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FICO scoring = BS?

New Visitor

FICO scoring = BS?

So what's the deal here, is this FICO scoring just a bunch of bullcrap? For as long as I've been using the service, the score has done almost nothing but drop, and I cannot figure out why. My credit cards are never maxed out and are always paid on time, usually in full. I have nothing passed due, nothing in collections, nothing bad on my report for at least 5 years. I have one car loan, paid regularly and more than minimum, one car lease, paid regularly and more than minimum, and a mortgage,again paid regularly and more than minimum.

Yet just today my FICO score dropped another 2 points down to a 672. Reason given? Because one of my CC's balance increased from ZERO to $19.

Is this all just some cruel joke?
Message 1 of 8
7 REPLIES
Super Contributor

Re: FICO scoring = BS?

If you monitor your FICO Scores daily or reasonably often, you will go crazy. My scores go up and down and easy 10 to 20 points when the utilization increases or decreases. I even had a note from Transunion I was using too many credit card accounts at the same time. Unreal. My best scores (804) comes when I have 1.5% utilization average and I report only a little bit on a store card, bank credit card, installment loan under 35% utilization and a mortgage. It gets better, one credit reporting agency says I have too much utilization on my mortgage account and another credit bureau says I don't have enough debt outstanding on my mortgage account. It is enough to make me drink.

Starting Score: 816
Current Score: 837
Goal Score: 850


Take the myFICO Fitness Challenge
Message 2 of 8
Epic Contributor

Re: FICO scoring = BS?


LUV2TURN wrote:
So what's the deal here, is this FICO scoring just a bunch of bullcrap? For as long as I've been using the service, the score has done almost nothing but drop, and I cannot figure out why. My credit cards are never maxed out and are always paid on time, usually in full. I have nothing passed due, nothing in collections, nothing bad on my report for at least 5 years. I have one car loan, paid regularly and more than minimum, one car lease, paid regularly and more than minimum, and a mortgage,again paid regularly and more than minimum.

Yet just today my FICO score dropped another 2 points down to a 672. Reason given? Because one of my CC's balance increased from ZERO to $19.

Is this all just some cruel joke?

Welcome to the forums.

 

FICO will ding you for having all of your CC reporting a 0 balance and if too many report a balance.

 

It is best to let all but one report 0 balance and the other at 9% or below.  YMMV.  You can experiment with where you get your optimum score.

Message 3 of 8
New Contributor

Re: FICO scoring = BS?

I stopped trying to understand it myself, especially experian.For the longest they advised me that having an installment would boost my credit,yet when I bought a car myfico experian score dropped almost 30 pts...wth? saying I have too much debt!

Message 4 of 8
Moderator Emeritus

Re: FICO scoring = BS?


roastbeans wrote:

I stopped trying to understand it myself, especially experian.For the longest they advised me that having an installment would boost my credit,yet when I bought a car myfico experian score dropped almost 30 pts...wth? saying I have too much debt!


Did FICO say to add an installment? I know some FAKOs will mention that adding an installment will help (and usually won't).

Message 5 of 8
New Contributor

Re: FICO scoring = BS?


llecs wrote:

roastbeans wrote:

I stopped trying to understand it myself, especially experian.For the longest they advised me that having an installment would boost my credit,yet when I bought a car myfico experian score dropped almost 30 pts...wth? saying I have too much debt!


Did FICO say to add an installment? I know some FAKOs will mention that adding an installment will help (and usually won't).


Oh Yes,it was from myfico.I pay no mind to fako.the funny thing is it was only the experian that dropped my score,not TU or EQ

Message 6 of 8
New Member

Re: FICO scoring = BS?

What's maddening is that we can do NOTHING about this black box formula that complete controls our financial heath! I just pulled myFICO score on the 13th so that I could see if I might qualify for a refinance. The lender pulled my "FICO" and it was 60!!! points lower.  **bleep**? How is a consumer ever supposed to know where they stand and have any power to make an informed, and FAIR loan purchase!!

Message 7 of 8
Epic Contributor

Re: FICO scoring = BS?


BS_tri-FICO wrote:

What's maddening is that we can do NOTHING about this black box formula that complete controls our financial heath! I just pulled myFICO score on the 13th so that I could see if I might qualify for a refinance. The lender pulled my "FICO" and it was 60!!! points lower.  **bleep**? How is a consumer ever supposed to know where they stand and have any power to make an informed, and FAIR loan purchase!!


Which FICO did you pull?  EQ would be the same as what a lender pulls. 

Message 8 of 8