Member
Esteban5
Posts: 10
Registered: ‎04-11-2008
Re: Expanded "FICO High Achievers" (scores of 760 and above) characteristics list
[ Edited ]
Fall from grace....out of the 800 club (for now).
 
I'm OUT!  My score declined today 21 points resting at a dismal 786.  My email notification advising me of this occurrence stated I had too many cc's with balances.  Funny thing is I took two 'dormant/$0 balance' cards out to charge one item each - a tank of fuel on one - and a haircut on the other....the only reason I did that was due to hearing a consumer advisor talking about how some cc companies will begin to charge an "inactivity fee" if an account is dormant for a period of time.
 
Frankly, I browse through the numerous privacy notices and account change terms I get frequently in the mail, but couldn't recall any language that would have affected me - but I hate uneccessary fees - so I figured I'd just charge something small on a couple and I'd be good to go again for a while.
 
So, I dusted off the two cards and charged one item each, then paid off the bills when they came in....
 
Any other credit cards that are used are paid off monthly (one Visa for business expenses, one Visa for any merchant that doesn't accept AMEX and AMEX for everything else).
 
I suppose the good news is my FICO should head back up in the next month or two....
 
 
EDIT:  The FICO notice also contained some language I found interesting:
 
Your FICO® score went down on a day when there were no credit alerts on your Equifax Credit Report™. This can happen if:
  • There was a change on your credit report that lowered your score but did not trigger an alert. For example, the balance on an account might have increased enough to lower your score, but not enough to trigger a balance increase alert.
  • You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future.

Has anyone else received this message?  I've got a 20+ years history - has FICO made any changes to their scoring that would result in a lower score?

 
 


Message Edited by Esteban5 on 04-11-2008 04:37 AM

Message Edited by Esteban5 on 04-11-2008 04:57 AM

Message Edited by Esteban5 on 04-11-2008 04:57 AM