topic Re: All Zero Penalty is Painful!! sad face in Understanding FICO® Scoring

All Zero Penalty is Painful!! sad face

Ceewin — Thu, 13 Jan 2022 14:58:16 GMT

1/12/22 Fico 8 - 689

1/13/22 (today) FICO 8 - 668 (21 point penalty)

All credit cards (except one AU card @ $19 of $1000) have $0 balance. I thought the AU acct would count towards my overall CC utilization. I was so wrong. Nothing else has changed on my report from yesterday to today.

Question: What are my chances to get an off-cycle reporting of my Discover Chrome card balance of $24? I've read other posts where some where trying to get an off-cycle report of $0 balance, but this is different. Instead of reporting $0, I would like Discover to report $24 to all three. Has anyone ever tried this? Or should I just wait until my next statement generates on 2/5?

Note: My Fico Mortage score was not impacted.

Man! That 21point penalty is painful! TIA!

Re: All Zero Penalty is Painful!! sad face

AzCreditGuy — Thu, 13 Jan 2022 15:10:39 GMT

@Ceewin wrote:
1/12/22 Fico 8 - 689
1/13/22 (today) FICO 8 - 668 (21 point penalty)

All credit cards (except one AU card @ $19 of $1000) have $0 balance. I thought the AU acct would count towards my overall CC utilization. I was so wrong. Nothing else has changed on my report from yesterday to today.

Question: What are my chances to get an off-cycle reporting of my Discover Chrome card balance of $24? I've read other posts where some where trying to get an off-cycle report of $0 balance, but this is different. Instead of reporting $0, I would like Discover to report $24 to all three. Has anyone ever tried this? Or should I just wait until my next statement generates on 2/5?

Note: My Fico Mortage score was not impacted.

Man! That 21point penalty is painful! TIA!

That's Fico for you, the penalty is for not carrying any debt. While would disagree on that, its debt no matter what. Some have the ability to pay that "debt" off every month, some don't.

My scores are all around 790s at the moment with 1% UTI, I expect a drop since I split $2000 on 3 different cards. I will get penalized for using my cards.

If your scores are not needed, why bother trying to do a rescore? You know what the score drop was, see if it comes back next month?

Re: All Zero Penalty is Painful!! sad face

SouthJamaica — Thu, 13 Jan 2022 15:13:11 GMT

@Ceewin wrote:
1/12/22 Fico 8 - 689
1/13/22 (today) FICO 8 - 668 (21 point penalty)

All credit cards (except one AU card @ $19 of $1000) have $0 balance. I thought the AU acct would count towards my overall CC utilization. I was so wrong. Nothing else has changed on my report from yesterday to today.

Question: What are my chances to get an off-cycle reporting of my Discover Chrome card balance of $24? I've read other posts where some where trying to get an off-cycle report of $0 balance, but this is different. Instead of reporting $0, I would like Discover to report $24 to all three. Has anyone ever tried this? Or should I just wait until my next statement generates on 2/5?

Note: My Fico Mortage score was not impacted.

Man! That 21point penalty is painful! TIA!

Just wait.

Re: All Zero Penalty is Painful!! sad face

Ceewin — Thu, 13 Jan 2022 15:25:51 GMT

@AzCreditGuy

@SouthJamaica

Hello! Thanks for responding!

I'm about 3 to 3.5 weeks from Discover generating another statement. I'm still in "sticker shock" after checking my report this morning. I started laughing when I first saw the penalty but now I'm like "awww"

I'll wait. I'm not planning on applying for anything for at least 6 months. #lessonlearned

Thanks again!

Re: All Zero Penalty is Painful!! sad face

CH-7-Mission-Accomplished — Thu, 13 Jan 2022 15:41:28 GMT

@AzCreditGuy wrote:
@Ceewin wrote:
1/12/22 Fico 8 - 689
1/13/22 (today) FICO 8 - 668 (21 point penalty)

All credit cards (except one AU card @ $19 of $1000) have $0 balance. I thought the AU acct would count towards my overall CC utilization. I was so wrong. Nothing else has changed on my report from yesterday to today.

