The funny thing is DH and I lost the same amount of points. 1 & 4 points for the Heloc and 12 EX, 13 TU, and 16 EQ for paying off the mortgage.
We have different files so there is no comparison. What gives? This seems pretty fishy to me. Our alerts come at the same time and how can they be identical?
I'm thinking FICO 8 has a point scale of some sort for certain events.
As for having a mix, we still have that mix. We have a current car loan on both our files.
This is so irritating because we paid off everything we could beside the car loan and I did the 1-9% on our CC's. The final impact is at the end of this month when the last reporting is done so i'm trying to stay patient but getting hammered for being responsible is the pits. We both have fresh 3b's to run at that time. I'm very curious to see what our mortgage scores are.
Has anyone experienced this and bounced back? If so, how long did it take?
We want to apply for our next mortgage in March.
I was this ( ) close to a 720 which my mortgage broker wants us at but this pushed me way back. My husband was this () close and now he's pushed back. I'm upset!!
Starting Score: 615
Reading the hand blind, what is the current balance on the car note, and what was the initial / original balance?
Guessing it's fairly recent, somewhat north of call it 80%.
If so, yup, for FICO 8, this is utterly expected and if your files are anywhere close to similar to each other and to mine (which sounds like they are from your scores, some good some bad at 720ish) then the point values are darned near identical to my own experiences too.
On the positive side, FICO 04 doesn't seem to have it as a factor so 2/3 of your mortgage scores this isn't a big deal; unfortunately it does hit the EX 98 used in the mortgage trifecta, but either way don't go off the FICO 8 scores for your mortgage qualification as they just aren't used in 99.99% of the mortgages originated in the US.
Sorry to hear about the score drop.
If you are applying for a mortgage in March, maybe a better strategy would be to pay down the mortgage to some lesser balance, leave enough to keep the monthly payments busy (which would be mostly principal at this point anyway) and keep the mortgage alive and reporting? Hindsight now, of course, but don't pay off too much of the car loan.
Hopefully the 3B report will be a decent mortgage score. Good luck!
My mortgage is paid off. We sold the house. We're living with the in laws for a few months in between. We used part of the proceeds to pay off all debt and maximize scores. I still have a few months to play around. I did what I could as far as one card each reporting 1-9%. However, I didn't plan on getting dinged so badly for paying off the mortgage, heloc, and other vehicle loan. We didn't have a choice with the other loan because it only had 3 payments left anyway as of last month. We aren't applying till March.
We both only have on installment left. A 3 year vehicle lease opened November 2014. As of today it should be reporting about a 13K balance with 19K as the beginning balance.
We each have one baddie on all 3. I have an Amex paid for less than with a 120 day late in March 2014 with DOLA 8/2013. DH has a paid collection (but listed under revolving) on all 3 with Verizon with status date May 2014 DOLA 1/2012. That one shows a couple of 60s.
Our 3b from August simulates DH around 730ish after paying down the CC balances. I was maxed at 717. We both had more than 90% utilization. The last reporting is at the end of the month.
We both only have on installment left. A 3 year vehicle lease opened November 2014. As of today it should be reporting about a 13K balance with 19K as the beginning balance.
We each have one baddie on all 3. I have an Amex paid for less than with a 120 day late in March 2014 with DOLA 8/2013. DH has a paid collection (but listed under revolving) on all 3 with Verizon with status date May 2014 DOLA 1/2012. That one shows a couple of 60s.
Our 3b from August simulates DH around 730ish after paying down the CC balances. I was maxed at 717. We both had more than 90% utilization. The last reporting is at the end of the month.
@happy0510 wrote:
My mortgage is paid off. We sold the house. We're living with the in laws for a few months in between. We used part of the proceeds to pay off all debt and maximize scores. I still have a few months to play around. I did what I could as far as one card each reporting 1-9%. However, I didn't plan on getting dinged so badly for paying off the mortgage, heloc, and other vehicle loan. We didn't have a choice with the other loan because it only had 3 payments left anyway as of last month. We aren't applying till March.
We both only have on installment left. A 3 year vehicle lease opened November 2014. As of today it should be reporting about a 13K balance with 19K as the beginning balance.
We each have one baddie on all 3. I have an Amex paid for less than with a 120 day late in March 2014 with DOLA 8/2013. DH has a paid collection (but listed under revolving) on all 3 with Verizon with status date May 2014 DOLA 1/2012. That one shows a couple of 60s.
Our 3b from August simulates DH around 730ish after paying down the CC balances. I was maxed at 717. We both had more than 90% utilization. The last reporting is at the end of the month.
