topic Re: Help me understand in Understanding FICO® Scoring

Help me understand

Anonymous — Sun, 24 Feb 2008 15:17:22 GMT

Okay, I read some where that for every 10% of balance that you use, you score would move up or down by 10 to 15 points depending on if you are paying or spending. My score is not moving. Why?

Will post payments and balances next post

Bal on Accts $5008 CL = 17900 Util = 27.9% from 62.9%

2/20 = 678 new acct added, no CL reported, Bal $1431 / Acct change card lost or stolen, no CL not rported Bal $1631 (same card) ($1500 LC) this was a new acct never received card, cancelled card and issued new one

2/14 = 678 no reason given 2/9 = 677 new acct added Bal $0 CL not reported

1/30 = 677 Bal changed from $50 to $73 ($500 LC) Previous bal was $321 and paid $274 on 12/25

1/16 = 677 new acct added Bal 899 CL not reported

1/5 = 649 Bal Changed from $104 to $486 ($800 CL)

12/26 = 649 Bal Canged from $4514 to $4977 ($5500 CL)

12/19 = 652 new acct added Bal $1630 CL not reported The card I never received from above / canceld and re-issued above

11/9 = 661 Bal Canged from $307 to $842 ($1000 CL) // new activity - Bal Changed from $0 to $106 ($800 CL)

Re: Help me understand

Anonymous — Sun, 24 Feb 2008 15:35:37 GMT

As of today I owe credit / Credit Limit / Paid on 12/25 / Paid on 1/24 / Paid on 2/2 / Paid between 2/6 and 2/18

0 / 500 / Due $162 paid $162 / Due $4 Paid $4 / Bal $213 Paid $213 / Combined 1st for cards to one card with new CL of $2400 // Bal $27 Paid $27 on 2/18 / Bal now $0

0 / 900 / Due $657 paid $300 / Due $383 Paid $100 / Bal $ 292 Paid $292 / n/a

0 / 500 / Due $456 Paid $156 / Due $330 Paid $100 / Bal $230 Paid $230 / n/a

0 / 500 / Due $321 paid $274 / Due $73 Paid $73 / Bal $0 / n/a

0 / 1000 / Due $837 Paid $237 / Due $615 Paid $200 / Bal $415 Paid $415 / Due $7 Paid $7 on 2/9 / Bal now $0

0 / 800 / Due $104 Paid $104 / Due $378 Paid $100 / Bal $282 Paid $282 / Bal $0

$2,943 / 5500 / inc to 7000 on 2/6 / Due $5013 Paid $200 / Due $5108 Paid $250 / Bal $4848 Paid $2000 CLI to $7000 on 2/6 / Due $2943 Paid $250 on 2/7

$698 / 2900 / not opened yet / Due $899 Paid $100 / Bal $798 Paid $0 / Bal $ 798 Paid $100 on 2/11 new bal = $698

$1,000 / 1500 / Due $1630 Paid $0 (6 mo no pay same as cash) / Due $1630 Paid$ 0 / Bal $1630 Paid $200 / Bal $1630 Paid $200 on 2/5 and $$436 on 2/18 New Bal = $1000

$125 / 1300 / Bal $0 / Bal $0 / Bal $0 / New charge $125

$242 / 1000 / Bal $0 / Bal $0 / Bal $0 / New charge $242

Message Edited by Topshelf on 02-24-2008 07:35 AM

Re: Help me understand

Anonymous — Sun, 24 Feb 2008 15:53:27 GMT

FICO is a grand juggling act. When you THINK your scores may go up, they may actually go down or stay the same.

The reason is that so many different factors come into play. Utils to be sure, but also recent activity: inquiries, new accounts, age and history of existing accounts, etc.

The gain you expected from lowering your utils on existing accts. was offset by inquiries and new accounts(and the associated DROP in average age of accounts which hurts you as well).

Your scores should recover in a few months, and you may even see a rise in them as your new accounts start reporting positively.

Message Edited by Sylviatob on 02-24-2008 07:53 AM

Re: Help me understand

Anonymous — Sun, 24 Feb 2008 15:55:32 GMT

I realize that the payments made between 2/6 and 2/18 wouldn't be showing up yet, but the previous payments haven't seemed to reflect any score increase, but if I charge something, they do not hesitate to decrease my score. For example when I paid $615 on the account with the $1000 CL, yet my score only jumped 1 point? This isn't making any sense to me.

