topic Re: FICO Score Updates in General Credit Topics

FICO Score Updates

Anonymous — Fri, 20 Mar 2015 15:53:30 GMT

My scores today are TU-668 EXP-652 and EQI - 678. Since they were updated I got my util rate from 45% to 10%. No collections/no late payments/1 inquiry. CK says that having only 9 credit cards is POOR?? and age of credit report (4 yrs, 1 mo.) is POOR? What the heck is that all about? When the update is completed, I am hoping to have scores close to or around 700. What credit cards should I apply for and will the review of my application see the new scores or is there a lag time. I know I listed a bunch of jumbled questions. SORRY, but any help is most appreciated. I have Barclay, Credit one, Finger Hut, EB, Costco Amex and student loans (still in school).

Re: FICO Score Updates

Anonymous — Fri, 20 Mar 2015 16:55:21 GMT

@Anonymous wrote:
My scores today are TU-668 EXP-652 and EQI - 678. Since they were updated I got my util rate from 45% to 10%. No collections/no late payments/1 inquiry. CK says that having only 9 credit cards is POOR?? and age of credit report (4 yrs, 1 mo.) is POOR? What the heck is that all about? When the update is completed, I am hoping to have scores close to or around 700. What credit cards should I apply for and will the review of my application see the new scores or is there a lag time. I know I listed a bunch of jumbled questions. SORRY, but any help is most appreciated. I have Barclay, Credit one, Finger Hut, EB, Costco Amex and student loans (still in school).

Please ignore what CK says about those items. First, they are paid for encouraging people to apply for credit cards so thrm saying 9 is poor is just part of that. The average American consumer has far less than that. Also ignore them in AAoA as they don't include closed accounts in their equation which FICO does. CK may have some role to play in the credit world but more often than not they provide completely erroneous and/or misleading information.

As as for what cards you should apply for, only you can ultimately decide that based on your needs and wants. You might visit the credit card forum for ideas as that is where a wide variety of cards are discussed.

Re: FICO Score Updates

MarineVietVet — Fri, 20 Mar 2015 17:13:37 GMT

@Anonymous wrote:
My scores today are TU-668 EXP-652 and EQI - 678. Since they were updated I got my util rate from 45% to 10%. No collections/no late payments/1 inquiry. CK says that having only 9 credit cards is POOR?? and age of credit report (4 yrs, 1 mo.) is POOR? What the heck is that all about? When the update is completed, I am hoping to have scores close to or around 700. What credit cards should I apply for and will the review of my application see the new scores or is there a lag time. I know I listed a bunch of jumbled questions. SORRY, but any help is most appreciated. I have Barclay, Credit one, Finger Hut, EB, Costco Amex and student loans (still in school).

I agree with Irish that the "advice" given at CK is wisely ignored. You can do just fine with 2-3 cards.

I have six open revolving accounts and I'm doing very well thank you.

Re: FICO Score Updates

takeshi74 — Sat, 21 Mar 2015 14:06:38 GMT

@Anonymous wrote:
CK says that having only 9 credit cards is POOR?? and age of credit report (4 yrs, 1 mo.) is POOR?

Always consider your sources. As stated above, CK makes money on credit card referrals so it's in their interest to push people to apply. They also operate under the assumtion that there is a correlation between those with more accounts and higher scores. While many with high scores do have a large number of accounts there are also many with high scores that do not have a high number of accounts. General advice is for scoring purposes that one should have at least 2-3 cards. Any number above that is up to the individual's specific needs/wants.

As for AAoA, CK does not calculate AAoA as they only consider open accounts. CK acutally provides AAoOA. FICO uses AAoA.

That said, CK does indicate the impact of the factors and they're roughly correct. AAoA (Length of Credit below) isn't among the most significant factors. Number of accounts has low, if any impact. Keep in mind that CK is not Fair Isaac and the VantageScore provided by CK is not a FICO.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

@Anonymous wrote:
What credit cards should I apply for and will the review of my application see the new scores or is there a lag time.

As with any request for card recommendations you need to give us what you're specifically looking for. Selecting cards is always about finding what best suits the individual. Give us as much info as possible to narrow down the options. If this was a universal matter we wouldn't need the discussions and could just refer to a list.

A score is generated based on whatever is the current data in the report used to generate the score. It's not really the scores that update but the data in your reports. If your report has updated then the score pulled will reflect the updated data.