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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


taxi818 wrote:

JagerBombs89 wrote:

Revelate wrote:

JagerBombs89 wrote:

Revelate, I completely forgot that most lenders pull EQ04 for mortgages so I guess it might be best this way Smiley Happy  (Also another Smiley Happy for Amex FICO)

 

In regards to credit profile, I just maintain around 1-3% overall utilization while individual never goes above 5% on any card.  Right now, I have 3 cards out of 5 reporting a balance as well.  (Since my 6th card is a hidden TL, I never really count that even if a balance does report)  I don't think # of balances cause that much impact when your file isn't clean.


Not much but maybe play with it a bit?  I'm likely going to start a new thread from my own 1/9 vs 2/9 balances one where we can just get people with various numbers of cards to volunteer data points on up / down on whatever score card they use.  It'd be interesting to see with your smaller number as well as 3/5 is more than 1 half, I'd estimate you'd get steps both at the 1 and 2 cards reporting, probably only 3ish points each but it would be useful datapoints.

 

Congratulations on the jump from having it now report $0!


Revelate, now that I think about it, I am actually at 3/5 cards reporting a balance.  However, once a statement cuts in a couple days I will be down to 2/5 reporting.   With that said, I can be at 4/5 reporting a balance at the end of the month if needed.


I can say for certain I have experimented with this issue several times. And have noticed. It s mainly on Equifax that it does have affect. Ex and tu not so much. 

The threshold for them see to be 50%. If half your cards have a balance. Even $2 balance. Will lose 4 points. Soon as that reports 0 score will go back up. 19 revolving accounts if 8 show balance. Regardless of percentage. Score goes down. Best results 1 account with balance. But unrealistic. What's the point of having credit if not using it. I resign myself to let the ebb and flow happen. And if I need to apply for something major. Then it's paydown time. 


The Experian and TU monitoring services don't trigger nearly as often.  EQ is really the only bureau we can track effectively with MF monitoring when we have small balance changes; I may pick up the EX solution for 2 months whenever I go test balances next since reportedly that is much better.  

 

Would caution against statements which are based on the vagaries of the 3B monitoring, they may not be accurate.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


Revelate wrote:

taxi818 wrote:

JagerBombs89 wrote:

Revelate wrote:

JagerBombs89 wrote:

Revelate, I completely forgot that most lenders pull EQ04 for mortgages so I guess it might be best this way Smiley Happy  (Also another Smiley Happy for Amex FICO)

 

In regards to credit profile, I just maintain around 1-3% overall utilization while individual never goes above 5% on any card.  Right now, I have 3 cards out of 5 reporting a balance as well.  (Since my 6th card is a hidden TL, I never really count that even if a balance does report)  I don't think # of balances cause that much impact when your file isn't clean.


Not much but maybe play with it a bit?  I'm likely going to start a new thread from my own 1/9 vs 2/9 balances one where we can just get people with various numbers of cards to volunteer data points on up / down on whatever score card they use.  It'd be interesting to see with your smaller number as well as 3/5 is more than 1 half, I'd estimate you'd get steps both at the 1 and 2 cards reporting, probably only 3ish points each but it would be useful datapoints.

 

Congratulations on the jump from having it now report $0!


Revelate, now that I think about it, I am actually at 3/5 cards reporting a balance.  However, once a statement cuts in a couple days I will be down to 2/5 reporting.   With that said, I can be at 4/5 reporting a balance at the end of the month if needed.


I can say for certain I have experimented with this issue several times. And have noticed. It s mainly on Equifax that it does have affect. Ex and tu not so much. 

The threshold for them see to be 50%. If half your cards have a balance. Even $2 balance. Will lose 4 points. Soon as that reports 0 score will go back up. 19 revolving accounts if 8 show balance. Regardless of percentage. Score goes down. Best results 1 account with balance. But unrealistic. What's the point of having credit if not using it. I resign myself to let the ebb and flow happen. And if I need to apply for something major. Then it's paydown time. 


The Experian and TU monitoring services don't trigger nearly as often.  EQ is really the only bureau we can track effectively with MF monitoring when we have small balance changes; I may pick up the EX solution for 2 months whenever I go test balances next since reportedly that is much better.  