Re: Help me understand

sunrise — Sun, 24 Feb 2008 20:46:44 GMT

topshelf......have you had any inquiries added? What about any baddies? How old is credit file? There are sooo many things that affect your scores.

If everything stayed the same EXCEPT you paying down your balances...then you should have a decent score boost?! Check your report with a fine tooth comb!

Did you maybe have an acct drop off that re-aged your file so that your length of credit is now shorter?

Re: Help me understand

Anonymous — Sun, 24 Feb 2008 21:41:39 GMT

This is why I am so confused. Of course, this only reflects EQ from which all the info above is taken from.

Credit cards: No lates

No tax Liens

Last inquiry 8/06

Newest account 1/08

Oldest Account 12/99

Length of Credit History 8 years 2 months

Average Account Age 3 years 4 months

Pubic Record: 1 Satisfied Judgement filed 10/01, paid 10/05

Negative Accounts: 0

Collections: 0

Installments: 1 Bal = $7820, paid ahead, no lates opened 4/06 Orginal loan $13,000

Nothing has changed. Yet, it is hard for me to get a CC for any decent amount, and score is not going up very much. I don't understand.

Message Edited by Topshelf on 02-24-2008 01:41 PM

Re: Help me understand

Anonymous — Sun, 24 Feb 2008 23:22:14 GMT

IMO- You may hit ceiling with the PR on your report- even though it is old and should drop off in a few months-

Keep that UTL down and DON'T get your avg age under 3 years-

It sounds like you are very close to doing so....

Topshelf wrote:

This is why I am so confused. Of course, this only reflects EQ from which all the info above is taken from.

Credit cards: No lates

No tax Liens

Last inquiry 8/06

Newest account 1/08

Oldest Account 12/99

Length of Credit History 8 years 2 months

Average Account Age 3 years 4 months

Pubic Record: 1 Satisfied Judgement filed 10/01, paid 10/05

Negative Accounts: 0

Collections: 0

Installments: 1 Bal = $7820, paid ahead, no lates opened 4/06 Orginal loan $13,000

Nothing has changed. Yet, it is hard for me to get a CC for any decent amount, and score is not going up very much. I don't understand.

Message Edited by Topshelf on 02-24-2008 01:41 PM

Re: Help me understand

Anonymous — Mon, 25 Feb 2008 01:13:21 GMT

so IYO, my problem is the new accounts that I recently added. Will the fact that I closed 3 of my oldest account and converted them all onto a 4th account from the same CC company hurt average age? What is ceiling?

Re: Help me understand

Anonymous — Mon, 25 Feb 2008 01:45:58 GMT

Sorry I was not more clear-

Be careful appling for more credit as you do not want to reduct your avg age under 3 year- Avg age includes all acounts-

So Don't close accounts- or combine them

IMO_ The Public Record is holding back from getting above a certian FICO level- You are stuck in a group/bucket with others with a PR and unfortunatly you just have to keep paying ontime, keep UTL low and try to increase CL's on current cards until it drops.

Topshelf wrote:

so IYO, my problem is the new accounts that I recently added. Will the fact that I closed 3 of my oldest account and converted them all onto a 4th account from the same CC company hurt average age? What is ceiling?

Re: Help me understand

Anonymous — Mon, 25 Feb 2008 02:28:50 GMT

thanks for the explaination. To bad I already combined the cards thinking that a higher credit limit on one would look better than 4 cards with small limits. They just haven't posted that fact yet. I can't wait for the PR to get off.

Re: Help me understand

RobertEG — Mon, 25 Feb 2008 02:29:51 GMT

If I read your post correctly, you have a few new accounts that report a balance with no CL reported. That may they compute in the algorithm as a maxed card. Get your CLs reported, for until you do that, your CR does not reflect your situation, and FICO score is thus of no meaning.

Re: Help me understand

Anonymous — Mon, 25 Feb 2008 02:37:40 GMT

How does one get their CL reported? Yes there are several account amounting to about $5000 not reporting CL.

Message Edited by Topshelf on 02-24-2008 06:37 PM

Re: Help me understand

RobertEG — Mon, 25 Feb 2008 02:47:42 GMT

You need to contact the CCC, not the CRA. The CRA is only responsible for what is reported. Contact customer support for the affected credit cards. Also, if the cards are "unlimited credit limt" cards, they might not report a CL at all, for you have none, but they usually still report the highest prior bal as the CL. Call them and ask them what they report as CL. That is your starting point.

Message Edited by RobertEG on 02-24-2008 06:47 PM