Reply
Valued Member
Posts: 28
Registered: ‎10-19-2012
0

Not getting traction in my fico score

[ Edited ]

FICO was 694 on 10/15 and, after 2 old inquries dropped off, is still at 694 on score watch. What gives? 

 

Credit utilization on revolving has gone down from 6-7% to almost zero - $4 to be exact - (I am paying off my credit cards biweekly) and in the section that indicates what is impacted score, everything is very good except recent inquries, which went from "not good" to "good".

 

EDIT - NOTE THAT I HAVE MY SCOREWATCH SET TO 695 (MOVEMENT OF 1 POINT UPWARDS) AND HAVE RECEIVED NOTHING YET.

 

Is scorewatch not a real FICO score pull?  Also wondering if the inquiries dropoff will take a couple of weeks to register (they just dropped off in the last 10 days); still disappointed I have not got any movement at all in 2 months despite apparently only moving things in the right direction.


Starting Score: Equifax FICO 694
Current Score: June 15, 2014: Equifax FICO 825; June 2013 TransUnion 872, Experian 768
Goal Score: Equifax FICO 750


Take the FICO Fitness Challenge
Established Contributor
Posts: 766
Registered: ‎01-16-2012
0

Re: Not getting traction in my fico score

Inquiries dropping off won't cause an alert, so you have ot wait for them to drop off (which can take a week through myfico), then wait for the every 10 days or so score check to see a change. So could be a few weeks if the timing works out.

Also, there is no guarantee that inquiries falling off will raise your score. Most of the penalty for inquiries is removed at 6 months. Depending on your 'bucket", you may have already maximized your score (say, if you have a bunch of collections) and may not see a bump until those things disappear.

Going from 9% to 1 or 2% could potentially LOWER your score, again depending on bucketing. Many people find their maximum fico score having 5-9% utilization reporting on one card, all the rest at zero. So it is also possible the drop from lower utilization offset a bump from inquiries falling off.

The score here is real, but the algorithm used by fico is very complex. There is no guarantee that an event which should raise your score will raise your score.

That being said, give it two weeks to be sure.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Valued Member
Posts: 28
Registered: ‎10-19-2012
0

Re: Not getting traction in my fico score

[ Edited ]

Cool - thank you for the response.

 

I have exactly one negative in terms of payment history or collections - 6-yr old medical collection of $150.  Irritates me to no ends.

 

Plan to tackle the old collections with a GF letter and tackle 2 of 3 inquiries that are still on there by pointing out they are really inquiries into a business I am starting.  Getting above to 700 is fairly important for me over the next 6 months, if not over the 720 as the financing I am looking at for my new business will likely require me to cosign.


Starting Score: Equifax FICO 694
Current Score: June 15, 2014: Equifax FICO 825; June 2013 TransUnion 872, Experian 768
Goal Score: Equifax FICO 750


Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: Not getting traction in my fico score


Cdnewmanpac wrote:

Inquiries dropping off won't cause an alert, so you have ot wait for them to drop off (which can take a week through myfico), then wait for the every 10 days or so score check to see a change. So could be a few weeks if the timing works out.

Also, there is no guarantee that inquiries falling off will raise your score. Most of the penalty for inquiries is removed at 6 months. Depending on your 'bucket", you may have already maximized your score (say, if you have a bunch of collections) and may not see a bump until those things disappear.

Going from 9% to 1 or 2% could potentially LOWER your score, again depending on bucketing. Many people find their maximum fico score having 5-9% utilization reporting on one card, all the rest at zero. So it is also possible the drop from lower utilization offset a bump from inquiries falling off.

The score here is real, but the algorithm used by fico is very complex. There is no guarantee that an event which should raise your score will raise your score.

That being said, give it two weeks to be sure.


Aye, +1.  Also I'd suggest making your target score the score that SW has you listed at right now, just in case of a minor drop as well.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.