 

Would caution against statements which are based on the vagaries of the 3B monitoring, they may not be accurate.


Oh also it's not completely consistent between models even.  I got a snapshot of 1 vs 2 balances out of 9 reporting on my 3 report view... the only score to move: TU Bankcard Enhanced 04 Cat Tongue

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

I'm starting to have a different primary card each month so they all get to report a balance every few months. Both of my Cap 1 statements close on the same date at the beginning of the month and both Barclay cards close on the same date in the middle of the month. So I'll occasionally have two primary cards (Visa/MC) reporting. And when the rotation stays within the same credit card company, I'll let a store card report a small balance. For now, if two cards report a balance, it's about the same amount that would report if there was just one ($695. - $750). I haven't seen any score change before of that. I might let the balances creep up to see what that does. 

 

I let 4 cards report the end of last year (higher total balance), EX 08 lost 21 points and EX 04 lost 4. I only get the EX 04 at the end of each month (DCU) so there might have been some correction before that posted. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 739 / TU - 748 / EX - 748
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


masscredit wrote:

I'm starting to have a different primary card each month so they all get to report a balance every few months. Both of my Cap 1 statements close on the same date at the beginning of the month and both Barclay cards close on the same date in the middle of the month. So I'll occasionally have two primary cards (Visa/MC) reporting. And when the rotation stays within the same credit card company, I'll let a store card report a small balance. For now, if two cards report a balance, it's about the same amount that would report if there was just one ($695. - $750). I haven't seen any score change before of that. I might let the balances creep up to see what that does. 

 

I let 4 cards report the end of last year (higher total balance), EX 08 lost 21 points and EX 04 lost 4. I only get the EX 04 at the end of each month (DCU) so there might have been some correction before that posted. 


I am starting to do the rotation method for my major cards also. I just want to clarify, you're allowing $695 to $750 report each month? What is your credit utilization at then each month? I like to see mine at 2% to 3%. Just curious your method and how does it affect your scoring.


EQ: 820 || TU: 815 || EX: 812 (From CCT: 7/20/17) || Garden since 8/10/17. CapOne Quicksilver $22k || Home Depot $16k || Lowes $16k || DiscoverIT $21.5k || BofA Rewards $15k || Barclay Ring $10k || BJ's Perks $10.5k || PSECU $9k || Chase Freedom $7k || AMEX BCE $17.1k || USBank Cash+ $12K || Citi DC $8K || FNBO Sheetz $6K || PSECU Founders $5K || PayPal Credit $4K ||
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

My overall utilization is just under 2% when I have $750.00 reporting. I let about $85.00 report on what was my main card a few weeks again. Didn't want everything reporting zero for a few weeks while I waited for the Cap 1 to start reporting a balance. That reported $695.00. My scores didn't change when there was just a very small balance reporting. That got rounded up to 1%. Also no change with 2 cards reporting. I like keeping the low balance but at some point I'm going to let it creep up a little to see if a higher percentage will be better for my scores. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 739 / TU - 748 / EX - 748
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

[ Edited ]

Since my foreclosure reported a $0 balance as of June 8th, I just wanted to update this now since I am canceling my 3B monitoring later today.  In 2-3 weeks, I will get my current FICO scores from free sources and might update these scores if they change.

 

FICO Scores as of 05/2015 - 150 Days Late Reporting/Foreclosure (all scoring models):                                         ​         

Equifax 08 - 636               Experian8- 636            Trans 08  - 657

EQ Home - 612

 

FICO Scores as of 06/2015 - Foreclosure Finalized/$0 balance:                                         ​         

Equifax 08 - 673               Experian8- 655            Trans 08  - 663

Equifax 04 - 645

 

3B FICO.png

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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

It is wonderful that you are already recovering quite nicely!  It will be interesting to see when you get back into the 700's.  With your profile otherwise being so clean, I suspect your recovery will continue to move quickly.  Thanks again for sharing your experience with us.  

