Reply
Established Contributor
veracious
Posts: 680
Registered: ‎04-21-2010
0

Why won't Equifax Score Reset to it's Highest Level

[ Edited ]

I've experimented with reporting various utilization levels over an 8 mo. time frame.

 

I cannot get my score to reset to it's highest level.

What do I have to do?  I've seen many people claim that your scores will recover after utilization returns

to "X" utilization. In my experience it never goes as high as it once was.

 

I'm talking about  only a 14 point difference but  I'd like to see these points return to the high level.

I've read on here that FICO has no memory, but in my case, FICO doesn't like me.

 


Edited: spelling

 

_________________________________________________
"You may never know what results come of your actions,
but if you do nothing, there will be no result" ~ Mahatma Gandhi
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Why won't Equifax Score Reset to it's Highest Level

OK, here comes the tiresome questions, lol:

 

How old is your oldest account, and did it get older in this interim?

Same question for AAoA.

Did a negative fall off or get removed during this period, and if so, was it a serious one, or maybe your last one?

 

14 points is a big difference. Sounds more like a score bucket change (which isn't triggered by util changes, btw.)

* 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
Established Contributor
veracious
Posts: 680
Registered: ‎04-21-2010
0

Re: Why won't Equifax Score Reset to it's Highest Level

[ Edited ]

Thanks, hauling, for your quick response.

 

No negatives on my thin credit file.

My oldest account aged by 8 months during the interim.

Oldest account increased from 11years 9 months to 12years 2months?.

AAoA  remained at 5 years.

The highest level was achieved after I opened the new account,  but had not made a charge on the card.

After the first charge on the card, my score dropped 11 points. I then PIF and  score dropped another 5 points.

It has been bouncing back and forth 5 points for a few months now.

My latest report lists the AAoA at 5years 2 months

What happened?

 


ETA:  BTW  I let a0% utilization report a couple of times and no change , just kept bouncing 5 points back and forth.

 


_________________________________________________
"You may never know what results come of your actions,
but if you do nothing, there will be no result" ~ Mahatma Gandhi
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Why won't Equifax Score Reset to it's Highest Level

 


veracious wrote:

Thanks, hauling, for your quick response.

 

No negatives on my thin credit file.

My oldest account aged by 8 months during the interim.

Oldest account increased from 11years 9 months to 12years 2months?.

AAoA  remained at 5 years.

The highest level was achieved after I opened the new account,  but had not made a charge on the card.

After the first charge on the card, my score dropped 11 points. I then PIF and  score dropped another 5 points.

It has been bouncing back and forth 5 points for a few months now.

My latest report lists the AAoA at 5years 2 months

What happened?

 

ETA:  BTW  I let a0% utilization report a couple of times and no change , just kept bouncing 5 points back and forth.

 


 

A-ha! You've been rebucketed by age, I'll betcha.

 

12 years, either oldest or AAoA, has been identified before as one of those Magic Years, along with 2 years, 5 years, and 19 (??) years.

 

If true, this means that you're now being compared with those with longer-established credit, so you've dropped down the pecking order a bit.

 

I don't know if adding accounts would help (don't know whether a thin file is a problem for your score bucket), but I sure wouldn't do so solely in an attempt to increase scores. They will recover with time.

 

It's very possible that the FICO propeller-beanie guys who know the formulas are rolling around on the floor laughing at everything I just wrote, but you are certainly not the first person here to see unexpected score changes when hitting 12 years.

 

What are the negatives listed in order for your new score and for your not-yet-12-years-old reports? Did anything change?

* 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
Valued Contributor
Imhotrodcrazy
Posts: 1,533
Registered: ‎03-11-2009
0

Re: Why won't Equifax Score Reset to it's Highest Level


haulingthescoreup wrote:

 

 

A-ha! You've been rebucketed by age, I'll betcha.

 

12 years, either oldest or AAoA, has been identified before as one of those Magic Years, along with 2 years, 5 years, and 19 (??) years.

