07-01-2012 11:43 AM
Just get the EQ score power. The "Reasons" given for hurting and helping my scores are contradictory.
Paid off all my CCs reporting balances to 0, from about 4k total, and dropped Amex from over 20k to 3k. Result FICO drops 851->849
On the Negative Side:
The first reason given for "what's hurting your score" is the obvious, short history. Oldest account < 4yrs, AAoA is 2Y.
The second reason, however, was wrong and listed my Amex charge card balance as if it were a revolver:
The amount owed on your revolving accounts is too high $3,xxx
Now On the Positive Side:
First reason was the paid bills on time ... blah, blah, blah
Second reason was low use of credit and in direct conflict with the second item listed as hurting my score.
Ratio of your revolving balances to your credit limits 0%
I had thought the "reason list" was actually tied more closely to the FICO scoring algos but obviously not, After study and observation/testing, EQ FICO does not factor in Amex charge card balances for FICO purposes.
However, that FICO declined when I dropped all revolvers to 0 is a known phenomina.
Fun playing wiht this stuff.
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