Question: What are my chances to get an off-cycle reporting of my Discover Chrome card balance of $24? I've read other posts where some where trying to get an off-cycle report of $0 balance, but this is different. Instead of reporting $0, I would like Discover to report $24 to all three. Has anyone ever tried this? Or should I just wait until my next statement generates on 2/5?

Note: My Fico Mortage score was not impacted.

Man! That 21point penalty is painful! TIA!

That's Fico for you, the penalty is for not carrying any debt. While would disagree on that, its debt no matter what. Some have the ability to pay that "debt" off every month, some don't.

My scores are all around 790s at the moment with 1% UTI, I expect a drop since I split $2000 on 3 different cards. I will get penalized for using my cards.

If your scores are not needed, why bother trying to do a rescore? You know what the score drop was, see if it comes back next month?

Discover gladly does mid-cycle updates upon request. Just give them a call or hit them up in chat or secured message -- but I would call. No need to sit and look at your casino losses for 3 weeks when you don't have to. Discover is one of the only ones that will do it upon request.

Re: All Zero Penalty is Painful!! sad face

Ceewin — Fri, 14 Jan 2022 15:48:54 GMT

@CH-7-Mission-Accomplished

Thanks for the info!

Update! I contacted Discover and received a "not a problem; may take up to 2 business days" response. Yay!

No more All Zero balance(s) on my credit reports.

Thanks again! #lessonlearned

Re: All Zero Penalty is Painful!! sad face

Have1 — Sat, 15 Jan 2022 14:34:56 GMT

@Ceewin wrote:
@CH-7-Mission-Accomplished
Thanks for the info!

Update! I contacted Discover and received a "not a problem; may take up to 2 business days" response. Yay!

No more All Zero balance(s) on my credit reports.

Thanks again! #lessonlearned

The All Zero Penalty is like good horseradish: Sure it makes your eyes water, but it's only for a few moments.

I'm glad you got quick relief.

Re: All Zero Penalty is Painful!! sad face

Ceewin — Sat, 15 Jan 2022 14:41:13 GMT

@Have1 that analogy!

Last Update: The balance updated today (<24 hrs?!?) on Experian. All 21 points are back! Whew! *wipes brow*

Re: All Zero Penalty is Painful!! sad face

NYC_Fella — Sat, 15 Jan 2022 23:15:41 GMT

BTW, AU cards are counted separately. There is a separate all-zero penalty for AU cards. So you need to show a reported balance on one primary card and one AU card.

Re: All Zero Penalty is Painful!! sad face

Junejer — Mon, 17 Jan 2022 17:34:04 GMT

@AzCreditGuy wrote:
@Ceewin wrote:
1/12/22 Fico 8 - 689
1/13/22 (today) FICO 8 - 668 (21 point penalty)

All credit cards (except one AU card @ $19 of $1000) have $0 balance. I thought the AU acct would count towards my overall CC utilization. I was so wrong. Nothing else has changed on my report from yesterday to today.

Question: What are my chances to get an off-cycle reporting of my Discover Chrome card balance of $24? I've read other posts where some where trying to get an off-cycle report of $0 balance, but this is different. Instead of reporting $0, I would like Discover to report $24 to all three. Has anyone ever tried this? Or should I just wait until my next statement generates on 2/5?

Note: My Fico Mortage score was not impacted.

Man! That 21point penalty is painful! TIA!

That's Fico for you, the penalty is for not carrying any debt. While would disagree on that, its debt no matter what. Some have the ability to pay that "debt" off every month, some don't.

My scores are all around 790s at the moment with 1% UTI, I expect a drop since I split $2000 on 3 different cards. I will get penalized for using my cards.

If your scores are not needed, why bother trying to do a rescore? You know what the score drop was, see if it comes back next month?
You might be surprised by the results. I know the earlier versions of FICO (NKA mortgage scores) would wollup you for it, but it has been my experience that F8 is not so concerned about two or three cards reporting a balance on my profile. I'm in the midst of a mini F8 AZEO experiment that should be completed in the next couple of months. I'll report my findings in a thread when complete.

Re: All Zero Penalty is Painful!! sad face

Ceewin — Mon, 17 Jan 2022 18:45:04 GMT

@NYC_Fella wrote:
BTW, AU cards are counted separately. There is a separate all-zero penalty for AU cards. So you need to show a reported balance on one primary card and one AU card.

