topic Re: Can someone explain? in Understanding FICO® Scoring

Can someone explain?

mediak — Fri, 06 Sep 2013 04:19:20 GMT

I waited for an entire year, paying everything on time, not getting anything new.

EX FICO finally was over the 620 threshold (625).

Eagerly called mortgage company, who delivered the bad news.

The EX score had actually DROPPED!

Here's what was sent to me:

Score Source Brand Type Date Range

611 Transunion Classic 04 FICO 8/28/2013 309-839

589 Equifax BEACON 5 FICO 8/28/2013 334-818

555 Experian Fair Isaac V2 FICO 8/28/2013 320-844

MYFICO:

EX: 625

TU: 625

EQ: 589 --this is the only one that matched.

Now, there was a late payment from a closed account(how that happens is beyond me) but that was dealt with in the same month. Score watch reflects the drop and subsequent rebound. I should also point out that every month I buy new reports from myfico, get excited, and call eht emortgage company, who then tell me to wait. This has happened since March of this year. I have paid things off, and kept things on time, except for that one account. PFD was unsuccessful.

That will really kill the mood on a day off from work.

If this cycle continues, I guess I'm never going to refinance.

Re: Can someone explain?

Anonymous — Fri, 06 Sep 2013 13:58:58 GMT

Your EQ score would be the only one that matched.

The other 2 scores are different scoring models than what most lenders use. The TU here is TU98 and the EX is the newest 08 version. Most mortgage lenders use the models that they quoted you.

Re: Can someone explain?

mediak — Fri, 06 Sep 2013 14:44:59 GMT

That's a mighty big gap on the EX score. How do I fix this?

Re: Can someone explain?

Anonymous — Fri, 06 Sep 2013 15:43:51 GMT

What is on your EX report that can be fixed?

If all 3 of your reports were identical, and the exact same FICO was used, all of your scores would still be different due to the difference in scoring criteria across the 3 CRAs. Each one has a different way to score things.

Re: Can someone explain?

mediak — Fri, 06 Sep 2013 16:22:37 GMT

In a word, inquireies.

For the last four months, I would see high scores on myfico and excitedly call the mortgage company, who would then deliver the bad news. So, every month three new inquiries would be on the report. I'm looking at it now, and it literally says "too many inquiries". This worries me, because I might have to wait another year for all of them to drop off

Re: Can someone explain?

Anonymous — Fri, 06 Sep 2013 17:01:25 GMT

If all the inquiries pertained to mortgage hunting, they are scored as 1 by FICO.

Is there anything on any of your reports, other than inquiries, that could be worked on?

The scores on myFICO are not going to be the same, except EQ, as a lender pull. You found this out. I would try to improve those scores to what the lender requires.

Re: Can someone explain?

mediak — Fri, 06 Sep 2013 17:42:50 GMT

7/14--one late revolving payment.

That's it.

Everything else (mortgage, car) is current.

Even paid off one auto loan--it still shows a balance

Myfico score tracker shows the dip for the late payment, and has since returned to 589. SO, would it continue to increase if all things are kept current?

Re: Can someone explain?

Anonymous — Fri, 06 Sep 2013 17:46:47 GMT

I would send a GW to see if they will remove that late.

How long ago was the car paid off? Installment loans don't play much in your score but they should report accurately.

You aren't credited for on time payments, that is expected of you. But, as your accounts age, yes, you will see increases.

How many CC do you have and what is the overall utilization?

Re: Can someone explain?

mediak — Fri, 06 Sep 2013 18:02:48 GMT

CC's 2-1 with 1500 limit; bal 776. 1 1000 limit; bal 500.

1 student loan, 2 installment loans, 7 merchant/revolving cards

All carry balances over 50$ util, but current all.

Re: Can someone explain?

mediak — Fri, 06 Sep 2013 18:03:39 GMT

GW sent, talked to someone who said the late was valid and would not be removed.

Re: Can someone explain?

mediak — Fri, 06 Sep 2013 18:08:38 GMT

There is also a satisfied medical judgment. Was only updated to PAID July of last year because I happened to see it still open, even though it was paid in 2011.

Re: Can someone explain?

Anonymous — Fri, 06 Sep 2013 18:20:45 GMT

Get those CC paid down. One to 0 the other to 9% or below. Your overall utilization is around 51% which is high. YMMV but I would say between 5 - 10 points for every 10% paid down.

For the judgment, find out if your state allows satisfied judgments to be vacated.

Re: Can someone explain?

Anonymous — Fri, 06 Sep 2013 18:22:48 GMT

Those merchant cards could be included in your revolving. How are they listed on your CR?

Re: Can someone explain?

mediak — Fri, 06 Sep 2013 19:09:09 GMT

Right. All the merchant accounts are listed as revolving.

So, I'm guessing the total revolving utilization should be under 50, right?

Re: Can someone explain?

Anonymous — Fri, 06 Sep 2013 19:59:17 GMT

Total revolving utilization, for optimum FICO score should be 9% or under. That is usually done by letting all but one report 0 balances and the last one at 9% or below.

Re: Can someone explain?

mediak — Fri, 06 Sep 2013 20:38:35 GMT

Looks like I have more work to do...it MIGHT be possible to get that judgment vacated in my state...thank you for your help.

Re: Can someone explain?

AndySoCal — Sat, 07 Sep 2013 03:34:52 GMT

What was the PFD attempt on? Also I would consider lowering your credit card utilitzation to the 10 to 20% range which should help your scores.

Re: Can someone explain?

mediak — Sat, 07 Sep 2013 04:48:20 GMT

On that newly reported late. It was unsuccessful.