topic Re: What scores? in Understanding FICO® Scoring

What scores?

Anonymous — Mon, 15 Apr 2019 14:48:50 GMT

If I have the MyFico subscription, what scores are actually used? (Mortgage, Auto, Credit Card) - there are so many different versions .. I'm trying to narrow down which ones to actually track. TIA!

Re: What scores?

HeavenOhio — Mon, 15 Apr 2019 15:06:44 GMT

I'd track the nine classic scores, i.e. the scores used for mortgages, FICO 8, and FICO 9.

Once you have a handle on the "main" scores, you might find it easier to pay some attention to your auto and bankcard scores.

Re: What scores?

Anonymous — Mon, 15 Apr 2019 15:07:49 GMT

So just the Fico 8 & 9 scores?

I'm interested to track mortgage too.. as we will be working on that to hopefully start buying a house next year.

Re: What scores?

HeavenOhio — Mon, 15 Apr 2019 16:47:57 GMT

Definitely track the "mortgage" scores.

Listing the scores separately, track these:

Equifax 04 (FICO 5) Classic ("mortgage" score)
Transunion 04 (FICO 4) Classic ("mortgage" score)
Experian 98 (FICO 2) Classic ("mortgage" score)
Equifax FICO 8 Classic
Transunion FICO 8 Classic
Experian FICO 8 Classic
Equifax FICO 9 Classic
Transunion FICO 9 Classic
Experian FICO 9 Classic

Classic scores are everything not labeled as auto or bankcard scores, and they top out at 850 rather than 900. "Mortgage" is in quotes because the scores used for mortgages are actually old classic scores. We frequently cut to the chase and refer to them as "mortgage" scores.

Re: What scores?

Trudy — Mon, 15 Apr 2019 18:28:35 GMT

Just an FYI - Since you are interested in mortgage scores know that they behave somewhat differently to activity on your credit report than other scores. When you get closer to applying for a mortgage check out the Mortgage forum for the specifics.

For example, MTG scores are more sensitive to the number of accounts reporting a balance than FICO 8 and other models. You'll likely find a lot of information in this forum as there are always datapoints and discussions regarding how one score model responds differently than other models, but the MTG forum will likely address many things that may be helpful in many ways, including getting the best out of your MTG scores before actually applying.

Re: What scores?

Anonymous — Mon, 15 Apr 2019 17:53:13 GMT

Which one is Credit Cards? 8 or 9?

Re: What scores?

Trudy — Mon, 15 Apr 2019 18:21:46 GMT

As HeavenOhio states above, there is a classic 8 and a classic 9 for all 3 bureaus, simply listed as FICO 8 and FICO 9. In addition to those and the MTG scores theres: FICO 8 bankcard, FICO 9 bankcard, and the old bankcard models (5 - EQ, 4 - TU, 2 - EX). In addition to those there's the FICO 8 auto score, FICO 9 auto score and older auto score models (5 - EQ, 4 - TU, 2 - EX).

Unlike MTG scores where there's only one model used, each credit card (bankcard) company, auto loan company and other lenders may choose to use any of the many available models -classic 8 or 9, bankcard 8 or 9 or older bankcard models, auto 8 or 9 or older auto models.

Each bureau (EQ, TU, EX) will provide a score for each of the following FICO models:

Re: What scores?

Anonymous — Mon, 15 Apr 2019 18:21:40 GMT

So I should be tracking all of them?

Re: What scores?

Trudy — Mon, 15 Apr 2019 18:25:35 GMT

Some people on this forum are, or have become OCD with tracking all scores. Many people only track their FICO 8 scores (classic). Those preparing for a MTG will usually track their MTG scores. It's up to you and depends on the lender which one they will use when you apply for something. Although, you should feel safe to assume MTG lenders will review your MTG scores.

Re: What scores?

HeavenOhio — Mon, 15 Apr 2019 18:34:13 GMT

If by tracking, you mean something like copying and pasting into a spreadsheet, sure, track all of them.

If you mean being overwhelmed by paying attention to 28 scores, zero in on watching the behaviors of the ones mentioned above. If something about one of the other scores catches your eye, look into it a little deeper. Otherwise, it's there if you want to look back.

Re: What scores?

