topic Re: Ab-frickin-surd in Understanding FICO® Scoring

Ab-frickin-surd

FecoFicoFocoFum — Fri, 23 Aug 2013 03:01:28 GMT

I purchased a new home recently with no negative impact to my credit score (which was an average of 762 between the three). Because of HOA rules in the new neighborhood, we had to switch to AT&T for Internet. Today I learned (thanks to a myFICO email update) that my Experian FICO score dropped FIVE POINTS to 756 (it was 761) because of an inquiry from AT & T SERVICES INC. Are you seriously telling me that I can obtain a mortgage without impacting my FICO score, but an inquiry from AT&T for $50 per month Internet decreases a FICO score by five points? What should we have done, waited for six months to get Internet to avoid too many credit inquiries in a short period of time? This whole FICO nonsense seems very archaic.

Re: Ab-frickin-surd

icebox702 — Fri, 23 Aug 2013 05:34:11 GMT

I agree with you! I had just posted that we had just refinanced our mortgage and it pulled our scores down by 23 points after our former lender reported "Closed Account/Zero Balance"on our mortgage. I can't wait to see what our scores would be after the new mortgage account shows on our credit report!

Re: Ab-frickin-surd

Anonymous — Fri, 23 Aug 2013 15:18:09 GMT

This is why I truly don't think it's useful to get too concerned about scores unless you're planning to app for something. I got a five point drop too, (new AT & T customer!) but it rebounded in a month.

Re: Ab-frickin-surd

Shogun — Fri, 23 Aug 2013 16:09:22 GMT

There is a difference in where you are in your scores as to the importance of a score change. Where I sit now, a +/- 20 point change in score doesn't phase me. When I was in the rebuilding stage, a 1 point change would drive me crazy. I think that more focus on cleaining and rebuilding should be emphasized. Don't put all that pressure on the scores, just keep making that report clean and healthy.

Re: Ab-frickin-surd

FecoFicoFocoFum — Fri, 23 Aug 2013 16:51:37 GMT

Good feedback, Invincible and Shogun. I guess I am overreacting. It has taken me almost seven years to recover credit-wise from a bad divorce (sub 500 FICO's), so I am probably being touchy. Oddly enough, the reason I have not been able to get above the 765 range is that I don't have enough credit.

Re: Ab-frickin-surd

Shogun — Fri, 23 Aug 2013 16:58:30 GMT

Your CR might be a bit thin. That's OK. Youl can add as you need to. IMHO you're sitting pretty right now.

Re: Ab-frickin-surd

Anonymous — Fri, 23 Aug 2013 17:19:57 GMT

Totally agree with Shogun - you're in a good place, and as someone who also came from a sub-500 start I can't wait to hit 700. 756 is inspiring! Nicely done!

Re: Ab-frickin-surd

llecs — Fri, 23 Aug 2013 17:43:22 GMT

OP, did you mean your Equifax FICO? I ask because there is no service that provides Experian FICO updates, yet alone via e-mail, though Equifax through ScoreWatch does.

It's probably been stated already but inquiry damage is no big deal. I lost a few points after the 30-45 window expired for my mortgage inquiries but lost no points when I applied for CCs the following month. It's a YMMV-thing.

Re: Ab-frickin-surd

FecoFicoFocoFum — Fri, 23 Aug 2013 20:57:23 GMT

Yes, I did mean Equifax. That is the only score I get through myFICO. Although, it appears that I have the choice to get scores from Experian and Trans Union as well. Is that not the case? There are links under both logos that read "Check my FICO score."

Re: Ab-frickin-surd

Kratos-TM — Sat, 24 Aug 2013 13:06:52 GMT

What does "YMMV" mean?

Re: Ab-frickin-surd

Anonymous — Sat, 24 Aug 2013 15:20:19 GMT

@jarroldharrell1 wrote:
What does "YMMV" mean?

Your Mileage May Vary - meaning there could be different outcomes for different folks in similar situations.

Re: Ab-frickin-surd

Kratos-TM — Sat, 24 Aug 2013 19:14:53 GMT

This would mean the formula is too complex to apply any univiersal themes. Not surprised.....they've put years and many brilliant minds into building it....

Re: Ab-frickin-surd

llecs — Sun, 25 Aug 2013 03:54:06 GMT

@jarroldharrell1 wrote:
This would mean the formula is too complex to apply any univiersal themes. Not surprised.....they've put years and many brilliant minds into building it....

Hence, scoring buckets. That's why you see some see only 5-10-15 points gained as an example when their baddie drops and others see 70-100+. ETA...or apply it to anything like util changes, baddie changes, new TL changes, mix improvement, etc.