topic Re: Less than 2 cents per point in Understanding FICO® Scoring

Less than 2 cents per point

Anonymous — Tue, 13 Aug 2013 22:13:29 GMT

I got a discount code from MyFICO via email so I used it to get my first Experian report and score in years. I got a bargain, because my score was 813, which is about 100 points higher than it ever was before. And it only cost $15.95 with the discount. That's less than 2 cents per point.

It's much easier to get high scores now than it was 5 or 10 years ago, because more banks do automatic payments which make sure your payments are never late. And my score of 813 was with a fresh inquiry and a new account opened a few days before the score, after already having 30+ accounts. And 100% of my active accounts are credit cards. No installment, no mortgage. I paid off my mortgage about six months ago and it made no difference at all to my Equifax score, which was 813 then, and reached a peak of 817 recently, but then nosedived to 816, for no obvious reason. I thought it was by far my highest score, so I was surprised to see Experian in the same neighborhood.

In March, 2006, I had a FICO score of 500 even. So that's a gain of about 3.6 points per month, on average, from then till now.

Meanwhile, MyFICO's spell checker, for this message, is asking me if I want to replace MyFICO with myopic.

Re: Less than 2 cents per point

azguy13 — Tue, 13 Aug 2013 22:20:05 GMT

@Anonymous wrote:
I got a discount code from MyFICO via email so I used it to get my first Experian report and score in years. I got a bargain, because my score was 813, which is about 100 points higher than it ever was before. And it only cost $15.95 with the discount. That's less than 2 cents per point.

It's much easier to get high scores now than it was 5 or 10 years ago, because more banks do automatic payments which make sure your payments are never late. And my score of 813 was with a fresh inquiry and a new account opened a few days before the score, after already having 30+ accounts. And 100% of my active accounts are credit cards. No installment, no mortgage. I paid off my mortgage about six months ago and it made no difference at all to my Equifax score, which was 813 then, and reached a peak of 817 recently, but then nosedived to 816, for no obvious reason. I thought it was by far my highest score, so I was surprised to see Experian in the same neighborhood.

In March, 2006, I had a FICO score of 500 even. So that's a gain of about 3.6 points per month, on average, from then till now.

Meanwhile, MyFICO's spell checker, for this message, is asking me if I want to replace MyFICO with myopic.

Congrats! Thats an amazing rebound. I bet you worked hard for it though!

Re: Less than 2 cents per point

Shogun — Wed, 14 Aug 2013 04:25:12 GMT

Very nice!

Re: Less than 2 cents per point

MidnightVoice — Wed, 14 Aug 2013 13:25:43 GMT

@Anonymous wrote:

Meanwhile, MyFICO's spell checker, for this message, is asking me if I want to replace MyFICO with myopic.

Love spell checkers

Re: Less than 2 cents per point

thom02099 — Wed, 14 Aug 2013 15:03:18 GMT

@MidnightVoice wrote:
@Anonymous wrote:

Meanwhile, MyFICO's spell checker, for this message, is asking me if I want to replace MyFICO with myopic.

Love spell checkers

Freud might have an interesting comment about that one ! ! ! More than a few of us on here might be considered myopic ! !

Re: Less than 2 cents per point

Anonymous — Thu, 15 Aug 2013 18:16:36 GMT

As I mentioned, my Experian score of 813 is after opening a new account. However, it turns out my Equifax score had not yet been figured with that new account. So instead of being 813 and 816, they're now 813 and 791.

Since the Experian 813 included a credit report, I looked at that to verify the new account was there. For Equifax, I can only tell by what Score Watch tells me. And when I said it was 816, I didn't notice that I hadn't yet got an alert for the new account. Then, when the alert came in today, it came with the score decrease to 791.

I don't usually apply for new accounts these days. The reason for this one is that I was getting 2% cash back on groceries, and that was decreased recently to 1.5%, so I applied for a new card that gives 2% on groceries. I got instant approval of course, but only with a $6000 limit. I have lots of cards with much higher limits than that, but the 2% cash back is what counts.