topic Re: Did FICO flunk basic Math??? in Understanding FICO® Scoring

Did FICO flunk basic Math???

JayRizzo — Tue, 05 Apr 2011 11:22:23 GMT

I'm wondering what's happening with FICO's basic math? If someone knows the answer, please share.

Because this is not my account, I can't publish too much info, but again -- there's not really much to publish.

For the life of me, I cannot figure out what type of math FICO is doing to calculate my little sister's balance in the simulator?!?

I'll paint the scenario, so no one is asking the same basic, typical questions over-and-over:

For those who know of me already understand that I'm NOT new at this and have pretty much flipped this around Six Ways From Sunday.

Client: Baby sister, also known as "Short Stuff"

Credit: Building (not new, 5years, but thin)

Thin Accts w/small Balances: 1 cc <100 Bal and 1 Loan < 600 Bal -- Due dates are same day 20th of each month, so they were updated to CRA on-time March 22nd, 2011 with no new activity. Payments posted about 10 days prior to March 20th.

Report: Equifax - pulled yesterday afternoon - April 4, 2011

Score: FICO-Equifax via MyFico - pulled yesterday afternoon - April 4, 2011 (if I cannot explain the difference, I will have to pay her $20 for the stupid FICO fee)

THE FICO CASE

From CREDIT AT-A-GLANCE section:

Total balance of
Your revolving accounts [?] $50
Your mortgages [?] None
Your installment loans [?] $575

From Simulator section: Pay Down the Balances on All Your Credit Cards:
*Simulations are based on data from this report:

You currently have a combined Revolving/Open Account balance of $850.00.

There's absolutely nothing else included and no missing accounts that are not reporting, so where is $850 coming from? Nothing was ever over $700 and I started monitoring around Christmas 2011.

I'm scratching my head at this one!!! What's the Dealio?

Re: Did FICO flunk basic Math???

llecs — Tue, 05 Apr 2011 12:24:38 GMT

To clarify, you used the simulator from the 4/4 EQ FICO pull, right, as opposed to EQ's simulator or a simulator from an older report?

Does she have any COs for $800?

Does she have any TLs reporting for $800?

Re: Did FICO flunk basic Math???

Walt_K — Tue, 05 Apr 2011 12:36:35 GMT

Does she have a charge card that is reporting as open that isn't included in her revolving accounts section in the credit at a glance tab ($50) but is included in her total revolving/open account balance?

Re: Did FICO flunk basic Math???

llecs — Tue, 05 Apr 2011 13:48:47 GMT

@Walt_K wrote:
Does she have a charge card that is reporting as open that isn't included in her revolving accounts section in the credit at a glance tab ($50) but is included in her total revolving/open account balance?

Re: Did FICO flunk basic Math???

JayRizzo — Tue, 05 Apr 2011 14:55:38 GMT

Nope, nope, nadda! I covered those already as far as any other accounts -- none and never had anything else besides these two accounts.

This is the youngest cub... the only one that actually listens to her cool Big Brother who will never steer her into the wrong financial direction. As far as the other boneheads that never listen, they're re-building!

And, yes paid for a new MyFico-Equifax Score after pulling Equifax Report both on 4/4/2011 afternoon and used the MyFico Simulator.

(you all know MyFico is my second home ).

Re: Did FICO flunk basic Math???

Anonymous — Tue, 05 Apr 2011 15:01:07 GMT

Are you sure that your sister is looking at the simulator for the correct report? Did she previously purchase a report in the last 30 to 35 days? And, if so, was her revolving balance, at that time, $800+?

At the top, right hand corner of the simulator, there's a link to "switch reports".

Re: Did FICO flunk basic Math???

JayRizzo — Tue, 05 Apr 2011 15:25:52 GMT

I'm the one that pulled her Equifax Credit Report while she sat next to me. Also, I'm the one that pulled her MyFico-Equifax Score while she sat next to me.

Again, nothing ever reached $800. Her revolving only goes up to $100 and paid down over 2 months (2 payments of $50).

Last report was pulled in January, so there's no other report to switch to. Besides, I know how to switch between multiple reports if it was a case in this situation. I was looking a her PDF from back in January, but it shows the correct dollar amount in the Simulator section at that particular time.

But absolutely nothing ever reached $800+ dollars, so I'm just trying to figure out where FICO is getting this dollar amount from in its Simulator, if anyone is aware of any known issues, etc?

Re: Did FICO flunk basic Math???

Anonymous — Tue, 05 Apr 2011 16:07:29 GMT

@JayRizzo wrote:

But absolutely nothing ever reached $800+ dollars, so I'm just trying to figure out where FICO is getting this dollar amount from in its Simulator, if anyone is aware of any known issues, etc?

Try contacting customer service and asking them.

Re: Did FICO flunk basic Math???

JayRizzo — Tue, 05 Apr 2011 16:25:50 GMT

Cool! I just wanted to run this by the family first to see if any of you had any ideas, but I'll have sis to reach out to Customer Service. It's not impacting her score or anything, just couldn't figure out where this number is coming from.

I paid her the 20 bucks, no biggie -- she's a good kid!

We can close this thread out as a "Cold Case".

Thanks, Fico Fam!