too.  Here they are in order:  1.  There are too many inquiries on your credit report.  2.  There are not enough accounts in good standing on your credit report.  3. Your mortgage account balances are too high in comparison with your credit limits.
 Looking at the credit report I have 5 inquiries showing, which isn't so bad.  I have 2 Visas an Amex and 1 store credit card (all in good standing), 2 mortgages and a HELOC (also in good statnding).  The mortgage on my rental property was refinanced to get a better rate and lower my monthly payments, but the balance to limit changed (what used to a $500K loan is now $365K).
From what I have read in the FICO 101 and other FAQ's my credit score should be close to perfect.  I have never had a late payment or anything negative on my credit reports.  My oldest credit card is 15 years old and I don't have have any credit cards with balances over 20% of their limits.
In the last 3 years I have paid off both my cars and all my student loans so I don't have any other debt except for my mortgages.  So, when I hear that the Fair Isaac algorythem for calculating a credit score does not penelize you for high mortage balances I get a little leary.  Needless to say I am not a fan of the company.  Most of us would get fired from our jobs if the product we put out was this flawedSmiley Sad

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.