 

If true, this means that you're now being compared with those with longer-established credit, so you've dropped down the pecking order a bit.

 

I don't know if adding accounts would help (don't know whether a thin file is a problem for your score bucket), but I sure wouldn't do so solely in an attempt to increase scores. They will recover with time.

 

It's very possible that the FICO propeller-beanie guys who know the formulas are rolling around on the floor laughing at everything I just wrote, but you are certainly not the first person here to see unexpected score changes when hitting 12 years.

 

What are the negatives listed in order for your new score and for your not-yet-12-years-old reports? Did anything change?


 

I just wanted to say that my oldest account turned 19 yrs last month and there was no increase in either of my TU or  EQ scores.  My aaoa is at 7 yrs now.  Nothing else changed on my reports from the previous  month.  Maybe that next magic year for me is 20?   Hope this helps in some small way. 

FICOS
TU 805 11/21/14
EX 806 10/26/14
EQ 828 1126/14
NASA 30K / / Amex 16.5k / / Chase Freedom 10.6k / / / / / SD'd US Bank Cash+ 20k, LOC 15k
Goal - At my age, just staying alive
Established Contributor
veracious
Posts: 680
Registered: ‎04-21-2010
0

Re: Why won't Equifax Score Reset to it's Highest Level

[ Edited ]

Thanks , haulingthescoreup.

Here's the differences, lowest score first 

What’s hurting your FICO® score

The negative factors listed here are reasons why your FICO® score is not higher. You should focus on changing the behavior that caused these negative factors. These factors are listed in order of their impact to your score, the first has the greatest negative impact and the last has the least.

Please note that a negative factor can be provided even if you are better than the national average of FICO® high achievers on that factor. In all likelihood, this means that your FICO® score is already quite high. The fact that you are still receiving a negative factor means that there is still some room to work on that factor.

  1. You opened a new credit account relatively recently.

    Your newest account was opened
    7 Months ago
    FICO High Achievers [?] opened their most recent account 27 months ago, on average.

    Your FICO score considers how recently you opened a new credit account. People who recently opened a new credit account are slightly more likely to miss future payments than those who have not.

    What to do about this: Avoid opening more credit accounts at this time and as a general rule, if you don't need or plan to use credit, don't apply for it.

What’s helping your FICO® score

The positive factors listed here reflect areas of your credit behavior that are helping your FICO® score. You should continue the good practices listed here. These factors are listed in order of their impact to your score – the first has the greatest positive impact and the last has the least.

  1. You have no missed payments on your credit accounts.

    Number of your accounts with a missed payment
    0 accounts
    About 93% of FICO High Achievers [?] have no missed payments at all. But of those who do, the missed payment happened nearly 4 years ago, on average.

    You helped your FICO score by paying your bills on time. Staying current with your bills will continue to help your score.

  2. You have an established credit history.

    Your oldest account was opened
    12 Years, 2 Months ago Average age of your accounts
    5 years
    FICO High Achievers [?] opened their oldest account 19 years ago, on average.
    Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years.

    Your FICO score measures the age of your oldest account and the average age of your accounts. Your FICO score was helped because you have a relatively long credit history and you haven't recently opened many new accounts.

  3. You've limited the use of your available credit.

    Ratio of your revolving balances to your credit limits
    0%
    For FICO High Achievers [?], this ratio is 7%, on average.

    Your FICO score evaluates your total revolving account [?] balances in relation to your total credit limits on those accounts. Your FICO score was helped because you've kept this ratio of balances to credit limits low.

  4. You've shown recent use of credit cards.

    Your FICO score evaluates your mix of credit cards [?], installment loans and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders. You helped your FICO score by showing recent use of a credit card.

Higher score:
erstanding Your FICO® Score
What’s hurting your FICO® score

The negative factors listed here are reasons why your FICO® score is not higher. You should focus on changing the behavior that caused these negative factors. These factors are listed in order of their impact to your score, the first has the greatest negative impact and the last has the least.

