topic Re: Score decrease for non-mortgage installment loan is too high in Understanding FICO® Scoring

Score decrease for non-mortgage installment loan is too high

Anonymous — Fri, 10 Oct 2008 18:58:01 GMT

I received a score decrease in April 2008 for non mortgage installment loan is too high, but all my installment loans have been going down since Oct. 2006 (new car). My other loans are student loans if that helps. I don't see how that became a factor all of a sudden in that month. My average age of accounts change happens in Sept...not April.

Thanks for any help.

Message Edited by ficoachiever on 10-10-2008 11:55 AM

Message Edited by ficoachiever on 10-10-2008 11:58 AM

Re: Score decrease for non-mortgage installment loan is too high

Anonymous — Fri, 10 Oct 2008 18:46:21 GMT

That is a FAKO comment....FICO doesn't give that comment (or at least I have never seen it even with an installment loan at 99%)

Ignore it.

Re: Score decrease for non-mortgage installment loan is too high

Anonymous — Fri, 10 Oct 2008 18:53:32 GMT

That message was from my scorewatch subscription here.

Re: Score decrease for non-mortgage installment loan is too high

Anonymous — Fri, 10 Oct 2008 19:00:19 GMT

That was the part that was odd to me also. I had those balances at their highest (99%) in October 2006. They have been decreasing since then, but all of a sudden in April 2008 I get that message.

Re: Score decrease for non-mortgage installment loan is too high

Anonymous — Fri, 10 Oct 2008 21:09:54 GMT

Did you hit a milestone recently? You could have been rebucketed.

Or a negative that was there may have fallen off and since you are over 800 the messages have started getting real picky. That has happened to many people once they get to a solid score and hit an age mark.

Re: Score decrease for non-mortgage installment loan is too high

Anonymous — Sat, 11 Oct 2008 02:20:11 GMT

From my experience, FICO is always trying to pull up a negative. When you've fixed one problem, it's going to find another one - probably not as big of a deal as what the previous one was.

Re: Score decrease for non-mortgage installment loan is too high

wmarat — Sat, 11 Oct 2008 03:17:46 GMT

I would call them.

Sometimes their explanations for score change have nothing to do with reality.

About month ago my score went down a few point and explanations were 1. Balance on one of CC's - which was true and 2. 18 mos. old inq.

I called them and was told that an inq. came up due to some glitch, a CSR appologised, gave one free CR pull and 10% prom code.

Re: Score decrease for non-mortgage installment loan is too high

smallfry — Sun, 12 Oct 2008 02:53:09 GMT

@Anonymous wrote:
From my experience, FICO is always trying to pull up a negative. When you've fixed one problem, it's going to find another one - probably not as big of a deal as what the previous one was.

I noticed this message on TU when a new car reports and continued to see it until I had darn near paid the thing off completely. It isn't major.

Re: Score decrease for non-mortgage installment loan is too high

Anonymous — Sun, 12 Oct 2008 16:36:53 GMT

IME- this message goes away when the UTL goes under 100%

Re: Score decrease for non-mortgage installment loan is too high

Anonymous — Mon, 13 Oct 2008 16:33:09 GMT

My credit card balances were going up at the time also. I also received the alert for that when they reported. This was different. My credit cards are paid off again, but I never regained those last few points from the mortgage loan alert. Maybe something changed that I couldn't see or the model decided I was in a different bucket (since the credit card went up to 25%). I would still think that since the cards are down, everything else went back to normal. I haven't had any new tradelines at all since Oct. 2006.

Re: Score decrease for non-mortgage installment loan is too high

smallfry — Mon, 13 Oct 2008 23:21:37 GMT

@Anonymous wrote:
IME- this message goes away when the UTL goes under 100%

Timothy I saw this message on TU as my third negative even after I had paid down 15K on a 25K car loan. As i said I do not think it is major.