Anonymous — Mon, 15 Apr 2019 18:48:33 GMT

So I just made this, looking at this - what do I need to be working on, (and my husband?) We just want to get it right this time!

April Scores
	Kelly Equifax	Kelly Transunion	Kelly Experian	Jason Equifax	Jason Transunion	Jason Experian
Fico 8 (Overall)	622	594	633	626	623	646
Mortgage 5	618	623	652	570	627	552
Auto 8	620	593	589	600	609	552
Auto 5	621	647	619	559	636	579
Bankcard 8	620	596	606	588	614	602
Bankcard 5	581	601		537	589
Score 9	632	611	576	576	647	530
Auto 9	641	612	576	604	652	539
Bankcard 9	642	610	578	588	643	539

Experian Only
Bankcard 3			564			534
Bankcard 2			628			528

Re: What scores?

Trudy — Mon, 15 Apr 2019 19:08:27 GMT

You will need to work on all aspects of improving your scores. Usually any improvement in one can result in improvement in others, although there is no direct correlation. However, when you get within 6 months of applying for a MTG you want to visit the MTG forum to learn a few thinks that may help bump your MTG scores specifically for when the lender pulls your credit.

What is typically asked of people inquiring about improving scores is to list each account with UTL vs CL to include CC's and loans, age of accounts AoYA (age of youngest account), AAoA (average age of accounts), AoOA (age of oldest account), derogs (lates 30, 60 days, etc, collection accounts, bankruptcies, etc). You don't have to provide personal information like which CC or who your auto loan or personal loan is though, but it could be helpful because there are people here with specific knowledge about specific companies that may be helpful.

There are numerous people here who can help you with a plan to improve your scores based on your specific circumstances as each persons profile is different. But the basics of good credit behavior still stands true and will be part of that strategy: always pay accounts on time and reduce your utilization (UTL). These two factors hold the most weight when it comes to what makes up your scores.

Re: What scores?

Anonymous — Mon, 15 Apr 2019 19:18:43 GMT

Current File -

Card Name

Use

Limit

Max Spend

27%

Current Balance

APR

8.7% equals

Annual Fee

New

Annual Fee

Opened Date

Stmt Close Date

Due Date

Payoff Date

Piercing Pagoda

$850

$229.50

29.99%

$73.95

n/a

11/13/2018

1st

27th

PAID

Kohls.

$300

$81

$34

26.99%

$26.10

n/a

6/21/2018

15th

13th

4/19

Ulta

$250

$67.50

27.99%

$21.75

n/a

11/13/2018

6th

1st

PAID

J Surge

Puppy

$800

$216

30.99%

$69.60

$96

n/a

3/29/2018

1st

26th

PAID

K Surge

Minor things

$800

$216

30.99%

$69.60

$96

n/a

3/29/2018

1st

26th

PAID

First Premier

K Gas

$700

$189

36%

$60.90

$45

n/a

10/12/2018

14th

13th

PAID

Credit One

MyFico

$700

$189

26.15%

$60.90

Not Clear – up to $99?

n/a

3/30/2018

13th

9th

Revolving

Lend Up

$500

$135

30.24%

$43.50

$59

n/a

Around 1/21/19

3rd

28th

PAID

Merrick

J Gas

$500

$135

31.95%

$43.50

None after 1st year

n/a

1/30/2019

15th

12th

PAID

Victoria’s Secret

$250

$67.50

27.24%

$21.75

n/a

1/22/2019

2nd

28th

PAID

Sephora

$250

$67.50

27.24%

$21.75

n/a

4/9/2019

Venus

$250

$67.50

27.24%

$21.75

n/a

4/9/2019

Youngest Account - Sephora / Venus (last week)

AAoA - EQ: 61 mo TU: 53 mo EX: 53 mo

I have a personal loan through LendingClub - $4250 - 36 mo

All CC balances are now 0 after just paying them all in full 4/12 - before that UTIL was at about 50% on most of the higher limit ones. Store cards were mostly paid off at this point.

Ch 7 BK discharged 4/27/18

Derogs (prior to BK) - EQ: 19 accounts showing at 30+ days late TU: 17 accounts showing at 30+ days EX: 11accounts showing at 30+ days

No derogs since BK in 18'

Re: What scores?

