topic Re: 5 Point Gain 792 to 797 in Understanding FICO® Scoring

5 Point Gain 792 to 797

bettercreditguy1 — Sun, 01 Jun 2014 12:42:25 GMT

Updated scores are out! EQ has improved from 792 to 797 since last month. ! I believe the score increased because the only reported account with two 30 day lates has aged to 5 yrs 3 mos since last deficiency. All trades now show "Paid as agreed" . TU increased 3 points and EX dropped 1 point. An informational note is that TU shows a worse payment history on this one account. EQ shows 2 late payments, Tu several. (Tu kept reporting lates after the account was closed until it was paid in full). On EQ, the next late to fall of will be Nov 2014 and then there will be one late remaining for a totally clean record! Yes, amost there, 800 very soon!

Re: 5 Point Gain 792 to 797

ficonightmare — Sun, 01 Jun 2014 22:58:28 GMT

@bettercreditguy1 wrote:
Updated scores are out! EQ has improved from 792 to 797 since last month. ! I believe the score increased because the only reported account with two 30 day lates has aged to 5 yrs 3 mos since last deficiency. All trades now show "Paid as agreed" . TU increased 3 points and EX dropped 1 point. An informational note is that TU shows a worse payment history on this one account. EQ shows 2 late payments, Tu several. (Tu kept reporting lates after the account was closed until it was paid in full). On EQ, the next late to fall of will be Nov 2014 and then there will be one late remaining for a totally clean record! Yes, amost there, 800 very soon!

Waaait, what?? You're saying, your score, with one account reporting two 30 day lates is 797?

While mine, with no lates or derogs at all is 798..

Uh... there's something very wrong here.

eta: Oh, I don't mean to sound like a total umm.. you know. So grats on the score. I'm just stumped over EQ's scoring.

Re: 5 Point Gain 792 to 797

bettercreditguy1 — Sun, 01 Jun 2014 23:11:34 GMT

I have almost 30 years of history, one inquiry, one mortage, two automobile loans, usually 4 credit cards reporting balances, (although they are pif each month.) AAOA is about 11 years, and utilization averages 5-7% on the high side and less than 2% on the low side. My oldest open account is an American Express Gold Card, opened in 1986.

Feel free to email me. Good luck in your journey!

Re: 5 Point Gain 792 to 797

ficonightmare — Sun, 01 Jun 2014 23:46:56 GMT

@bettercreditguy1 wrote:
I have almost 30 years of history, one inquiry, one mortage, two automobile loans, usually 4 credit cards reporting balances, (although they are pif each month.) AAOA is about 11 years, and utilization averages 5-7% on the high side and less than 2% on the low side. My oldest open account is an American Express Gold Card, opened in 1986.
Feel free to email me. Good luck in your journey!

I have 18.5 years of history with a 10 year AAOA. Utilization is 3%, but varies between 2%-5%. My oldest account is also Amex (open) as of 1996. Should be 1995 like my other closed Amex but whatever.

No loans or mortgages reporting.

You have a slightly older AAOA, and I don't have mortgage/loan (under what's hurting your score it says "no installment loans".)

But, I don't have any lates.

I thought payment history was the biggest contributor to scoring, guess not.

Re: 5 Point Gain 792 to 797

DaveSignal — Sun, 01 Jun 2014 23:50:30 GMT

@ficonightmare wrote:
@bettercreditguy1 wrote:
I have almost 30 years of history, one inquiry, one mortage, two automobile loans, usually 4 credit cards reporting balances, (although they are pif each month.) AAOA is about 11 years, and utilization averages 5-7% on the high side and less than 2% on the low side. My oldest open account is an American Express Gold Card, opened in 1986.
Feel free to email me. Good luck in your journey!
I have 18.5 years of history with a 10 year AAOA. Utilization is 3%, but varies between 2%-5%. My oldest account is also Amex (open) as of 1996. Should be 1995 like my other closed Amex but whatever.
No loans or mortgages reporting.

You have a slightly older AAOA, and I don't have mortgage/loan (under what's hurting your score it says "no installment loans".)
But, I don't have any lates.

I thought payment history was the biggest contributor to scoring, guess not.

Payment history is the biggest contributor at 35%. But you are looking at a difference of 1 point. There are 65% in other factors of the FICO score.

OP, congrats! Hopefully, you will get to your goal soon!

