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Established Member
sumthin28
Posts: 33
Registered: ‎07-29-2013
0

What experian score model is myfico using?

Ok so I pulled my experian score today from myfico and its 617 ..8 days ago i did the check my rate at prosper and got this  Your FICO®08 credit score is a number that reflects the information in your consumer report. Your credit score can change, depending on how the information in your consumer report changes.

Your credit score: 633

Date: 5/16/2014

The FICO®08 credit score ranges from a low of 300 to a high of 850.

Key factors that adversely affected your credit score:
•Serious delinquency and public record or collection filed
•Proportion of loan balances to loan amounts is too high
•Length of time accounts have been established
The only difference in my report between then and now is a 325$ balance on a 500$ limit cc is reporting as zero balance..that is honestly the only difference in the reports..

I was gonna apply for a mortgage on tuesday now im freaking out because this is my middle score.. wth can someone help me understand this?

Starting Score 520
Current Score 649 Ex 658 Eq 665 Tu
Goal 700
AmEx everyday 1000 Boa travel rewards !000 Barclays 1300 Chase Freedom 3500 DiscoverIT 1400 Cap 1 Quicksilverone 300 Wallmart 600 Lowes 300 Paypal 500
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Valued Contributor
DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
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Re: What experian score model is myfico using?

It should be the same score, Experian/FICO Risk Model v08.  Is the card that you brought to $0 your only credit card?  If so, then you have no currently utilized revolving credit and could be a reason for the score drop.  I would let it report again next month with less than $50 balance.

 

Also check to make sure that none of your serious delinquencies or collections have recently reported any updates.  

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Established Member
sumthin28
Posts: 33
Registered: ‎07-29-2013
0

Re: What experian score model is myfico using?

its not my only card but all the thers are showing zero balances.. should I let one report a 25 doallar balance?.. that still seems like a steep drop just for no balances when the card was over 60% util before..I subscribe to the monitoring services and i can say with certainty this is the only report change in that time frame.. I do have a card that will report this week.. im gonna put 25 bucks in gas on it before it reports..thx fr the tip

Starting Score 520
Current Score 649 Ex 658 Eq 665 Tu
Goal 700
AmEx everyday 1000 Boa travel rewards !000 Barclays 1300 Chase Freedom 3500 DiscoverIT 1400 Cap 1 Quicksilverone 300 Wallmart 600 Lowes 300 Paypal 500
Community Leader
Valued Contributor
DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
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Re: What experian score model is myfico using?

[ Edited ]

yes.  utilization is a huge factor of the FICO score (about 30%).  With all balances at $0, you are taking a big penalty through FICO, its almost as if you are getting scored as if you have no credit cards, because FICO grades it as though you are not actively using credit.  With total utilization less than 10%, you get the biggest utilization benefit.  Higher than that percentage, your score will start dropping again.  It also grades the percentage of cards that have balances.  A small percentage greater than 0 (ie: 1 card with a balance) will generate the highest score for this factor.

 

So if you leave a $25 balance, as you suggested, on a card with greater than $250 credit limit (while leaving your other cards at $0 balance), your score will increase.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Established Member
sumthin28
Posts: 33
Registered: ‎07-29-2013
0

Re: What experian score model is myfico using?

Thank you very much for the fast replies. This is all great info that I probably should have already known lol, but thank you for sharing the knowledge. I at least feel hopeful now, I need that score to rever at least 5 points asap

Starting Score 520
Current Score 649 Ex 658 Eq 665 Tu
Goal 700
AmEx everyday 1000 Boa travel rewards !000 Barclays 1300 Chase Freedom 3500 DiscoverIT 1400 Cap 1 Quicksilverone 300 Wallmart 600 Lowes 300 Paypal 500
New Contributor
tieton
Posts: 57
Registered: ‎07-03-2013
0

Re: What experian score model is myfico using?

Not to hijack, but does the scoring work the same way if credit cards are maxed? Or if credit card cards are being reported with the "Account in Dispute" or AID codes every month? Meaning, does it read as no currently utilized revolving credit with either of these two things? I'm trying to figure out why my balances and on-time payments are being reported every month, yet each one of the three bureaus shows "No revolving activity" in the section where it gives description of score factors. I don't even know if any of my scores are actually taking my CCs into account!

Starting Score (FICO): 420s (OUCH!) across the board. 2/2010 mortgage lender pull. Needless to say, didn't get approved.
Current Score (FICO 10/20/14): EX 706, EQ 685, TU 700
Goal Score: 720+
Valued Contributor
-NewGuy-
Posts: 3,057
Registered: ‎12-18-2013
0

Re: What experian score model is myfico using?

Are they all store cards or charge cards?

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Revelate
Posts: 9,486
Registered: ‎12-30-2011
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Re: What experian score model is myfico using?


tieton wrote:

Not to hijack, but does the scoring work the same way if credit cards are maxed? Or if credit card cards are being reported with the "Account in Dispute" or AID codes every month? Meaning, does it read as no currently utilized revolving credit with either of these two things? I'm trying to figure out why my balances and on-time payments are being reported every month, yet each one of the three bureaus shows "No revolving activity" in the section where it gives description of score factors. I don't even know if any of my scores are actually taking my CCs into account!


Maxxed credit cards count.

 

Accounts in dispute can be completely discounted from FICO scoring: disputes do some wierd things to the scoring model but the typical outcome is while they have a dispute flag, they simply are ignored from a scoring perspective.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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New Contributor
tieton
Posts: 57
Registered: ‎07-03-2013
0

Re: What experian score model is myfico using?

I just have two currently, and they are both Cap One. One was Orchard Bank previously and was transferred over to Cap One a year or so ago. The Orchard Bank/Cap One card is about 4.5 year's old, the other is just over two years old . . . 26 months.

Starting Score (FICO): 420s (OUCH!) across the board. 2/2010 mortgage lender pull. Needless to say, didn't get approved.
Current Score (FICO 10/20/14): EX 706, EQ 685, TU 700
Goal Score: 720+
New Contributor
tieton
Posts: 57
Registered: ‎07-03-2013
0

Re: What experian score model is myfico using?

Revelate, that is exactly what I was concerned about! And my suspicion.  I just paid my cards down to a total Util of 16% last week and it still says "No revolving activity," even after the reports have updated. I disputed both cards about a year ago, merely because the balances hadn't been updated or were reporting wrong for a couple of months. Since then the tradelines have tracked with that AID code in the comments. I tried to remedy this by writing Cap One a couple of weeks ago. They sent me a letter back saying that "The high balance has been verified, and that they will go ahead and add a Customer Disputes Information comments on the accounts. I just literally laughed outloud and shook my head. I wanted the flag or comments erased! I then emailed Cap One through my account, and got an email back saying all GW requests should be sent in writing and gave the address. LOL Not sure where to go from here. Contact Cap One in person or contact the bureaus to have the comments erased or otherwise unflagged?

Starting Score (FICO): 420s (OUCH!) across the board. 2/2010 mortgage lender pull. Needless to say, didn't get approved.
Current Score (FICO 10/20/14): EX 706, EQ 685, TU 700
Goal Score: 720+

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