topic DCU Equifax FICO® Scores - June 2012 in General Credit Topics

DCU Equifax FICO® Scores - June 2012

MustangSaluki — Fri, 29 Jun 2012 15:12:45 GMT

Scores are out, check your inboxes Up 9 points for me.

Re: DCU Equifax FICO® Scores - June 2012

Revelate — Fri, 29 Jun 2012 15:24:09 GMT

Oi, last Friday of the month, thanks for reminding me!

HAHAHA, The Streak continues! This just made my day. Felt certain this was the month I was going to get whacked for my utilization compared to the astonishing power of thin-file rebuilding. Good grief I probably will hit 640 in July since my balances have been airstruck.

12/11: 561

1/12: 571

2/12: 595

3/12: 608

4/12: 617 (27% utilization)

5/12: 619 (49% utilization)

6/12: 631 (61% utilization)

Edit: going to have to do some analysis, know that a bunch of things reached sixth payment reported this month, seasoning ftw?

Re: DCU Equifax FICO® Scores - June 2012

annielorie — Fri, 29 Jun 2012 19:58:34 GMT

@Revelate wrote:
Oi, last Friday of the month, thanks for reminding me!

HAHAHA, The Streak continues! This just made my day. Felt certain this was the month I was going to get whacked for my utilization compared to the astonishing power of thin-file rebuilding. Good grief I probably will hit 640 in July since my balances have been airstruck.

12/11: 561
1/12: 571
2/12: 595
3/12: 608
4/12: 617 (27% utilization)
5/12: 619 (49% utilization)
6/12: 631 (61% utilization)

Edit: going to have to do some analysis, know that a bunch of things reached sixth payment reported this month, seasoning ftw?

what did you mean by this?? I have clean EQ 710 and TR 715 I have one cc for eight months In process of leasing auto What else can I do. Also afraid to app for new cc until I have auto

Re: DCU Equifax FICO® Scores - June 2012

Revelate — Fri, 29 Jun 2012 20:18:40 GMT

@annielorie wrote:
@Revelate wrote:
Oi, last Friday of the month, thanks for reminding me!

HAHAHA, The Streak continues! This just made my day. Felt certain this was the month I was going to get whacked for my utilization compared to the astonishing power of thin-file rebuilding. Good grief I probably will hit 640 in July since my balances have been airstruck.

<snip>
what did you mean by this?? I have clean EQ 710 and TR 715 I have one cc for eight months In process of leasing auto What else can I do. Also afraid to app for new cc until I have auto

Thin file = no credit history.

I wasn't quite this, but I definitely had a "thinnish" file: no open tradelines, one credit card ever on the report tainted by a few lates, and a few stupid derogs (CA state tax lien and a silly collection on EQ specifically). Not much positive history to go on... arguably none.

Building new credit effectively (or at least positive credit) I simply opened a whole slew of accounts in Dec/Jan and they're all aging nicely together. Having not much data on record, and getting a bunch of new positive accounts, does dramatic things to one's FICO score. 6 months from a 561 to a 631, and that 631 has an asterisk by it with a 61% utilization is probably around a 640-650 with low balances, and that's mortgage qualifable. Also that's with none of the negatives coming off the report, wish I'd known about PFD but I paid it before I found this forum.

This is compared to the people with a bunch of negative history, that are now trying to repair/rebuild: assuming they can't get the negatives removed, it's definitely a longer process to get that sort of improvement.

It's no different than the 20 year old students (though I don't fall into that category, it's an example) who opened up two student cards a year earlier, never made a late payment, and now they're sitting at a 720-740 FICO. No, that score is not as good as someone with longer history, and more tradelines from an underwriting perspective, but FICO doesn't make that distinction.

Anyway July is probably the last month of increases until I get my tradelines to the 1 year mark I'm guessing, but I'm OK with that.

Re: DCU Equifax FICO® Scores - June 2012

Revelate — Fri, 29 Jun 2012 20:18:05 GMT

@annielorie wrote:
what did you mean by this?? I have clean EQ 710 and TR 715 I have one cc for eight months In process of leasing auto What else can I do. Also afraid to app for new cc until I have auto

Ugh sorry annie, I didn't even answer your question. Get the car first, then go open up another credit card and you'll be fine.

Re: DCU Equifax FICO® Scores - June 2012

Anonymous — Sun, 01 Jul 2012 16:42:30 GMT

This may be a dumb question but what signifigance does the last Friday of the month hold? is this when most payments get reported? I assumed they were all different...

Jeff

Re: DCU Equifax FICO® Scores - June 2012

Revelate — Sun, 01 Jul 2012 19:29:05 GMT

@Anonymous wrote:
This may be a dumb question but what signifigance does the last Friday of the month hold? is this when most payments get reported? I assumed they were all different...

Jeff

None, it's just the arbitrary date that was picked.

Re: DCU Equifax FICO® Scores - June 2012

annielorie — Sun, 01 Jul 2012 23:06:06 GMT

Thanks Revelate. The Kia dealer pulled a 736 TU Fico will be pulling EX monday no idea what that score is all clean except for five year old judgement. Im trying to sign and drive. I know but Ive got big ones!!LOL Dying to get at least two cards Ive been extremely disciplined, now I hope it pays off!!!