Re: 5 Point Gain 792 to 797

ficonightmare — Sun, 01 Jun 2014 23:55:19 GMT

@DaveSignal wrote:
@ficonightmare wrote:
@bettercreditguy1 wrote:
I have almost 30 years of history, one inquiry, one mortage, two automobile loans, usually 4 credit cards reporting balances, (although they are pif each month.) AAOA is about 11 years, and utilization averages 5-7% on the high side and less than 2% on the low side. My oldest open account is an American Express Gold Card, opened in 1986.
Feel free to email me. Good luck in your journey!
I have 18.5 years of history with a 10 year AAOA. Utilization is 3%, but varies between 2%-5%. My oldest account is also Amex (open) as of 1996. Should be 1995 like my other closed Amex but whatever.
No loans or mortgages reporting.

You have a slightly older AAOA, and I don't have mortgage/loan (under what's hurting your score it says "no installment loans".)
But, I don't have any lates.

I thought payment history was the biggest contributor to scoring, guess not.

Payment history is the biggest contributor at 35%. But you are looking at a difference of 1 point. There are 65% in other factors of the FICO score.

OP, congrats! Hopefully, you will get to your goal soon!

Exactly, 1 point with one account showing 2 30 days lates. That's the part I don't get. I thought lates impacted scores much more than it's impacting the OP's.

Re: 5 Point Gain 792 to 797

ficonightmare — Sun, 01 Jun 2014 23:58:02 GMT

Just to clarify, I'm not coming down on the OP. Great, job and great score.

I'm just trying to get a better understanding of how it works.

Re: 5 Point Gain 792 to 797

bettercreditguy1 — Mon, 02 Jun 2014 00:07:40 GMT

Payment history is a great portion of your score, over 50%. Utilization, inquiries, lates, AAOA, credit mix, number of tradelines open/closed, current/late factor as well. Since it is an alogrithm, is not linear or always reflective of actions as it may initiate other criteria as your account changes. Additionally, as your score changes up or down, you get compared or bucketed against other like wised credit portfolios. I personally have found through time that credit/revolving accounts are weighted heavier in the models. The reasoning for this could be that people need a place to live and transportation. Since these items are important, it would seem that they would be more apt to keep them current no matter what. Read the forums a lot and most lates and derogs are medical, credit card, and accessories like cable, cell phones, and utilities.

Re: 5 Point Gain 792 to 797

bettercreditguy1 — Mon, 02 Jun 2014 00:18:34 GMT

I did not perceive that. Congrats on your journey. May your positives be many! As I posted earlier, one late falls of Nov. of this year, the last late (unless the cra's remove it early) will age off February of 2016, about 20 reporting periods from now. I can attest that 7 years is a long time. I remember when it originally was 24 months. When it went to 48 months I thought that was forever!

Re: 5 Point Gain 792 to 797

Revelate — Mon, 02 Jun 2014 06:11:44 GMT

FN: mix of credit is roughly 10% of the scorecard: if you have no installment loans you're leaving points on the table.

If you're talking about opening up credit cards (or joint ones) with the potential FICO 9 AU change that is now rumored, open up a secured installment loan at that time to just get something on there. Doesn't have to be a mortgage. Payment history alone is king, any derogatory is ugly ugly.

Bettercreditdude: curiosity question, but what were the dates of both lates? FICO '08 somewhat ignores singleton lates as I understand it, though 30 day lates at 5 years of age are pretty trivial score wise.

In both of your cases your scores are in the range where eagles fly... seriously don't stress over a point here or there.

Re: 5 Point Gain 792 to 797

bettercreditguy1 — Mon, 02 Jun 2014 11:30:11 GMT

Earlier in my history, I had an 847 and 849. I fully understand the despair of our constituents when disaster occurs. I went from comfortable highs to the upper 600s after a divorce. I lost a prized credit card in the mess. I accumlated several 30, one 60, one 90, and one 120 day late. To me just horrible. Those 60,90,and 120 day lates are still reporting on EX and TU. (the 60,90, and 120's are not on EX). They will not age off until Spring of 2017. The remaing 30 day lates on EQ are 11/07 and 3/09. For TU and EX the histories are the same, 30 day lates 3/09, 8/09.11/09.12/09. The 60 is from 1/2010 and the 90 is from 2/2010. In closing, I am very satisified with my scores. However my Friendly Banker reminds me of my naughtiness when my ballon note renews every so often. At least in grace, I have been fortunate to continue to obtain monies for work despite the negatives. Good luck to all on your journey and to our Moderators.