topic It should be an interesting month for my scores! in General Credit Topics

It should be an interesting month for my scores!

markbeiser — Thu, 02 Mar 2023 05:05:42 GMT

Things that will likely noticably impact my credit scores in the month of February:

1) I opened a new HELOC.
2) Payed off 2 personal loans, totalling about $18k, still have mortgage and car loan for installment accounts.
3) Remaining balance on my car loan will drop below 80%.
4) CC utilization will be back below 5% by the end of the month, started at 10%.
5) 4 inquiries will pass the 12 month mark on TU, 2 on EX, 1 on EQ.
6) 4 new accounts will pass the 12 month mark.

I've got the full paid MyFICO service, so I'll be getting lots and LOTS of alerts and score updates spamming my phone and home email!🤣

Starting FICO8 scores:
EQ 790
TU 755
EX 768

Any guesses where they will end up?🤔

Re: It should be an interesting month for my scores!

DONZI — Thu, 02 Mar 2023 09:15:17 GMT

>800 re: "Gardening until January 2024, or until all 3 FICO8 scores are >800, whichever comes LAST"

Re: It should be an interesting month for my scores!

FireMedic1 — Thu, 02 Mar 2023 11:01:01 GMT

Do we look like the FICO computer? Just kiddin. You opened a HELOC and paid off other loans. If the HELOC wasnt there. Nice movement. But the new HELOC will reset AoYA to 0 months and a new loan account with full amount owed might have cancel the other loan payoff movements. Now you have a new aggregate loan %. Util drop may offset some. HP's drop to 1. Nothing to write home about. Anyones guess.

@SouthJamaica?

Re: It should be an interesting month for my scores!

markbeiser — Thu, 02 Mar 2023 13:03:33 GMT

@FireMedic1 wrote:
Do we look like the FICO computer? Just kiddin. You opened a HELOC and paid off other loans. If the HELOC wasnt there. Nice movement. But the new HELOC will reset AoYA to 0 months and a new loan account with full amount owed might have cancel the other loan payoff movements. Now you have a new aggregate loan %. Util drop may offset some. HP's drop to 1. Nothing to write home about. Anyones guess.
@SouthJamaica?

I think I'm already suffering near the maximum penalty for AoYA.
I'm also not completely sure how HELOC balances affect scores. I know they get reported as revolving accounts, but their % Util isn't factored in like CC Util.
I have the paid service with Experian, and the HELOC already shows on my report as of this morning, but my score didn't change at all.🤔

Re: It should be an interesting month for my scores!

SouthJamaica — Thu, 02 Mar 2023 13:54:26 GMT

@FireMedic1 wrote:
Do we look like the FICO computer? Just kiddin. You opened a HELOC and paid off other loans. If the HELOC wasnt there. Nice movement. But the new HELOC will reset AoYA to 0 months and a new loan account with full amount owed might have cancel the other loan payoff movements. Now you have a new aggregate loan %. Util drop may offset some. HP's drop to 1. Nothing to write home about. Anyones guess.
@SouthJamaica?

I agree that there will be lots of alerts and minor ups and downs, and I don't expect any significant score changes at all.

Re: It should be an interesting month for my scores!

TRC_WA — Thu, 02 Mar 2023 19:04:30 GMT

Agreed... I wouldn't be surprised to see any score change. FICO can be a strange beast sometimes.

Just the other day I lost 10 pts on my TU for letting my NFCU report a 20% balance. This was after I paid off 2 cards the week prior and gained a whole 2 points.

I don't lose sleep over a handful of points going one way or the other... nor do I get excited. I'm saving it all for later this year when my baddies drop off... then I'll have something to get excited about.

Re: It should be an interesting month for my scores!

markbeiser — Thu, 02 Mar 2023 21:46:49 GMT

@TRC_WA wrote:

I don't lose sleep over a handful of points going one way or the other... nor do I get excited. I'm saving it all for later this year when my baddies drop off... then I'll have something to get excited about.

Same, the last of my baddies fell off in January, and I managed my goal of getting a HELOC at the best possible rates.
I was just thinking about all the little things that are happening to my credit files this month, and the timing of it all being reported to the 3 bureaus.
It should be mildly entertaining, to me at least, seeing alerts of changes almost every day, instead of the once or twice a month I've been getting for a while now.

Re: It should be an interesting month for my scores!

markbeiser — Sat, 04 Mar 2023 17:38:58 GMT

So far EQ and TU don't like the new account, EX didn't change.

Re: It should be an interesting month for my scores!

URHomeInvestments — Mon, 06 Mar 2023 16:16:51 GMT

Pay something off and the score drops. I did something similar, and hope to open a HELOC. It really chuffs me when my scores drop when I pay things down. It all seems like a crap shoot sometimes.

Re: It should be an interesting month for my scores!

markbeiser — Tue, 07 Mar 2023 01:30:13 GMT

@URHomeInvestments wrote:
Pay something off and the score drops. I did something similar, and hope to open a HELOC. It really chuffs me when my scores drop when I pay things down. It all seems like a crap shoot sometimes.

Still waiting to see what happens to my scores when the other personal loan to report that it is paid off...

After that, it is all definitely positive, and I won't be adding any new accounts until January 2024.

Re: It should be an interesting month for my scores!

markbeiser — Mon, 03 Apr 2023 12:28:20 GMT

All the little ups and downs this month turned out to be a wash with EQ, and a net gain with TU and EX.
EQ 790
TU 765
EX 779

I'm not expecting anything significant for another 8-10 months, when all my inquiries and new accounts pass the 1 year mark, at which point the simulator says all 3 scores will jump up over the 800 mark.

Re: It should be an interesting month for my scores!

SouthJamaica — Mon, 03 Apr 2023 17:27:09 GMT

@markbeiser wrote:
All the little ups and downs this month turned out to be a wash with EQ, and a net gain with TU and EX.
EQ 790
TU 765
EX 779

I'm not expecting anything significant for another 8-10 months, when all my inquiries and new accounts pass the 1 year mark, at which point the simulator says all 3 scores will jump up over the 800 mark.

As I predicted

Re: It should be an interesting month for my scores!

markbeiser — Mon, 03 Apr 2023 22:46:34 GMT

@SouthJamaica wrote:
@markbeiser wrote:
All the little ups and downs this month turned out to be a wash with EQ, and a net gain with TU and EX.
EQ 790
TU 765
EX 779

I'm not expecting anything significant for another 8-10 months, when all my inquiries and new accounts pass the 1 year mark, at which point the simulator says all 3 scores will jump up over the 800 mark.
As I predicted

Now give me 5 non repeating numbers, each from 1 through 70, and one from 1 through 25!😜

Last month credit score results were pretty much what I expected, just sooo many alerts, which should calm down a lot for the next few months.

The biggest improvement was in my DTI and Resilience Index, though are obviously not factored into FICO scores.
Dumping two high interest personal loans, one really high interest, into my new HELOC at prime+0%, greatly reduced my monthly minimum debt servicing cost. Now I just need to pay it off fast, because prime+0% is a lot of interest these days...
The loans served their purpose, as they were significantly lower interest than the CC debt I had, one by 15%, and helped me improve my credit enough to get such a great rate on a HELOC.

My credit scores were in the 600-620 range 13 months ago.