Got Ex FICO from AmEx!

Anonymous · ‎12-23-2011

766! After an INQ from Chase. (Guess it would have been higher, I'm amazed, I thought Ex was the harshest of three CRAs)

I just wish chase included an Ex FICO to compare.

Key factors that affected my score:

Too few accounts paid as agreed. (Guess that means I have too few accounts period..)

Lack of recent installment loan information (I never had one.. Don't know how this really affects my score, unless they want me to have one?)

Length of time accounts have been established (Guess 2.4rs IS pretty short..)

Too many inquiries in the last 12 months (I had one at Chase, thats too many??)

Okay so I guses thats a lesson for me in the future.. Apply for AmEx 1yr or so apart from other INQ..

Let my accounts age...

Get an installment loan?? (Uh..?)

I hope 3 accounts will break me out of the "too few accounts"..

Ron1 · ‎12-23-2011

@Anonymous wrote:
766! After an INQ from Chase. (Guess it would have been higher, I'm amazed, I thought Ex was the harshest of three CRAs)

I just wish chase included an Ex FICO to compare.

Key factors that affected my score:

Too few accounts paid as agreed. (Guess that means I have too few accounts period..)
Lack of recent installment loan information (I never had one.. Don't know how this really affects my score, unless they want me to have one?)
Length of time accounts have been established (Guess 2.4rs IS pretty short..)
Too many inquiries in the last 12 months (I had one at Chase, thats too many??)

Okay so I guses thats a lesson for me in the future.. Apply for AmEx 1yr or so apart from other INQ..
Let my accounts age...
Get an installment loan?? (Uh..?)
I hope 3 accounts will break me out of the "too few accounts"..

Sorry about your denial. They basically denied because of insufficient credit history. You need to get some retail cards. It is not about your score.

Ron.

Anonymous · ‎12-23-2011

I was approved, I was just happy to get my score since chase didn't give me a proper one.

-Cain- · ‎12-23-2011

Did you get the best terms available? I thought I read somewhere on here that you'd get a score and reasons if the best terms weren't offered. Congrats on your approval!

android01 · ‎12-23-2011

Installment loans carry more weight in FICO scoring as they tend to be for a long period of time and they demonstrate that you meet your commitments over that time. They are a better indicator of your reliability as a debtor. In order of importance and heavier weighting for FICO scoring:

Mortgage

Installment Loans

Credit Cards (Bank)

Retail Cards

EQ Fico 8 - 850
TU Fico 8 - 850
EX Fico 8 - 850

CS800 · ‎12-23-2011

@android01 wrote:
Installment loans carry more weight in FICO scoring as they tend to be for a long period of time and they demonstrate that you meet your commitments over that time. They are a better indicator of your reliability as a debtor. In order of importance and heavier weighting for FICO scoring:

Mortgage
Installment Loans
Credit Cards (Bank)
Retail Cards

+1

This is how it is ranked on Experian

Anonymous · ‎12-23-2011

I just got my acceptance letter yesterday too w/ my EX FICO score. It was 785 and they listed many of the same reasons as you as to what was impacting my score. Basically they list everything that's not "perfect." So even though you may have 199 out of 200 possible points in 1 category (just an example), they'll list it as a negative factor simply b/c it's not perfect.

My guess is they do that crap in case they want to deny someone with a high score as they have to list reasons for denial of credit by law. Probably automated as well. I take them with a grain of salt!

MarineVietVet · ‎12-23-2011

@android01 wrote:
Installment loans carry more weight in FICO scoring as they tend to be for a long period of time and they demonstrate that you meet your commitments over that time. They are a better indicator of your reliability as a debtor. In order of importance and heavier weighting for FICO scoring:

Mortgage
Installment Loans
Credit Cards (Bank)
Retail Cards

Actually because installment loans are secured they carry very little weight in scoring. Utilization of installment loans is scored but it's a very tiny part. Your credit mix is helped having an installment loan if you've never had one but properly managing revolving credit is much more important because it's unsecured debt.

Showing you are a responsible manager of that unsecured debt is looked at very closely by lenders.

Revolving credit utilization is 30% of your total score and is second only to payment history (35%) in importance.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

MarineVietVet · ‎12-23-2011

@CS800 wrote:
@android01 wrote:
Installment loans carry more weight in FICO scoring as they tend to be for a long period of time and they demonstrate that you meet your commitments over that time. They are a better indicator of your reliability as a debtor. In order of importance and heavier weighting for FICO scoring:

Mortgage
Installment Loans
Credit Cards (Bank)
Retail Cards
+1

This is how it is ranked on Experian

Is this from the EX website? Remember that the scores and credit advice from EX are to be ignored. The PLUS score formula looks at factors much differently than FICO scoring.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Anonymous · ‎12-23-2011

Excellent EX FICO, you are doing great, keep up the great work.

Happy Holidays!!