04-25-2013 09:51 AM
got a score alert today-my score rose from 702(from earlier this month) to 718. only thing that changed, besides some cards that were already reporting a zero balance reporting another month of zero balance, is an inquiry went over 12 months...taking me from 4 to 3 in the last 12 months. The last time i noticed such a big change with only the amount of inquries different is back in august, i went from 8 to 10(some new apps) down to 9 when one hit its 1 year birthday. that was over a course of 9 days, score when 695 to 682, back to 695 when i went back under 10.
Have other people noticed other "break points?"
also a lot of people cite the lessend impact after 6 months from inquiries-i don't know how much i believe that-score rebounds seem more tied to accounts aging past 6 months(like a card opened december 20th turns 6 months on june 1st) instead of it happening 6 months from the date of inquiry.
Have people actually seen the score rebound right around the exact 6 months mark, or at the beginning of months? I know there was a quote from a FICO guy saying the 6 months thing is a myth...but of course they have incentive to not let the consumer know too much about the formulas..but some people swear by it so i dunno
04-25-2013 09:27 PM
Only bit of evidence I have to go on is this:
My last HP on my EQ report was June 2011, from Sprint/Nextel. (No new account open, just switched cell phone providers)
12/14/12: $899 balances reported on two old credit lines. FICO drops to 627
12/16/12: $7,344 balance on TL goes to $0. FICO is unchanged at 627
01/01/13: No change in report. FICO bumps to 640 (This is where that HP would hit its 6 month window, I believe.)
01/14/13: $200 balance increase reported on a card. FICO unchanged at 640
02/25/13: $1,000 balance increase reported on a card. FICO goes UP to 643
Take from this what you will....
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO