topic Re: FICO 08 Hit My EQ Today!! in Understanding FICO® Scoring

I thought, FICO 08 Hit My EQ Today??

Anonymous — Thu, 17 Jan 2008 03:56:10 GMT

Hello All,

I just pulled up my FAKO's and FICO 08 just hit my EQ today.

My FAKO was 603 yesterday and it included all of the AU acct's from DH pymt history. Today, my EQ FAKO is 634 with all of the AU open account histories removed. The one AU acct pymt history that has not been removed is Sears/CBSD and this acct was closed sometime ago.

Checking EQ my score was 609 on 1/6/08 and it is now 628 and still includes my DH AU acct's pymt history, opened and closed.

Checking Myfico EQ was 620 on 1/8/08 and today it is 628 and still includes my DH AU acct’s pymt history, opened and closed.

Has anyone noticed any changes today?

Thanks

Message Edited by Lefrenchel on 01-16-2008 07:56 PM

Re: FICO 08 Hit My EQ Today!!

haulingthescoreup — Thu, 17 Jan 2008 01:12:54 GMT

Which FAKO's do you use? It sounds like nothing has changed with your FICO scores, but the CRA that sponsors your FAKO's has decided to drop them.

My AU has been showing on my TC reports, but I can tell from the comments that TU isn't counting it.

Re: FICO 08 Hit My EQ Today!!

Anonymous — Thu, 17 Jan 2008 01:16:33 GMT

I use TC.. They didn't delete anything but the payment history (legend).

Re: FICO 08 Hit My EQ Today!!

haulingthescoreup — Thu, 17 Jan 2008 01:22:52 GMT

That's really odd! I just pulled my TC, and there's no change. The AU card is buried with the closed cards. Now, the EQ score history is the usual series of white boxes (X's on the printable version), because TC has never displayed EQ properly. This is true of all my accounts, not just the AU.

Do you save your TC reports? Do the others look different from this one?

Re: FICO 08 Hit My EQ Today!!

Anonymous — Thu, 17 Jan 2008 01:24:49 GMT

Whew!!! That scared me... I am still trying to build..

I guess it's one of those two-fold situations:

I don't want it to hit yet because I still need time to build my credit.

then again......

I do want it to, so I can take the hit and move on...

Thank you for the clarification, have a wonderful day.

Re: FICO 08 Hit My EQ Today!!

Anonymous — Thu, 17 Jan 2008 01:26:40 GMT

Let me check..

Re: FICO 08 Hit My EQ Today!!

Anonymous — Thu, 17 Jan 2008 01:32:22 GMT

I didn't notice that at first... But all of my open accounts are mixed in with my closed accounts. Usually, my open accounts are all at the top and the closed are at the bottom.

My printer friendly version looks the same as the regular view.

Re: FICO 08 Hit My EQ Today!!

haulingthescoreup — Thu, 17 Jan 2008 01:39:53 GMT

Huh, I did just notice that a closed account is no longer reporting on EQ, although it still shows on TU. That makes me sad --it was open from 2000 - 2003, and it was a department store that's no longer in business. I wouldn't even begin to know who to contact to try to get it to report again...

(It's missing on both TC and on my full report from EQ.)

Re: FICO 08 Hit My EQ Today!!

Anonymous — Thu, 17 Jan 2008 01:49:45 GMT

That's weird... I didn't realize they give you continued points for closed accounts, that's awesome.

Re: FICO 08 Hit My EQ Today!!

haulingthescoreup — Thu, 17 Jan 2008 02:14:26 GMT

Yes, a closed account (revolving, installment, all of them) is SUPPOSED to report for 10 years from the date of closing. If it had any baddies, they stop reporting 7 years after they happened, and then you get the X remaining years of clean history.

The problem is, of course, the creditor may simply decide to stop reporting, and there's not a whole lot you can do.

BTW, this is why it's not smart to GW or dispute anything on closed cards. A lot of creditors are saying, Fine, we'll just drop the whole thing! (not just the baddie.)

Re: FICO 08 Hit My EQ Today!!

Anonymous — Thu, 17 Jan 2008 02:27:10 GMT

That's helpful, thanks...

I learn something new everyday on this forum, it's the best...

Re: FICO 08 Hit My EQ Today!!

Anonymous — Thu, 17 Jan 2008 03:30:06 GMT

Hey, confused. Are you stating that FICO 08 is in effect as of 1/16/2008? If so is this directly through EQ or from MyFICO pulling EQ? Thanks.

Re: FICO 08 Hit My EQ Today!!

Anonymous — Thu, 17 Jan 2008 03:32:10 GMT

Come on Pizza - This is NOT true.

EQ and FICO are still in a lawsuit- EQ will be the LAST to implement

ilovepizza wrote:
Hey, confused. Are you stating that FICO 08 is in effect as of 1/16/2008? If so is this directly through EQ or from MyFICO pulling EQ? Thanks.

Re: FICO 08 Hit My EQ Today!!

haulingthescoreup — Thu, 17 Jan 2008 03:36:42 GMT

I think it was a mis-read of TC; you know, how the two-year boxes show green for EX and TU, but blank for EQ? (or X's on the printable version.) It makes it look like EQ didn't report, until you get used to it.

OP, as long as there is still info for EQ in the area above the two-year boxes, where it states date opened, credit limit, current balance etc., then it's still reporting. That's how I noticed that my closed account stopped reporting on EQ --the info is still there for TU, but no longer for EQ. And it was there on 1/10.

Re: FICO 08 Hit My EQ Today??

Anonymous — Thu, 17 Jan 2008 03:48:39 GMT

You're right I was confused... My report was drastically changed for EQ and the scores jumped which I wasn't expecting...

So my apologies....

Re: FICO 08 Hit My EQ Today??

haulingthescoreup — Thu, 17 Jan 2008 13:31:40 GMT

Hey, you wouldn't believe how tangled up I got when I first got started in all this stuff. Still do! You'd think that businesses would test drive some of these products on innocent civilians like us before they release them, and see what we're apt to misinterpret, but no...

Re: FICO 08 Hit My EQ Today!!

Anonymous — Wed, 23 Jan 2008 07:37:17 GMT

Quoted:

[[Yes, a closed account (revolving, installment, all of them) is SUPPOSED to report for 10 years from the date of closing. If it had any baddies, they stop reporting 7 years after they happened, and then you get the X remaining years of clean history.

The problem is, of course, the creditor may simply decide to stop reporting, and there's not a whole lot you can do.]]

IMHO that's not entirely how it works. Supposed you closed an account on Jan 1, 2001. Well, that was the last month / year for which the creditor would report to the CRAs (although this also vary, because the creditor might mistakenly continue to report "Ok, paid as agreed" AFTER that while showing "Closed by consumer" as of 01/2001).

From that point onwards, the burden of reporting falls on the CRA. I know this for a fact, because I have nearly a dozen accounts closed from 1999 - 2001. An account closed in 1998 fell of the CRA because the 10 year past, but those closed in 1999, 2000, 2001 are still reporting, some with no payment history at all. Account simply shows date open, date closed, credit limit, maximum owed, and lates - or lack thereof, in my case. And I am pretty sure that average age calculation takes them into account.

I call the creditor and give them FULL account number, and they can't even find my record of that account in their archives. Yet, the CRA has a record of them. Why? Because CRA does not depend on creditor reporting every month - the CRA preserves the last snapshot received. EQ, for example, shows 81 month payment history, and so if your last month of activity was more than that, you will see nothing in the payment history.

Message Edited by ChumChurum on 01-22-2008 11:37 PM