topic Re: FICO Score, how in earth? in Understanding FICO® Scoring

FICO Score, how in earth?

pokerpro — Tue, 02 Sep 2008 21:20:52 GMT

I just noticed an absurd difference

EQ FICO score between 8/1 and today

8/1 (687) - You have been paying your bills on time which helped your score, last missed payment was 3 years 10 month ago,

9/2 (694) - Your last missed payment was too recent which hurt your score, last missed payment was 3 years 11 months ago

I mean, for crying out loud, I open a new account, so Utilization is lower so my score actually goes up

but one of the items that helped my score last month is now a detriment

no wonder i am addicted, its like a lottery pick every 30 days

Message Edited by pokerpro on 09-02-2008 02:20 PM

Re: FICO Score, how in earth?

fused — Wed, 03 Sep 2008 03:32:34 GMT

pokerpro wrote:

I just noticed an absurd difference

EQ FICO score between 8/1 and today

8/1 (687) - You have been paying your bills on time which helped your score, last missed payment was 3 years 10 month ago,

9/2 (694) - Your last missed payment was too recent which hurt your score, last missed payment was 3 years 11 months ago

I mean, for crying out loud, I open a new account, so Utilization is lower so my score actually goes up

but one of the items that helped my score last month is now a detriment

no wonder i am addicted, its like a lottery pick every 30 days

Message Edited by pokerpro on 09-02-2008 02:20 PM

indeed it is

Re: FICO Score, how in earth?

Anonymous — Wed, 03 Sep 2008 05:14:45 GMT

I feel your pain PokerPro

I hate EQ, 20 point drop in a month with no changes between the two reports.

Gaaawwwddd they are killing me!!!!!!!

Equifax 520 9/1/2008 540 8/1/2008

Mean while a +10 pt gain on TU and a +2 pt gain on EX

Re: FICO Score, how in earth?

Anonymous — Wed, 03 Sep 2008 19:56:54 GMT

FICO Score, how in earth?

Don't ask..............nobody knows.

Re: FICO Score, how in earth?

pokerpro — Wed, 03 Sep 2008 20:12:39 GMT

I am learning that now Cobra, and Fuse/ put it so nicely

I did add a Macy;'s account as an authorized user that goes back in 97, so I cant wait to see what the one will do

Re: FICO Score, how in earth?

wmarat — Wed, 03 Sep 2008 21:22:08 GMT

pokerpro wrote:
I just noticed an absurd difference

EQ FICO score between 8/1 and today

8/1 (687) - You have been paying your bills on time which helped your score, last missed payment was 3 years 10 month ago,

9/2 (694) - Your last missed payment was too recent which hurt your score, last missed payment was 3 years 11 months ago

I mean, for crying out loud, I open a new account, so Utilization is lower so my score actually goes up

but one of the items that helped my score last month is now a detriment

no wonder i am addicted, its like a lottery pick every 30 days

Message Edited by pokerpro on 09-02-2008 02:20 PM

I usally ignore those "explanations"

Re: FICO Score, how in earth?

wmarat — Wed, 03 Sep 2008 21:22:37 GMT

cobra19 wrote:
FICO Score, how in earth?

Don't ask..............nobody knows.

Barry might know

Re: FICO Score, how in earth?

haulingthescoreup — Wed, 03 Sep 2008 22:27:41 GMT

pokerpro, I hate to bring up the "b" word, but this looks an awful lot like a new bucket, with slightly tighter standards than the old one.

Did your oldest account have a "birthday" in September (opened in September of whenever), or did your AAoA hit a nice round number? Either of these could have made you cross to a new age range and into a new score bucket of consumers with longer credit. What used to make you ahead of the crowd now has you in catch-up mode. (Buckets can also change with presence or removal of a BK, presence or removal of a serious derog, adding some accounts for those who only had 2 or 3, etc.)

Re: FICO Score, how in earth?

Junejer — Thu, 04 Sep 2008 02:13:40 GMT

@haulingthescoreup wrote:
pokerpro, I hate to bring up the "b" word, but this looks an awful lot like a new bucket, with slightly tighter standards than the old one.

Did your oldest account have a "birthday" in September (opened in September of whenever), or did your AAoA hit a nice round number? Either of these could have made you cross to a new age range and into a new score bucket of consumers with longer credit. What used to make you ahead of the crowd now has you in catch-up mode. (Buckets can also change with presence or removal of a BK, presence or removal of a serious derog, adding some accounts for those who only had 2 or 3, etc.)

Uh-oh, the b-word. Generally, it is better for you in the long run poker.

Re: FICO Score, how in earth?

pokerpro — Fri, 05 Sep 2008 12:01:09 GMT

hauling - actually none of my old accounts had a september birthday

plus by average age now went down from 3 years to 2 years due to being an authorized user on the AMEX.

Interestinlgy enough, I am looking at my experian report last night and under the inquiries that are NOT counted there is a notation for an AMEX Account review, when I am only an authroized user

I am really thinking about taking my name off, account was just opened two months ago so Its not like I am gaining much from it

Re: FICO Score, how in earth?

haulingthescoreup — Fri, 05 Sep 2008 12:15:56 GMT

@pokerpro wrote:

hauling - actually none of my old accounts had a september birthday

plus by average age now went down from 3 years to 2 years due to being an authorized user on the AMEX.

Bingo. Moved down from 3 - 5 years AAoA to 2 years or less. You now look good, because you're being compared with people newer than you to credit. Looks like that bucket is tougher on lates, so you got the negative comment, but your overall profile is still better than others in your bucket.

Re: FICO Score, how in earth?

pokerpro — Fri, 05 Sep 2008 12:50:56 GMT

Intrestingly, if I consider that strong possibility, I have to forsee losing a big chunk of points once my Wife's Macy's card that was opened back in 97 shows up on my credit report..

or am I wrong?

i guess in the long run i should eventually gain from the added history, even though for a short while i will be considered with people with older credit and maynot look as strong

Re: FICO Score, how in earth?

Anonymous — Fri, 05 Sep 2008 13:52:29 GMT

Hard to guesstimate about the influence of the 1998 Macys account - but, in the not-so-long run, it's all good. I added my sister as an AU to 2 of my AMEX accounts and she saw a 56+ point jump. IMO being re-bucketed is a good thing. Means you are hanging with a better class of people.