Trudy — Mon, 15 Apr 2019 19:19:21 GMT

Also note that each credit bureau may have different information and can be one of a few reasons why your scores for a specific model from each bureau may differ greatly. Note the difference in Jason's auto 9 score between EX and TU. 113 pt difference seems to indicate there is different information on each of these reports. Something that may be able to be disputed, removed and possible increase this score and others.

You both want to go through each bureau's report to verify it's accuracy.

Re: What scores?

Trudy — Mon, 15 Apr 2019 19:44:11 GMT

There are guru's here that can provide more specific information regarding a game plan. Your BK is not that old and not sure about your derogs but you want to list when they occurred as penalties can lessen over time. Looks like nothing greater than 30 days. The older the late the harder it can hit you and the longer it can impact (hold back) your score potential. However, someone other than me can provide more information as to how to work with or around these derogs.

I was ready to discuss paying down those CC balances but it looks like you did this. Just reducing that large # of accounts reporting a balance will likely improve your MTG scores for now. But one thing to note is that there is a penalty for all revolvers (CC's) reporting $0. I know it sounds counter intuitive but it is what it is. Since credit reports are a snapshot of the time it is pulled, it would appear you are not using your credit, which you clearly are, but is somewhat frowned upon by the FICO algorithm Gods. But it also depends on when they report to the CB. From what I've gathered from these forums is that could easily cost you 20 pts or so. You always want at least one revolver report a balance, albeit $10 when your lenders report to the CB's monthly. You may still have time to buy a value meal on 1 card so it reports a balance. But even if that penalty happens, it will be reversed as soon as 1 card reports a balance. Easily fixed and no lasting affect.

I'm going to leave you to the guru's now because I'm not comfortable with providing a game plan and predicting score movement for others. Good luck!

Re: What scores?

Anonymous — Mon, 15 Apr 2019 22:01:03 GMT

@HeavenOhio wrote:
Classic scores are everything not labeled as auto or bankcard scores, and they top out at 850 rather than 900. "Mortgage" is in quotes because the scores used for mortgages are actually old classic scores. We frequently cut to the chase and refer to them as "mortgage" scores.

Good advice on the scores most worth tracking. I will say it's worth noting that mortgage scores don't all top out at 850 like the rest of the classic scores though.

Re: What scores?

jamie123 — Tue, 16 Apr 2019 00:00:04 GMT

I think you might be looking at longer than a year to be able to get a mortgage with your recent BK. Perhaps others that are more in the know here can chime in on what they think.

One thing you do need to do is quit opening new accounts! Mortgage lenders like to see a one year quiet period on your reports before you app for the mortgage. They might require you to write a letter explaining why you opened accounts that are less than one year old at the time of the mortgage app.

You need to get your scores up so that you can get a quality bank card or two at a later date.

Re: What scores?

Anonymous — Tue, 16 Apr 2019 00:13:26 GMT

Off topic here, but what are K Surge and J Surge? I see both of those cards have $96 AFs. Do the benefits of those cards outweigh the AFs? If not, it may be a good idea to move on from them.

Re: What scores?

DollyLama — Tue, 16 Apr 2019 00:36:23 GMT

The only thing I see helping on J (Jason) Surge, and K (Kelly) Surge card, is that is one of the oldest, just passing the year mark. I agree with the numerous accounts opened in past year, is to let them age, with the Youngest hitting the 1 yr mark so you see the biggest bump and the inquiries become unscoreable FICO 8 wise.

As you continue the spreadsheet on scores, keep in mind as far as mortgage scores go. Lenders will do a tri-merge, pulling all 3 mortgage scores on each applicant. From that, they will use the "middle" mortgage score, tossing out the highest and lowest, and use the one in between. Then from the two applicants, they go with the lowest "middle" mortgage score.

Re: What scores?

Anonymous — Tue, 16 Apr 2019 11:07:55 GMT

Thank you for all of the tips guys. I do realize it's too early to get a mortgage and we won't be trying that for at least another year. For now, I'm not applying for any other cards and just going to use the ones we have for small purchases (gas etc) - pay down before the statement close and PIF by the due date. I'm hoping that will bump up our scores a bit. Also, still working on getting some corrections done with the bureaus - they are stubborn!