Understanding FICO® Scoring

[SDFunRentals]

Ok I'll Bite. 

EQ:  760

TU:   745  (Was 761 yesterday, 4/5/08.  Mistakenly listed my HELOC as Revolving.  I am sure it was a fluke because it has never done that before.  I am sure next time I check it it will be fine.)

EX:  737  (Lists my HELOC as revolving as well.  Has always done this.    I disputed the info w/ them so we will see if they update.)

I am in my early thirties and my average account age is only four years, w/ the oldest being 10 years (closed) and 8 years (Open).  I have however had auto loans (2 paid in half the term), loc's (paid in full and closed) and have a mortgage on a 500k house. I also have 23k in revolving credit w/ a $305 balance.   1% Util.  No lates or derog.

I have only really started paying attention to my credit the last two months.  I was really uneducated about the whole process before then.  This forum has really helped me to take control of my credit future.  So thanks to all of you who post!

[haulingthescoreup]

---

SDFunRentals wrote:

Ok I'll Bite.

EQ: 760

TU: 745 (Was 761 yesterday, 4/5/08. Mistakenly listed my HELOC as Revolving. I am sure it was a fluke because it has never done that before. I am sure next time I check it it will be fine.)

EX: 737 (Lists my HELOC as revolving as well. Has always done this. I disputed the info w/ them so we will see if they update.)

---

Suddenly TU is reporting my HELOC as revolving as well, and now that I have a $32K card (used to be $30K), TU is reporting my util as being much, much higher than it is.

I have to sit down and untangle what it driving the util change. That's all we need is for TU to start screwing up on HELOC reporting.

EDIT: this is incorrect. TU hasn't been counting the HELOC in revolving, and it's not the over-$30K card. TU is counting my car loan in revolving! sheesh

Message Edited by haulingthescoreup on 04-12-2008 10:03 AM

[SDFunRentals]

Suddenly TU is reporting my HELOC as revolving as well, and now that I have a $32K card (used to be $30K), TU is reporting my util as being much, much higher than it is.

I have to sit down and untangle what it driving the util change. That's all we need is for TU to start screwing up on HELOC reporting.

Oh no this is not good.  I really hope TU is not coming around to EX's way of thinking.  This would really hurt all of us in CA w/ HELOC's!  The price of homes drops by the quarter out here and it is harder and harder to re-fi.  We might be stuck w/ our HELOC's for the next two years.  I really hope this is just a fluke by TU.

[esshua]

All my scores are above 800.

[haulingthescoreup]

Gah! --DH's EX hit 800. (The other two have a bogus medical collection. Now that the insurance company has paid, they should soon be history. They are merely 724 and 714.)

I'm so happy for him! I really, really am! Question: can the sound of grinding teeth carry across the internet?

[kiminno]

Checked scores again earlier this week and TU is now up at 761!   EX 756 (close!) and EQ 740. 

Things that have my scores up:  LOW CC utilization, no baddies (a few GWs, disputes and debt validation letters in recent months removed the few baddies that were there).

Recent mortgage inquiries didn't seem hurt TU or EX, but EQ dropped 14 pts. w/no other explaination??

Things keeping score low:  not a very long credit history and I don't actually use much credit. (No debts.....well, until the mortgage) .

Message Edited by kiminno on 04-12-2008 06:42 AM

[Timothy]

Cool- stop grinding those teeth

---

haulingthescoreup wrote:
Gah! --DH's EX hit 800. (The other two have a bogus medical collection. Now that the insurance company has paid, they should soon be history. They are merely 724 and 714.)

I'm so happy for him! I really, really am! Question: can the sound of grinding teeth carry across the internet?

---

[haulingthescoreup]

Correction on what I said above about TU and the HELOC:

I've run the numbers back to last November, when I still had student loans, and I have found that on screen 2, when TU displays the "revolving" util, it has been including my non-mortgage installment accounts: first the student loans, and now the car loan. It thinks that I have 19% util instead of 9%! I've stopped grinding my teeth; now I'm just mad!

Although by the way, when my (fake) util went from 21% to 19%, it shifted from a negative to a positive on screen 2, so maybe 20% is a magic figure for TU.


edit to add: sorry for the mini-TJ. I feel like a beagle on the trail of a squirrel, and I'll follow it right across the busy interstate without once looking up!

Message Edited by haulingthescoreup on 04-12-2008 10:05 AM

[fused]

---

psychic wrote:

---

ChumChurum wrote:

---

psychic wrote:

fused--

You have wonderful balance in your trade lines and varied card issuers.  When the Discover Motiva card starts reporting as a 50K credit line, you must let us know how it reports (i.e., revolving, installment, etc.) and is considered in utilization calculations. 

---

psychic: I am curious as to why would the Motiva report as "installment".  Is there something special about the 50K level?

---

Each CRA is different.  I have a $33,300 revolving CL that is not included my TransUnion (and I suspect) Experian utilization calculations.  However, this CL is included in my Equifax utilization calculations.  We've always been a little "fuzzy" about these cut-off points.  I'm just trying to determine each CRA's behavior when it comes to high credit lines. 

---

I believe EQ does in fact have the highest cut-off, I believe it's higher than 50K, maybe 60K+.

[ByrdMan]

Okay, made it back in. Pulled EQ this morning and it's at 790.