 

Just curious...  Have you checked your Vantage 3.0 scores through any sources?  I know the Vantage scores are used by very few lenders (and none that I know of...), however in my case it sure seems like the Vantage scoring model is either much more forgiving about past issues or gives much more credit for recent positive history and basically no Util.  My Vantage 3.0 scores are 801/TU and 810/EQ.  Although I have had a squeaky clean profile for nearly three years, I am shocked at how high these scores are as compared to my FICO 8 scores (below).  I am just wondering how your Vantage 3.0 scores differ with your foreclosure being so fresh.  

 

Thanks again for sharing with us!  

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Aug 2017: EX8: 732; EQ8: 732; TU8: 743; EQ04: 730 FICO 9 Scores about 50 points higher
In My Wallet: Discover $60.2K; Cap1 Venture $30.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $195.5K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


EW800 wrote:

It is wonderful that you are already recovering quite nicely!  It will be interesting to see when you get back into the 700's.  With your profile otherwise being so clean, I suspect your recovery will continue to move quickly.  Thanks again for sharing your experience with us.  

 

Just curious...  Have you checked your Vantage 3.0 scores through any sources?  I know the Vantage scores are used by very few lenders (and none that I know of...), however in my case it sure seems like the Vantage scoring model is either much more forgiving about past issues or gives much more credit for recent positive history and basically no Util.  My Vantage 3.0 scores are 801/TU and 810/EQ.  Although I have had a squeaky clean profile for nearly three years, I am shocked at how high these scores are as compared to my FICO 8 scores (below).  I am just wondering how your Vantage 3.0 scores differ with your foreclosure being so fresh.  

 

Thanks again for sharing with us!  

 


TU Vantage 3.0 increased from 696 to 705 when balance hit $0

EQ Vantage 3.0 increased from 660 to 708 when balance hit $0 (score was around 690 but dropped to 660 for some reason and then rebounded a wee later)

 

Scores via CreditKarma

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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


JagerBombs89 wrote:

EW800 wrote:

It is wonderful that you are already recovering quite nicely!  It will be interesting to see when you get back into the 700's.  With your profile otherwise being so clean, I suspect your recovery will continue to move quickly.  Thanks again for sharing your experience with us.  

 

Just curious...  Have you checked your Vantage 3.0 scores through any sources?  I know the Vantage scores are used by very few lenders (and none that I know of...), however in my case it sure seems like the Vantage scoring model is either much more forgiving about past issues or gives much more credit for recent positive history and basically no Util.  My Vantage 3.0 scores are 801/TU and 810/EQ.  Although I have had a squeaky clean profile for nearly three years, I am shocked at how high these scores are as compared to my FICO 8 scores (below).  I am just wondering how your Vantage 3.0 scores differ with your foreclosure being so fresh.  

 

Thanks again for sharing with us!  

 


TU Vantage 3.0 increased from 696 to 705 when balance hit $0

EQ Vantage 3.0 increased from 660 to 708 when balance hit $0 (score was around 690 but dropped to 660 for some reason and then rebounded a wee later)

 

Scores via CreditKarma


Will be interested to see what VS does as it ages compared to FICO models.  Suspect it will drop out of massive penalty phase earlier.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


Revelate wrote:

Will be interested to see what VS does as it ages compared to FICO models.  Suspect it will drop out of massive penalty phase earlier.


I agree.  VS has been very forgiving to me, whereas FICO is definitely trying to keep me in my place.  

 

I know we could debate forever which model (VS vs. FICO) is the best predictor of likelihood to default, but in my case I feel that I deserve someplace between the two.  I am the first to admit that based on what my wife and I went through about three years ago, I do not deserve to be into the 800's, however it is at times frustrating that with FICO I have pretty much hit a wall in the 720-730 range.  I honestly believe that the odds of me defaulting on an account again are extremely slim (income is quite a bit more than we spend, with no debt), however FICO does not agree.  Smiley Happy

 

 

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Aug 2017: EX8: 732; EQ8: 732; TU8: 743; EQ04: 730 FICO 9 Scores about 50 points higher
In My Wallet: Discover $60.2K; Cap1 Venture $30.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $195.5K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .

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