topic Re: Calling on all FICO Gurus in General Credit Topics

Calling on all FICO Gurus

SCAREDCROW — Thu, 29 Nov 2007 14:52:14 GMT

Ok - so the FICO algorithm is supposed to generate scores based on a number of variables; e.g. -

number credit lines
utilization
payment habits
age of credit
type of credit
etc?

Is it anywhere in this mathematical maze a variable that computes missing information (like NO report of when you made a payment?) Notice, I did not say that a payment was reported LATE - just that there is NO REPORT. Why would that be my problem? It's happened, and it lowered my score.

Is there also anywhere in the FICO algorithm, a variable that computes INCORRECT information (like NO missed payments, and NONE reported?) This too happened, and it lowered my score - stating that I had a 60-day late, when that is not only INCORRECT, no such report shows on my CR. All this has transpired in under 30 days, and I've pulled a new CR with each alert for cross-referencing.

Here, below, is the information I received from the MYFICO alerts on my Equifax Report.

This score decrease may be caused by these 2 new reasons:

You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report. Neither one of which is true or even reported.
You’ve recently missed a payment or the date of your most recent payment is unknown. UNKNOWN? How can you "negatively" score an unknown? Plus - I have not missed ANY payments.

Re: Calling on all FICO Gurus

Anonymous — Thu, 29 Nov 2007 15:17:12 GMT

Which Fico report? TransUnion?

They are having a reporting problem, but they say it is not affecting the scores.

How much did the score go down?

Re: Calling on all FICO Gurus

SCAREDCROW — Thu, 29 Nov 2007 15:28:42 GMT

It's the myfico Equifax report, and it went down 4 points.

Re: Calling on all FICO Gurus

Dawn — Thu, 29 Nov 2007 15:54:47 GMT

Here is Barry's response to a similar post:

http://fico.lithium.com/fico/board/message?board.id=myficoprod&message.id=1588#M1588

Re: Calling on all FICO Gurus

SCAREDCROW — Thu, 29 Nov 2007 16:09:47 GMT

Thank you, but I'm sorry - I did not find that link to be useful or relavant.

Thank you for your input anyway.

Re: Calling on all FICO Gurus

Anonymous — Thu, 29 Nov 2007 20:35:27 GMT

No offense, but you should not be worried about four points. I'm sure over time it will go back up. There's million things that can change your FICO score.

Re: Calling on all FICO Gurus

Anonymous — Fri, 30 Nov 2007 00:57:54 GMT

My DH had the same thing happen to him and it cost him 80 points. This is what his report said.

If you missed a payment, your FICO score evaluates how recently that missed payment occurred. In general, the more recent the missed payment, the more impact it has on your score. In your case, the date of this missed payment cannot be determined

We disputed one of his accounts that had updated...they deleted it and his score went back up again. Don't know for sure if this was the cause, as it had updated with the same info as before. I honestly think it is a glitch in the system...and BTW...I understand about the 4 points...when you are working as hard as most of us are to see improvement...even four points can be discouraging.

Re: Calling on all FICO Gurus

SCAREDCROW — Fri, 30 Nov 2007 13:22:06 GMT

Ahhh, yes!! you sympathize ... 4 points is small, but it's still a loss when you are working so hard at improving it. Plus, when that loss just cannot be attributed to something logical, that you can control, well - - - -

Message Edited by SCAREDCROW on 11-30-2007 08:22 AM

Re: Calling on all FICO Gurus

Anonymous — Fri, 30 Nov 2007 16:38:25 GMT

Don't forget that the score could have been effected by graduating into a new scoring catagory(we call them buckets...a difficult theory to grasp), which will drop your scores also, all else being equal.

I believe hauling has graduated into a new bucket, and perhaps me as well. That's why my scores are lower now than when I had a lot more baddies on my CR. They are not so hot, but still getting cc's when I apply, when prior to that, I was being declined right and left.