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Moderator Emerita
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haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: Trying to understand Fico scoring

You're only scored off of what is displaying on your reports, so it's not that.

 

A separate issue is that old credit info is saved elsewhere (I don't know the details of this), and if you apply for a big chunk of credit, as in a mortgage, the lender has access to the old info. Something for everyone to keep in mind.

 

But again, it's not affecting your current scores.

 

I can't remember if we've wandered down this side path yet, but do you have any World (MC) or Signature (Visa) cards? They are frequently treated differently by the scoring formula, and that might have affected your reported util, even if the actual balances are lower.

 

These are semi-new hybrids in the credit world, where you have a credit limit but are allowed to go over it. So they're sort of revolving, but they're sort of open too (if you go over your CL, you have to pay it back that month; you can't revolve it along with the under-CL balance), and the banks and credit bureaus keep reporting them in different ways.

 

Depending on how they are listed, they can either be ignored for util entirely (meaning that the card's CL is not included in your total CL), or if all they report is highest previous balance, that card's util can be figured using the highest balance instead of the CL, resulting in higher util.

 

I'm sort of flopping around like a fish on the bottom of the boat here, I realize. :smileytongue:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
fico64
Posts: 59
Registered: ‎09-19-2010

Re: Trying to understand Fico scoring

I have a Visa bank card issued by one of the big 3 (Wells Fargo) taken out in 2006 high balance was $5,500.00. now $257.00 limit $13,000.00. It was offered to me with the opening of my Prime account and IRA, 5.9% and stayed at that rate until they raised it to 22% in July of this year.

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haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: Trying to understand Fico scoring

 


fico64 wrote:

I have a Visa bank card issued by one of the big 3 (Wells Fargo) taken out in 2006 high balance was $5,500.00. now $257.00 limit $13,000.00. It was offered to me with the opening of my Prime account and IRA, 5.9% and stayed at that rate until they raised it to 22% in July of this year.


Does it say Signature somewhere on it?

 

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
fico64
Posts: 59
Registered: ‎09-19-2010

Re: Trying to understand Fico scoring

No. Platinum. On back it says, "Plus" with 3 triangles.

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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: Trying to understand Fico scoring

OK, so it's a normal credit card, presumably reporting correctly.

 

I'm now officially stumped. :smileyvery-happy: Who wants to step up next??

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: Trying to understand Fico scoring

 


haulingthescoreup wrote:

OK, so it's a normal credit card, presumably reporting correctly.

 

I'm now officially stumped. :smileyvery-happy: Who wants to step up next??


 

No thanks. If you can't figure it out I'm not going to try.

 

I do know that there are times in life and in the credit world that there are no answers.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007

Re: Trying to understand Fico scoring


haulingthescoreup wrote:

These are semi-new hybrids in the credit world, where you have a credit limit but are allowed to go over it. So they're sort of revolving, but they're sort of open too (if you go over your CL, you have to pay it back that month; you can't revolve it along with the under-CL balance), and the banks and credit bureaus keep reporting them in different ways.


IMHO with the new credit card regulations and the CCC all being smarter than us of the legal stuff in them, I would say to stay away from these types of accounts and infact any non-standard card.

 

Why play "What's my Limit"  or "What's my Util" .

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: Trying to understand Fico scoreing

I might be wrong (MODS) but doesn't getting a new

mortgage drop your score for a little while?

 

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Trying to understand Fico scoreing


casinoannie97 wrote:

I might be wrong (MODS) but doesn't getting a new

mortgage drop your score for a little while?

 


YMMV based on your credit file. Expect a loss, but some have posted in here a small gain.

New Contributor
fico64
Posts: 59
Registered: ‎09-19-2010

Re: Trying to understand Fico scoring

Another question:

 

Equifax score 669 Rating Good   Trans Union score 683 Rating Good   Experian score 694 Rating Fair.

 

I don't get it. The highest score is rated Fair, the lower scores are rated Good. ??? You might say they have different scoring models, but that is not right.

 

Also, why is the consumer not allowed to see their Fico Experian score? We are told that creditors only look at Fico. Lenders have told me they only look at Fico. What good is a Experian non fico score to consumers when creditors only look at Fico? Is this right? The consumer SHOULD BE ALLOWED to see their Experian Fico score.


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