Yeah going from pretty installment utilization to 68% is a ding on FICO 8 (and FICO 98) models. That's about the size of my own installment utilization swings. Short of paying the lease down to somewhat under 20% (theorized break point, might be 30 but sort of doubtful on that) those points are gone for now; however, on the plus side your Beacon 5.0 and Classic 04 used in mortgage underwriting don't have this penalty... stuck on EX Risk Model v2 but just pretty up what you can before you make the application in March.
@Revelate wrote:
@happy0510 wrote:
My mortgage is paid off. We sold the house. We're living with the in laws for a few months in between. We used part of the proceeds to pay off all debt and maximize scores. I still have a few months to play around. I did what I could as far as one card each reporting 1-9%. However, I didn't plan on getting dinged so badly for paying off the mortgage, heloc, and other vehicle loan. We didn't have a choice with the other loan because it only had 3 payments left anyway as of last month. We aren't applying till March.
We both only have on installment left. A 3 year vehicle lease opened November 2014. As of today it should be reporting about a 13K balance with 19K as the beginning balance.
We each have one baddie on all 3. I have an Amex paid for less than with a 120 day late in March 2014 with DOLA 8/2013. DH has a paid collection (but listed under revolving) on all 3 with Verizon with status date May 2014 DOLA 1/2012. That one shows a couple of 60s.
Our 3b from August simulates DH around 730ish after paying down the CC balances. I was maxed at 717. We both had more than 90% utilization. The last reporting is at the end of the month.Yeah going from pretty installment utilization to 68% is a ding on FICO 8 (and FICO 98) models. That's about the size of my own installment utilization swings. Short of paying the lease down to somewhat under 20% (theorized break point, might be 30 but sort of doubtful on that) those points are gone for now; however, on the plus side your Beacon 5.0 and Classic 04 used in mortgage underwriting don't have this penalty... stuck on EX Risk Model v2 but just pretty up what you can before you make the application in March.
Thanks for the feedback. I will report the total change once everything reports in a new thread.
@happy0510 wrote:
My mortgage is paid off. We sold the house. We're living with the in laws for a few months in between. We used part of the proceeds to pay off all debt and maximize scores. I still have a few months to play around. I did what I could as far as one card each reporting 1-9%. However, I didn't plan on getting dinged so badly for paying off the mortgage, heloc, and other vehicle loan. We didn't have a choice with the other loan because it only had 3 payments left anyway as of last month. We aren't applying till March.
We both only have on installment left. A 3 year vehicle lease opened November 2014. As of today it should be reporting about a 13K balance with 19K as the beginning balance.
We each have one baddie on all 3. I have an Amex paid for less than with a 120 day late in March 2014 with DOLA 8/2013. DH has a paid collection (but listed under revolving) on all 3 with Verizon with status date May 2014 DOLA 1/2012. That one shows a couple of 60s.
Our 3b from August simulates DH around 730ish after paying down the CC balances. I was maxed at 717. We both had more than 90% utilization. The last reporting is at the end of the month.
Please explain this one? Had or have? Which type of credit product was at 90% and is it going to show a drastic utilization improvement at the end of November?
And regarding followup, I'd suggest adding to this thread to keep the continuity of experiences, even months from now.
@NRB525 wrote:
@happy0510 wrote:
My mortgage is paid off. We sold the house. We're living with the in laws for a few months in between. We used part of the proceeds to pay off all debt and maximize scores. I still have a few months to play around. I did what I could as far as one card each reporting 1-9%. However, I didn't plan on getting dinged so badly for paying off the mortgage, heloc, and other vehicle loan. We didn't have a choice with the other loan because it only had 3 payments left anyway as of last month. We aren't applying till March.
We both only have on installment left. A 3 year vehicle lease opened November 2014. As of today it should be reporting about a 13K balance with 19K as the beginning balance.
We each have one baddie on all 3. I have an Amex paid for less than with a 120 day late in March 2014 with DOLA 8/2013. DH has a paid collection (but listed under revolving) on all 3 with Verizon with status date May 2014 DOLA 1/2012. That one shows a couple of 60s.
Our 3b from August simulates DH around 730ish after paying down the CC balances. I was maxed at 717. We both had more than 90% utilization. The last reporting is at the end of the month.Please explain this one? Had or have? Which type of credit product was at 90% and is it going to show a drastic utilization improvement at the end of November?
And regarding followup, I'd suggest adding to this thread to keep the continuity of experiences, even months from now.
Understood.
In August we both had over 90% util revolving reporting. At the end of this month (November) it will be drastically reduced to between 1-9%. The last of our cards reports on the 30th or 31st. BTW, the only one I don't see reporting is Macy's. Does anyone know when Macy's reports?