@Anonymous wrote:I know baddies bring your score down and zero baddies help your score. I have no baddies and 5 yr old credit report....that's 60 months straight of on time payments with no collections, overliimits, or bad checks. Does each and every month of this credit behavior increase incrementally hows the CC views you or do they look more in terms of 6 mos, 1 yr, or total length of you cc report? Please and thank you.
If you get a late payment, 30, 60, whatever, that will stay on your credit report and ding your score for several years (seven I think). The initial impact will be the most severe, because it just happened. As time goes on, the effect may fade some, but it will be a major rock on top of the scores until all the baddies fall off, at which point the cardholder can expect a jump. 7 years out, or whatever the timeframe is.
For me there was a step at 4 y/o oldest credit. My scores peaked around 770 below 4 years, 785 from 4 years to 6 years, and 800-810 at 6 y/o. The jump points were exactly at the oldest account reaching 4 y then 6 y. I'm guessing there are bucket changes at those points.
@cashnocredit wrote:For me there was a step at 4 y/o oldest credit. My scores peaked around 770 below 4 years, 785 from 4 years to 6 years, and 800-810 at 6 y/o. The jump points were exactly at the oldest account reaching 4 y then 6 y. I'm guessing there are bucket changes at those points.
That would tend to make sense; do know oldest account is counted; which model was this tracked on? EQ Beacon 5.0?
I do have a somewhat inexplicable non-trivial increase in my top purty FICO 8 score from where I was last year and it's not lost on me that my oldest tradeline crossed the 7 year mark even though my AAOA has stayed at 2 years. Either that or there is a line between 10/20% installment utilization, hard to say on an individual file.
@Revelate wrote:
@cashnocredit wrote:For me there was a step at 4 y/o oldest credit. My scores peaked around 770 below 4 years, 785 from 4 years to 6 years, and 800-810 at 6 y/o. The jump points were exactly at the oldest account reaching 4 y then 6 y. I'm guessing there are bucket changes at those points.
That would tend to make sense; do know oldest account is counted; which model was this tracked on? EQ Beacon 5.0?
I do have a somewhat inexplicable non-trivial increase in my top purty FICO 8 score from where I was last year and it's not lost on me that my oldest tradeline crossed the 7 year mark even though my AAOA has stayed at 2 years. Either that or there is a line between 10/20% installment utilization, hard to say on an individual file.
It was on the MyFico EQ alerts which I set for maximum sensitivity. So it would have changed to FICO 8 just before the 6 y mark. I didn't see any real change going to FICO 8 with only one or two card reporting a balance. With all cards reporting a balance the earlier FICO would take a dump. FICO 8 also gets a hit but not as much. It seems to be about 10-15 points with all cards reporting a balance v just one with util at 5%..
@cashnocredit wrote:
@Revelate wrote:
@cashnocredit wrote:For me there was a step at 4 y/o oldest credit. My scores peaked around 770 below 4 years, 785 from 4 years to 6 years, and 800-810 at 6 y/o. The jump points were exactly at the oldest account reaching 4 y then 6 y. I'm guessing there are bucket changes at those points.
That would tend to make sense; do know oldest account is counted; which model was this tracked on? EQ Beacon 5.0?
I do have a somewhat inexplicable non-trivial increase in my top purty FICO 8 score from where I was last year and it's not lost on me that my oldest tradeline crossed the 7 year mark even though my AAOA has stayed at 2 years. Either that or there is a line between 10/20% installment utilization, hard to say on an individual file.
It was on the MyFico EQ alerts which I set for maximum sensitivity. So it would have changed to FICO 8 just before the 6 y mark. I didn't see any real change going to FICO 8 with only one or two card reporting a balance. With all cards reporting a balance the earlier FICO would take a dump. FICO 8 also gets a hit but not as much. It seems to be about 10-15 points with all cards reporting a balance v just one with util at 5%..
I assume you mean from Beacon 5 to Beacon 9 in this case? IIRC by the time that switch happened you had a pretty file though I forget what your installment lines looked like at that point (or now) so I'm not surprised on that;
Beacon 5 and 9 for me were pretty much in lockstep for most of the past year until recently I got the large FICO 8 boost for my installment utilization changes. That besides the difference in derogatory weighting by age, and the not having open accounts of a given type currently (credit cards / revolving in particular) are really the only 3 major changes I've seen.
@Revelate wrote:
@cashnocredit wrote:
@Revelate wrote:
@cashnocredit wrote:For me there was a step at 4 y/o oldest credit. My scores peaked around 770 below 4 years, 785 from 4 years to 6 years, and 800-810 at 6 y/o. The jump points were exactly at the oldest account reaching 4 y then 6 y. I'm guessing there are bucket changes at those points.
That would tend to make sense; do know oldest account is counted; which model was this tracked on? EQ Beacon 5.0?
I do have a somewhat inexplicable non-trivial increase in my top purty FICO 8 score from where I was last year and it's not lost on me that my oldest tradeline crossed the 7 year mark even though my AAOA has stayed at 2 years. Either that or there is a line between 10/20% installment utilization, hard to say on an individual file.
It was on the MyFico EQ alerts which I set for maximum sensitivity. So it would have changed to FICO 8 just before the 6 y mark. I didn't see any real change going to FICO 8 with only one or two card reporting a balance. With all cards reporting a balance the earlier FICO would take a dump. FICO 8 also gets a hit but not as much. It seems to be about 10-15 points with all cards reporting a balance v just one with util at 5%..
I assume you mean from Beacon 5 to Beacon 9 in this case? IIRC by the time that switch happened you had a pretty file though I forget what your installment lines looked like at that point (or now) so I'm not surprised on that;
Beacon 5 and 9 for me were pretty much in lockstep for most of the past year until recently I got the large FICO 8 boost for my installment utilization changes. That besides the difference in derogatory weighting by age, and the not having open accounts of a given type currently (credit cards / revolving in particular) are really the only 3 major changes I've seen.
I generally refer to the CRA and FICO generations (04, 8) rather than the CRA specific FICO branding so yes, that would be EQ FICO 04 -> 8.
At the time I had a closed, paid mortgage but it only had 1.5 y of history. As far as i could tell the mortgage never made a difference when it was active but I had CAs and a PR (all paid) during that entire time. The mortgage was closed before I reached the 4 y/o mark. I have never had any other LOCs except CCs. Also all the negs dropped off or were removed (PR) prior to the 4 y transition.
I haven't tracked EQ FICO 04 at the same time as FICO 8 but when it transitioned I didn't seen any material difference except that FICO 8 is less sensitive when all or most of my accounts had smal balances.
It would be interesting to test your observations re installment reporting and initial paydown on a clean report but it wouldn't make sense for me to do now and would look strange to anyone looking at my credit files.