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Less than 2 cents per point

Regular Contributor

Less than 2 cents per point

I got a discount code from MyFICO via email so I used it to get my first Experian report and score in years.  I got a bargain, because my score was 813, which is about 100 points higher than it ever was before.  And it only cost $15.95 with the discount.  That's less than 2 cents per point.

 

It's much easier to get high scores now than it was 5 or 10 years ago, because more banks do automatic payments which make sure your payments are never late.  And my score of 813 was with a fresh inquiry and a new account opened a few days before the score, after already having 30+ accounts.  And 100% of my active accounts are credit cards.  No installment, no mortgage.  I paid off my mortgage about six months ago and it made no difference at all to my Equifax score, which was 813 then, and reached a peak of 817 recently, but then nosedived to 816, for no obvious reason.  I thought it was by far my highest score, so I was surprised to see Experian in the same neighborhood.

 

In March, 2006, I had a FICO score of 500 even.  So that's a gain of about 3.6 points per month, on average, from then till now.

 

Meanwhile, MyFICO's spell checker, for this message, is asking me if I want to replace MyFICO with myopic.

 

5 REPLIES
Senior Contributor

Re: Less than 2 cents per point


axxy wrote:

I got a discount code from MyFICO via email so I used it to get my first Experian report and score in years.  I got a bargain, because my score was 813, which is about 100 points higher than it ever was before.  And it only cost $15.95 with the discount.  That's less than 2 cents per point.

 

It's much easier to get high scores now than it was 5 or 10 years ago, because more banks do automatic payments which make sure your payments are never late.  And my score of 813 was with a fresh inquiry and a new account opened a few days before the score, after already having 30+ accounts.  And 100% of my active accounts are credit cards.  No installment, no mortgage.  I paid off my mortgage about six months ago and it made no difference at all to my Equifax score, which was 813 then, and reached a peak of 817 recently, but then nosedived to 816, for no obvious reason.  I thought it was by far my highest score, so I was surprised to see Experian in the same neighborhood.

 

In March, 2006, I had a FICO score of 500 even.  So that's a gain of about 3.6 points per month, on average, from then till now.

 

Meanwhile, MyFICO's spell checker, for this message, is asking me if I want to replace MyFICO with myopic.

 


Congrats! Thats an amazing rebound. I bet you worked hard for it though! 

Moderator Emeritus

Re: Less than 2 cents per point

Very nice!
Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Super Contributor

Re: Less than 2 cents per point


axxy wrote:

 

Meanwhile, MyFICO's spell checker, for this message, is asking me if I want to replace MyFICO with myopic.

 


Love spell checkers  Smiley Very Happy

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Valued Contributor

Re: Less than 2 cents per point


MidnightVoice wrote:

axxy wrote:

 

Meanwhile, MyFICO's spell checker, for this message, is asking me if I want to replace MyFICO with myopic.

 


Love spell checkers  Smiley Very Happy


Freud might have an interesting comment about that one ! ! !   More than a few of us on here might be considered myopic ! !

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Highlighted
Regular Contributor

Re: Less than 2 cents per point

As I mentioned, my Experian score of 813 is after opening a new account.  However, it turns out my Equifax score had not yet been figured with that new account.  So instead of being 813 and 816, they're now 813 and 791.

 

Since the Experian 813 included a credit report, I looked at that to verify the new account was there.  For Equifax, I can only tell by what Score Watch tells me.  And when I said it was 816, I didn't notice that I hadn't yet got an alert for the new account.  Then, when the alert came in today, it came with the score decrease to 791.

 

I don't usually apply for new accounts these days.  The reason for this one is that I was getting 2% cash back on groceries, and that was decreased recently to 1.5%, so I applied for a new card that gives 2% on groceries.  I got instant approval of course, but only with a $6000 limit.  I have lots of cards with much higher limits than that, but the 2% cash back is what counts.