topic Re: Experian FICO 2 (Mortgage) Score Question in Understanding FICO® Scoring

Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 18:39:02 GMT

I am 1 point away from the Expeiran FICO 2 (Mortgage) score I need to close on the mortgage I want. My currnet EX FICO 2 is 719 - and I need a 720.

Several weeks ago, the score had increased from 709 to 719. After that, I paid 3 credit cards down from 80% usage to 20% usage. The mortage scores from EQ (FICO 5) and TU (FICO 4) each increased several pionts each time as each credit card's decrased usage was reported to the respective bureaus; however, the EX (FICO 2) has stayed stuck at 719. The updated (lower usage) numbers are showing in the account details of the EX credit report, and the EX FICO 8 score has increased almost 20 points - but there is zero movement in the EX FICO 2 score.

Does anyone know anything about frequency of EX re-calculating their FICO 2? Shouldn't it be automatically done as each new piece of data his the credit report?

Thanks in advance for any insight.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 18:53:14 GMT

The scores are calculated with the info present at the time of request.

Is it possible to pay things down more? Perhaps PIF one of the cards that has a balance?

Before you do though it would be helpful to know the cards that have balances since some factor into certain calculations and others don't.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 19:15:59 GMT

I just paid off (in the past 5 minutes) the following 3 cards:

Delta American Express - $67 balance with $2,000 limit

Chase United Airliens M/C - $73 balance with a $17,500 limit

Chase Freedom VISA - $1,628 balance with a $8,700 limit

How do I get the above 3 to report the new (zero) balances to Experian?

I am self-employed and use my credit cards for business expenses. The current balances still owed are:

Chase Marriott VISA - $3,082 balance with $12,000 limit

Bank of America AAA VISA - $6,150 balance with $25,000 limit

Barclays American Airlines Card - $8,628 balance with $30,900 limit

CitiBank M/C - $14,214 balance with $23,800 limit

Starwood/Marriott American Express - $33,000 balance with $66,100 limit

Langley Federal CU VISA - $2,109 balance with a $9,500 limit

I have 4 other credit cards with combined $110,000 limit and zero balance owed

I have a LOC (overdraft protection) at my CU with a $4,750 balance and a $20,000 limit.

Can't get much more transparent than that. LOL

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 19:27:31 GMT

Chase accounts brought to $0 usually report within 2-3 days automatically.

Amex might do a mid-cycle report if you ask them for it otherwise it's just the normal reporting when the statement closes.

Ideally the less amount of cards out of your total amount of cards reporting makes a difference in the impact for scoring. For instance I have 22 cards and right now 9 of them are reporting balances under 5% of their CL. Should be 8 but, the one didn't report yet and the scores took a little bit of a dive hitting 9 cards w/ balances.

For the immediate impact maybe wait it out for the update to hit your reports w/ the 2 Chase cards hitting $0 and see where things fall and tackle Marriott for some more impact in the # of cards reporting a balance. It's a bit of a juggling act when trying to find the sweet spot but, we're similar for card count.

The other thing would be bring down the highest %'s like Starwood & Citi a bit to get the better scorecard rating and more points back.

The thing I was afraid of was going AZEO and leaving a balance on a store card or a charge card but, that doesn't appear to be an issue with your lineup.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 19:39:57 GMT

I just called Chase and asked how I could request that they report the new "zero balances" to the credit bureaus.

I was told that it could not be done manually - that I would have to wait until the normal credit card reporting cycle hit - which is 2+ weeks from now.

I have also called Experian 3 times today to try to take to a customer service rep there for some help/explanation. Each time I was put on hold and the call was dropped/terminated after a 15-minute wait. Very frustrating.

Bummer.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 19:44:24 GMT

I only need 1 point.

Still hard to believe that paying down 3 credit cards with 70+% usage to (approx.) 25% usage on each card didn't get me at least 1 point with EX while it got me 15-20 points with EQ and TU.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 19:56:42 GMT

Chase automatically reports within 2-3 days as I said earlier. Calling them is like banging your head on the desk. Just give it a couple of days to update on its own.

Amex on the other hand mgiht be worthwhile to see if they will push a manual update.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 20:20:05 GMT

OK. Thank you.

Re: Experian FICO 2 (Mortgage) Score Question

SouthJamaica — Mon, 08 Jul 2019 21:59:13 GMT

@Anonymous wrote:
I am 1 point away from the Expeiran FICO 2 (Mortgage) score I need to close on the mortgage I want. My currnet EX FICO 2 is 719 - and I need a 720.

Several weeks ago, the score had increased from 709 to 719. After that, I paid 3 credit cards down from 80% usage to 20% usage. The mortage scores from EQ (FICO 5) and TU (FICO 4) each increased several pionts each time as each credit card's decrased usage was reported to the respective bureaus; however, the EX (FICO 2) has stayed stuck at 719. The updated (lower usage) numbers are showing in the account details of the EX credit report, and the EX FICO 8 score has increased almost 20 points - but there is zero movement in the EX FICO 2 score.

Does anyone know anything about frequency of EX re-calculating their FICO 2? Shouldn't it be automatically done as each new piece of data his the credit report?

Thanks in advance for any insight.

It's recalculated whenever someone pulls the report. If you're talking about one of EX's monitoring services, it is recalculated instantly, but not more than once a day.

The best thing you can do to quickly get the points in EX FICO 2 is to increase the number of accounts reporting zero balances.

Re: Experian FICO 2 (Mortgage) Score Question

SouthJamaica — Mon, 08 Jul 2019 22:01:18 GMT

@Anonymous wrote:
I just paid off (in the past 5 minutes) the following 3 cards:

Delta American Express - $67 balance with $2,000 limit
Chase United Airliens M/C - $73 balance with a $17,500 limit
Chase Freedom VISA - $1,628 balance with a $8,700 limit

How do I get the above 3 to report the new (zero) balances to Experian?