@NYC_Fella Hello! Hmmm...didn't know about that! I think I may have that covered as the one I let report a balance for January will close @ at $0 balance within the week and another will close with a $19.95 bal of $2100 CL on the same day. Although...now that I think about it....they prob won't update the CB's on the same day. So...one of two things will happen in regards to reporting:

1. All three (1-My CC, +1 AU, +1 AU) will show a balance on my report: Possibly another penalty

-OR-

2. Only one will show a balance (My CC); ALL AU's reporting $0 balance: Possibly an "AU-all zero" penalty

There is possibly a #3 to this list, but I can't think of it. Either way, If I get penalized it should only be for 5-7 days until both AU's accounts update with new balances. I guess I'll have to wait and see.

Side Note: I would have known less than 0.000001% of the info above if it were not for the wealth of knowledge found on myFICO® Forums. You all are awesome! Thank you!!!

Re: All Zero Penalty is Painful!! sad face

NYC_Fella — Mon, 17 Jan 2022 19:10:10 GMT

@Ceewin wrote:
Either way, If I get penalized it should only be for 5-7 days until both AU's accounts update with new balances. I guess I'll have to wait and see.

Good luck and please report back!

Re: All Zero Penalty is Painful!! sad face

Ceewin — Wed, 26 Jan 2022 16:57:21 GMT

@NYC_Fella wrote:
@Ceewin wrote:
Either way, If I get penalized it should only be for 5-7 days until both AU's accounts update with new balances. I guess I'll have to wait and see.
Good luck and please report back!

Hello all! Reporting back....

Well, no change to my Fico 8 score. It's still @ 689 (EX), 689( TU) and 698 (EQ) I have one AU reporting a $19 of $2100 balance (.009% utilization ) and my own credit card reporting a $24 of a $4000 balance (.006% utilization )

Whew! *wipes brow*

Thanks Everyone!!!

Re: All Zero Penalty is Painful!! sad face

Junejer — Wed, 26 Jan 2022 17:07:52 GMT

@Ceewin wrote:
@NYC_Fella wrote:
@Ceewin wrote:
Either way, If I get penalized it should only be for 5-7 days until both AU's accounts update with new balances. I guess I'll have to wait and see.
Good luck and please report back!
Hello all! Reporting back....

Well, no change to my Fico 8 score. It's still @ 689 (EX), 689( TU) and 698 (EQ) I have one AU reporting a $19 of $2100 balance (.009% utilization ) and my own credit card reporting a $24 of a $4000 balance (.006% utilization )

Whew! *wipes brow*

Thanks Everyone!!!

Order has been restored...

Re: All Zero Penalty is Painful!! sad face

Ceewin — Wed, 26 Jan 2022 19:36:52 GMT

@Junejer wrote:
@Ceewin wrote:
@NYC_Fella wrote:
@Ceewin wrote:
Either way, If I get penalized it should only be for 5-7 days until both AU's accounts update with new balances. I guess I'll have to wait and see.
Good luck and please report back!
Hello all! Reporting back....

Well, no change to my Fico 8 score. It's still @ 689 (EX), 689( TU) and 698 (EQ) I have one AU reporting a $19 of $2100 balance (.009% utilization ) and my own credit card reporting a $24 of a $4000 balance (.006% utilization )

Whew! *wipes brow*

Thanks Everyone!!!
Order has been restored... <--- I    this!

Yes! Looking back, I was soo all in my feelings about that "unfair" penalty. In the grand scheme, was it that serious? *shrugs shoulders*

Re: All Zero Penalty is Painful!! sad face

Feisarr — Fri, 28 Jan 2022 02:48:18 GMT

When I was applying for a mortgage I made sure my spouse and I watched for AZEO like hawks! It made a difference - even though they say you don't need to exceed certain scores for the best rates, having a very high score helped our lender write a really compelling preapproval letter that I'm convinced helped us.

topic Re: All Zero Penalty is Painful!! *sad face* in Understanding FICO® Scoring

All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

Re: All Zero Penalty is Painful!! *sad face*

topic Re: All Zero Penalty is Painful!! sad face in Understanding FICO® Scoring

All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face

Re: All Zero Penalty is Painful!! sad face