Please note that a negative factor can be provided even if you are better than the national average of FICO® high achievers on that factor. In all likelihood, this means that your FICO® score is already quite high. The fact that you are still receiving a negative factor means that there is still some room to work on that factor.

  1. You opened a new credit account relatively recently.

    Your newest account was opened
    2 Months ago
    FICO High Achievers [?] opened their most recent account 27 months ago, on average.

    Your FICO score considers how recently you opened a new credit account. People who recently opened a new credit account are slightly more likely to miss future payments than those who have not.

    What to do about this: Avoid opening more credit accounts at this time and as a general rule, if you don't need or plan to use credit, don't apply for it.

What’s helping your FICO® score

The positive factors listed here reflect areas of your credit behavior that are helping your FICO® score. You should continue the good practices listed here. These factors are listed in order of their impact to your score – the first has the greatest positive impact and the last has the least.

  1. You have no missed payments on your credit accounts.

    Number of your accounts with a missed payment
    0 accounts
    About 93% of FICO High Achievers [?] have no missed payments at all. But of those who do, the missed payment happened nearly 4 years ago, on average.

    You helped your FICO score by paying your bills on time. Staying current with your bills will continue to help your score.

  2. You've limited the use of your available credit.

    Ratio of your revolving balances to your credit limits
    1%
    For FICO High Achievers [?], this ratio is 7%, on average.

    Your FICO score evaluates your total revolving account [?] balances in relation to your total credit limits on those accounts. Your FICO score was helped because you've kept this ratio of balances to credit limits low.

  3. You have an established credit history.

    Your oldest account was opened
    11 Years, 9 Months ago Average age of your accounts
    5 years
    FICO High Achievers [?] opened their oldest account 19 years ago, on average.
    Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years.

    Your FICO score measures the age of your oldest account and the average age of your accounts. Your FICO score was helped because you have a relatively long credit history and you haven't recently opened many new accounts.

  4. You've shown recent use of credit cards.

    Your FICO score evaluates your mix of credit cards [?], installment loans and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders. You helped your FICO score by showing recent use of a credit card.

Sorry for the messy post. I used copy & paste.

 


_________________________________________________
"You may never know what results come of your actions,
but if you do nothing, there will be no result" ~ Mahatma Gandhi
Established Contributor
veracious
Posts: 680
Registered: ‎04-21-2010
0

Re: Why won't Equifax Score Reset to it's Highest Level

Thanks imhotrodcrazy.

FICO scoring reasoning changes on a case by case basis I guess.

 

The only thing for certain is you can't be certain:smileyhappy:

_________________________________________________
"You may never know what results come of your actions,
but if you do nothing, there will be no result" ~ Mahatma Gandhi
Moderator Emeritus
MarineVietVet
Posts: 14,577
Registered: ‎07-14-2009
0

Re: Why won't Equifax Score Reset to it's Highest Level


veracious wrote:

Thanks imhotrodcrazy.

FICO scoring reasoning changes on a case by case basis I guess.

 

The only thing for certain is you can't be certain:smileyhappy:


Yes and yes.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Why won't Equifax Score Reset to it's Highest Level

I'm guessing that the new account hurts more for the older age bucket than for the younger. Supposedly those FICO High Achievers rarely get new credit.

 

This is one of my ongoing gripes about the currently-used FICO score formulas. I can see that in the past, those who've had credit for a long time would rarely get new cards, so a new account might be a sign of instability. But with all the rewards cards these days, it's not unusual to keep apping. My 83-year-old mother is still woo-hoo'ing about her new PenFed gas card. (For that tank of gas every two months.) Since the formulas were created by looking at existing (= older) credit reports, I wonder if we're not being scored on 15-year-old credit usage patterns. After all, TU98 means 1998.

 

hotrodcrazy, interesting about no score change for you when you hit 19 years. I wonder if your credit profile is so stable that there wasn't really anything to help (or hurt) when you went up another year?

* 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
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Why won't Equifax Score Reset to it's Highest Level


haulingthescoreup wrote:

After all, TU98 means 1998.


Really? All this time I thought it was 1898.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}