I am self-employed and use my credit cards for business expenses. The current balances still owed are:

Chase Marriott VISA - $3,082 balance with $12,000 limit
Bank of America AAA VISA - $6,150 balance with $25,000 limit
Barclays American Airlines Card - $8,628 balance with $30,900 limit
CitiBank M/C - $14,214 balance with $23,800 limit
Starwood/Marriott American Express - $33,000 balance with $66,100 limit
Langley Federal CU VISA - $2,109 balance with a $9,500 limit

I have 4 other credit cards with combined $110,000 limit and zero balance owed

I have a LOC (overdraft protection) at my CU with a $4,750 balance and a $20,000 limit.

Can't get much more transparent than that. LOL

When you pay a Chase card down to zero, it will report the zero balance within a day or two, so concentrate

on zeroing out your 3 Chase accounts; that's the fastest way to pick up some points in your EX FICO 2.

Re: Experian FICO 2 (Mortgage) Score Question

SouthJamaica — Mon, 08 Jul 2019 22:05:46 GMT

@Anonymous wrote:
I just called Chase and asked how I could request that they report the new "zero balances" to the credit bureaus.

I was told that it could not be done manually - that I would have to wait until the normal credit card reporting cycle hit - which is 2+ weeks from now.

I have also called Experian 3 times today to try to take to a customer service rep there for some help/explanation. Each time I was put on hold and the call was dropped/terminated after a 15-minute wait. Very frustrating.

Bummer.

It's not true. Chase reports the zero balances AUTOMATICALLY within a day or two. The CSR was ignorant.

You're not going to be able to get Experian to change. If you have their Credit Watch or Credit Watch Premium, just pull your report daily. You'll get a nice surprise one day.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Mon, 08 Jul 2019 22:31:37 GMT

Chase reports the same night you zero the balance. You will see it on EX the following morning at 3 AM. TransUnion and Equifax take their time updating their databases. It may take 3 to 5 days. That has nothing to do with Chase. Chase reports the same night. The delay is with Equifax and TransUnion.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Tue, 09 Jul 2019 11:54:11 GMT

As the expert posters here suggested, the Experian credit reported updated overnight with 3 paid-off Chase credit cards.

My EX FICO 8 score is not up to 792 - but that darn EX FICO 2 score is still stuck at 719 - that is still 1point from what I need.

In case it provides any more insight, I have attached a summary shot of my EX CreditWatch page.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Tue, 09 Jul 2019 13:07:02 GMT

I just called EQ. They told me that once they receive the "zero balance" data from Chase that it will take 30-90 days to show up in my EQ credit report. That sounds like misinformation, but who knows?

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Tue, 09 Jul 2019 16:15:17 GMT

@Anonymous wrote:
I just called EQ. They told me that once they receive the "zero balance" data from Chase that it will take 30-90 days to show up in my EQ credit report. That sounds like misinformation, but who knows?

LMAO!!! That's just the sillyest response ever from a CSR that doesn't know anyhing about how credit works.

I mean your CR is spotless other than normal day to day activities. Scores are calculated based on the data provided at the time of the pull. No magic timeline of when updated data gets crunched as the CSR suggested.

There has to be some undderlying reason why... it's usually something silly like .01% being paid down on a TL to bring it into ideal range or switching up the scorecard from one to another by hitting a threshold of some sort.

Or this https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Does-anyone-know-about-Experian-s-Fico-2-algorithms/m-p/5577867#M154235

So, SJ has already posted the more accounts reporting $0 adds points. Now, it's not realistic to payoff your balances but, hopefully the ones you did will be enough to get over that 720 hurdle.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Tue, 09 Jul 2019 17:36:23 GMT

O-E and SJ,

Thanks for your help.

I still can't fathom that paying 3 Chase cards down to zero overnight didn't at least garner me 1 point in FICO Score 2.

I'll keep pushing until either I get across the line or until time runs out on me. LOL

Re: Experian FICO 2 (Mortgage) Score Question

SouthJamaica — Tue, 09 Jul 2019 16:46:47 GMT

@Anonymous wrote:
O-E and SJ,

Thanks for your help.
I still can't fathom that paying 3 Chase cards down to zero overnight didn't at least garner me 1 point in FICO Score 2.
I'll keep pushing until either I get across the line or until time runds out on me. LOL

Patience.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Tue, 09 Jul 2019 17:58:06 GMT

If I’m reading you correctly you still have 6 CCs with a balance, the Citibank is over 50% and Starwood is, as well. You’re getting dinged for that and you still have too many accounts with a balance.

Bring some more accounts to zero if you can and try to lower the percentages on those cards below 48.9% below 28.9 if you can.

Re: Experian FICO 2 (Mortgage) Score Question

DollyLama — Wed, 10 Jul 2019 00:50:09 GMT

Looking back at some mortgage score you had in October 2018, 730+, 755, 719. Unless there has been way more utilization or new accounts, are you now down to 719 as your "middle" mortgage score, and need one point to qualify, or is the middle score (toss out highest and lowest to obtain) already over 720? This is what lenders will use in a tri-merge on your reports.

Re: Experian FICO 2 (Mortgage) Score Question

Anonymous — Wed, 10 Jul 2019 01:55:09 GMT

Yes, my current 3 mortgage scores are 713-747-719 - I need to get my middle score to 720.

My credit card utilization is much lower than it was back in October 2018 when I was at 732-755-719.

The last number (719) is Experian Score 2. In the past 10ish months it dropped once from 719 down to 709 and back up once to 719. I can't believe it doesn't change more often. The EX and TU mortage scores have changed dozens of times during that same time period.