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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Has Fico Changed the way it scores?

I think you're in a new bucket. Whether it's age or CL's or what, you're now being compared with a different group of people, and your ranking within this group is a bit lower. Which would imply that in fact, at some point last year, your score actually went up a bit, and then you got "promoted" to the next score bucket. I almost understand this.

Try fused's post on this (reply #17--don't know how to link the actual reply):

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=10004&view=by_date_ascending&page=2
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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lilacteapot
Posts: 31
Registered: ‎10-11-2007
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Re: Has Fico Changed the way it scores?



haulingthescoreup wrote:
I think you're in a new bucket. Whether it's age or CL's or what, you're now being compared with a different group of people, and your ranking within this group is a bit lower. Which would imply that in fact, at some point last year, your score actually went up a bit, and then you got "promoted" to the next score bucket. I almost understand this.


 
Thanks...that almost makes sense to me and I feel somewhat better now.  I always read the articles about "Raising your Credit Score" and they all say the same things.  Do A, B and C and your score will go up.  Nothing about "buckets".  For it to go up every year and then drop like a stone was very distressing.  Perhaps I'm doing a better job than I thought. :smileyvery-happy:

~~Ethics are so annoying. I avoid them on principle.~~
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haulingthescoreup
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Re: Has Fico Changed the way it scores?

Nothing like being punished for good behavior. Of course, it could also be the phase of the moon or something. I'm now to the point where 70 - 80% of how scores behave make perfect sense, and the rest is utterly incomprehensible.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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lilacteapot
Posts: 31
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Re: Has Fico Changed the way it scores?

I just noticed something else on this report.  In the section where it tells you what hurts or helps your score they are giving me stats on High Acheivers.  I've never seen that phrase used on the reports before.  One of my negatives is "You Have too many credit cards carrying balances".  Okaaayyyy!!
 
10 cards with a balance.
 
2~Car Loans
3~2.9% till paid off
5~Penny's [online purchase of sweats]
 Shell [Gas last month]Chase[Books at Amazon]
~~Ethics are so annoying. I avoid them on principle.~~
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lilacteapot
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Registered: ‎10-11-2007
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Re: Has Fico Changed the way it scores?

[ Edited ]
I just noticed something else on this report.  In the section where it tells you what hurts or helps your score they are giving me stats on High Acheivers.  I've never seen that phrase used on the reports before.  One of my negatives is "You Have too many credit cards carrying balances".  Okaaayyyy!!
 
10 cards with a balance.
 
2~Car Loans
3~2.9% till paid off
5~Penny's [online purchase of sweats]
    Shell [Gas last month]
    Chase[Books at Amazon]
    Sears[TV for Granddaughter]
    Visa[Voip, AOL, Smart Tag]
Above 5 paid in full everymonth.
 
So actually, I only have 5 cards carrying a balance.
 


Message Edited by lilacteapot on 10-13-2007 07:25 AM

Message Edited by lilacteapot on 10-13-2007 07:29 AM
~~Ethics are so annoying. I avoid them on principle.~~
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smallfry
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Re: Has Fico Changed the way it scores?


lilacteapot wrote:
I just noticed something else on this report. In the section where it tells you what hurts or helps your score they are giving me stats on High Acheivers. I've never seen that phrase used on the reports before. One of my negatives is "You Have too many credit cards carrying balances". Okaaayyyy!!
10 cards with a balance.
2~Car Loans
3~2.9% till paid off
5~Penny's [online purchase of sweats]
Shell [Gas last month]Chase[Books at Amazon]

OK. Now we're getting somewhere. How many total open accounts do you have? I pulled Ex this morning. I now have a total of 7 open accounts. 5 credit cards, one store card and one car loan that are now open. I let 3 accounts report. One credit card, my Walmart store card and of course the car loan. I have never seen that too many accounts reporting balances reporting comment but perhaps that has to do with the fact that I have public records and EX thinks I have opened too many new accounts in the past year. Is 14 too many? LOL. Seeking new credit as well. Maybe once I lose the new accounts penalty they will come up with something else. I have faith that they will.
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smallfry
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Re: Has Fico Changed the way it scores?

Lilac from what I have heard you should try to keep accounts reporting a balance under 40% of the total number of open accounts. So if you have 10 open try not to let more than 4 report balances. Maybe give that a try before your next pull.
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haulingthescoreup
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Re: Has Fico Changed the way it scores?


lilacteapot wrote:
I just noticed something else on this report. In the section where it tells you what hurts or helps your score they are giving me stats on High Acheivers. I've never seen that phrase used on the reports before. One of my negatives is "You Have too many credit cards carrying balances". Okaaayyyy!!
5~Penny's [online purchase of sweats]
Shell [Gas last month]
Chase[Books at Amazon]
Sears[TV for Granddaughter]
Visa[Voip, AOL, Smart Tag]
Above 5 paid in full everymonth.
So actually, I only have 5 cards carrying a balance.


Are you PIF'ing them before or after the CCC reports your balances to the CRA's? Most but certainly not all CCC's update the bureaus on your statement date. If you check your reports, you should be able to find the date that the balance reported.

So as smallfry said, only let 4 of your 10 open accounts post, plus pay them down to 1-9% beforehand if necessary, and PIF afterwards. (Sorry if you've already seen this elsewhere.) That might goose your score a bit.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Timothy
Posts: 9,252
Registered: ‎03-19-2007
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Re: Has Fico Changed the way it scores?

Yes- I said this on page 1



smallfry wrote:
Lilac from what I have heard you should try to keep accounts reporting a balance under 40% of the total number of open accounts. So if you have 10 open try not to let more than 4 report balances. Maybe give that a try before your next pull.


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lilacteapot
Posts: 31
Registered: ‎10-11-2007
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Re: Has Fico Changed the way it scores?




smallfry wrote:
OK. Now we're getting somewhere. How many total open accounts do you have?

Okay...mumble, mumble.....28.  However, that's opened and closed.  It's hard to tell exactly how many are actually usuable.  For instance, Central Virginia Credit Union is reporting 5 accounts but only one is actually usuable.  That's the one I use to put monthly charges on like Verizon Voip and Smart Tag and pay it off every month.  The other 4 are from nearly 10 years ago when we actually joined and had a car loan, a personal loan, etc.  They are simply old accounts with 0 balances.  Another example is Shell/Citi.  They sold the account to Citi and that's the one I use for monthly gas...again, paid off every month. 
 
Since our score was always going up, I never went to the trouble to see about weeding off some of these accounts but perhaps I should.  I just figured they would drop off on their own once they reached a certain age.
 
Both Penney's and Sears have interest rates that are so astronomical, I would never carry a balance longer than a month, but both of them are my oldest accounts so I keep them, and only use them online when I get free shipping or something like that. 

~~Ethics are so annoying. I avoid them on principle.~~

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