04-05-2009 03:47 PM
God I hate FICO.
In the last 3 weeks,in order to refinance by home at a better rate, I paid down my revolving accounts $2700, from 46% to 33%, 3 accounts of 11 reporting balances. My score went from 680 to 698 with only half of the balance paydown reporting. I was expecting my score to hit 710 this week.
But then I received an alert today and my score had fallen to 679! WTH!!! The only thing I can find in my reports is my oldest account is now 11 years old. No other changes.
How long should I expect to recover these points?
04-06-2009 11:13 AM
04-06-2009 11:22 AM
04-06-2009 03:02 PM
I monitor the reports daily and there are no other changes. The oldest account aged from 10y-11m to 11y. I am assumming this shifted me into another bucket. Really crappy timing. This will cost me an extra 0.4 percent interest on my mortgage refi I had planned for the end of the month. It also sucks to pay down $2700 and end up loosing 1 point.
The really interesting thing is the simulator. A week ago the EQ FICO simulator projected the following:
if revolving paid down to 1%, 790-810
if revolving paid down 90% - 100% over 24mo, 810-840
if revolving paid down to 1%, 709-749
if revolving paid down 90% - 100% over 24mo, 749-789
So it would appear that my ceiling has been lowered by this change.
04-06-2009 05:37 PM
Sat. I received a SW alert that said my score had changed due to the following:
-You have recent late payment
-You have been recently searching for credit
-You have a new account
What's funny is:
-1 late payment (30d) in last 7 years, 28 months ago
-Last inquiry Oct 08
-New account established Oct 08
I'll post helping and hurting from ScorePower in a moment. Equifax's system is down once again.
04-07-2009 03:32 AM
04-07-2009 04:51 AM - edited 04-07-2009 04:52 AM
Okay, I guess they finally fed the hamsters.
Seeking credit (5 in 12m, 3 in 10/08, 2 in 07/08)
High credit usage (36%)
Missed payments (1, 28m, ago)
New account (1, 10/08, only new account in 3yrs)
No serious delinquency
Long account history
Amount of Debt - Good
Payment History - Very Good
Amount of New Credit - Good
Length of Credit History -Good
04-07-2009 03:29 PM - edited 04-07-2009 03:31 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.