Azeo emergency!

[FalconSteve]

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@Thomas_Thumb wrote:

If you must play the AZEO game vary between 2 and 1 reporting to avoid AZ. For the majority of profiles AZE2 will not drop score vs AZE1. If you are one of the unfortunates with a skitish profile, AZE2 still should not drop score more than 5 points.

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It drops my score 1-2 points and my wifes 3-4, but she's sitting at 826 and I'm at 820 (I have a lower AAoC).

[Horseshoez]

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@FalconSteve wrote:

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@CreditCuriosity wrote:

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@Shmike wrote:

I really hope so! Because I went from from the 780s to the 750s! 760 I think is the "very good" cut off so I think it is a substantial hit! I went from 782 to 757! So I guess to truly do a z e o two cards would have to report balances at some point in the month, correct?

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Going to give yourself a short life if you worry about things like this.  As stated FICO has no memory and will recover if you want to do AZEO  Only time I would consider that is if going for a mortgage or possibly a car.  Relax life is going to be fine .  Take care.

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Again, wrong, SOME FICO scores trend, they have for years. Banks are federally required to take trending scores in to consideration when approving mortgages. That said, trending scores don''t appear to be used to determine rates. 

Personally, I would deploy AZE2 with <$10 balance and give up a point. That way, there isn't the risk of a massive drop from all zero except none (this happened to me when I discovered that Wells Fargo will write off a $2 balance... Apple Card will write off $0.99 so I get 50GB & 1 camera free monthly- but no CLI).

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Okay, ball's in your court, please tell us which FICO scores other than FICO 10T trend.

[FalconSteve]

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@Horseshoez wrote:

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@FalconSteve wrote:

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@CreditCuriosity wrote:

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@Shmike wrote:

I really hope so! Because I went from from the 780s to the 750s! 760 I think is the "very good" cut off so I think it is a substantial hit! I went from 782 to 757! So I guess to truly do a z e o two cards would have to report balances at some point in the month, correct?

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Going to give yourself a short life if you worry about things like this.  As stated FICO has no memory and will recover if you want to do AZEO  Only time I would consider that is if going for a mortgage or possibly a car.  Relax life is going to be fine .  Take care.

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Again, wrong, SOME FICO scores trend, they have for years. Banks are federally required to take trending scores in to consideration when approving mortgages. That said, trending scores don''t appear to be used to determine rates. 

Personally, I would deploy AZE2 with <$10 balance and give up a point. That way, there isn't the risk of a massive drop from all zero except none (this happened to me when I discovered that Wells Fargo will write off a $2 balance... Apple Card will write off $0.99 so I get 50GB & 1 camera free monthly- but no CLI).

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Okay, ball's in your court, please tell us which FICO scores other than FICO 10T trend.

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Vantage 4.0, it also not what I said. Yes banks are being brought kicking and screaming as they use ancient credit scores, but Fannie Mae wants Trending scores and banks don't want risk, they want to offload that risk on Fannie Mae.

[Horseshoez]

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@FalconSteve wrote:

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@Horseshoez wrote:

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@FalconSteve wrote:

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@CreditCuriosity wrote:

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@Shmike wrote:

I really hope so! Because I went from from the 780s to the 750s! 760 I think is the "very good" cut off so I think it is a substantial hit! I went from 782 to 757! So I guess to truly do a z e o two cards would have to report balances at some point in the month, correct?

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Going to give yourself a short life if you worry about things like this.  As stated FICO has no memory and will recover if you want to do AZEO  Only time I would consider that is if going for a mortgage or possibly a car.  Relax life is going to be fine .  Take care.

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Again, wrong, SOME FICO scores trend, they have for years. Banks are federally required to take trending scores in to consideration when approving mortgages. That said, trending scores don''t appear to be used to determine rates. 

Personally, I would deploy AZE2 with <$10 balance and give up a point. That way, there isn't the risk of a massive drop from all zero except none (this happened to me when I discovered that Wells Fargo will write off a $2 balance... Apple Card will write off $0.99 so I get 50GB & 1 camera free monthly- but no CLI).

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Okay, ball's in your court, please tell us which FICO scores other than FICO 10T trend.

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Vantage 4.0, it also not what I said. Yes banks are being brought kicking and screaming as they use ancient credit scores, but Fannie Mae wants Trending scores and banks don't want risk, they want to offload that risk on Fannie Mae.

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Then I don't understand why you said what I wrote earlier was incorrect.

[Thomas_Thumb]

Please stop the excessive use of quotes. Just reply to the prior post without the quote baggage. If you must quote because there are multiple unrelated posts inbetween, delete the earlier text and just leave the latest post text.

Thank you

[Anonymalous]

@FalconSteve, you're jumping the gun a bit. While the FHFA approved the use of FICO 10T and VantageScore 4.0 for mortgages on October 24, 2022, so trended scoring systems will become the industry standard, they haven't been implemented yet. It's going to be a multi-year process, and they're still in the phase where they're soliciting public feedback. While the dates are subject to change, as of right now they're not expecting to incorporate the new scores into the mortgage process until Q4 of 2025. For all practical purposes utilization will continue to have no memory, for at least a couple years.

I've linked to the latest information below, including a history of announcements and the playbook with the proposed timeline.

https://sf.freddiemac.com/general/credit-score-models

(PDF) https://sf.freddiemac.com/docs/pdf/fact-sheet/credit-report-and-credit-score-model_playbook.pdf

[CreditCuriosity]

Only been on the boards 10 years what do i know shrug.  Ya I am familiar with freddie/fannie and 10t and vantage 4.0.  10T isn't being used by anyone I think I have and I have over 20 lenders in CC's/ploc/etc?   Anyways I stand by what I say and OP's score and for that matter my scores in the 800's 10-20 points I am not going to break even the smallest drip of worry and do as I have been and get the best rates on anything I need.  To each and their own you do you and I will do me.

[OrangeRange]

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@Anonymalous wrote:

@FalconSteve, you're jumping the gun a bit. While the FHFA approved the use of FICO 10T and VantageScore 4.0 for mortgages on October 24, 2022, so trended scoring systems will become the industry standard, they haven't been implemented yet. It's going to be a multi-year process, and they're still in the phase where they're soliciting public feedback. While the dates are subject to change, as of right now they're not expecting to incorporate the new scores into the mortgage process until Q4 of 2025. For all practical purposes utilization will continue to have no memory, for at least a couple years.

I've linked to the latest information below, including a history of announcements and the playbook with the proposed timeline.

https://sf.freddiemac.com/general/credit-score-models

(PDF) https://sf.freddiemac.com/docs/pdf/fact-sheet/credit-report-and-credit-score-model_playbook.pdf

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I wonder though if that will be as negative as a lot of people may think? 

Like, when trended scoring systems are implemented, if your utilization has overall been within a healthy range (say 5% - 20% and 20% - 30%) consistently with no negative remarks, late payments reported, and so on if it could show evidence of being responsible with your credit? 

Just throwing random ideas out there. 

[Horseshoez]

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@OrangeRange wrote:

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Like, when trended scoring systems are implemented, if your utilization has overall been within a healthy range (say 5% - 20% and 20% - 30%) consistently with no negative remarks, late payments reported, and so on if it could show evidence of being responsible with your credit? 

Just throwing random ideas out there. 

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I suspect as with much else in life, "it depends".  In my case I doubt it will make any difference at all, for others a trended score may well put them in a worse light than a non-trended score.

[FalconSteve]

FICO scoring still has a memory with some scores. Also, that change was due to be implemented years ago... why would I expect that they actually followed through, instead of leaving it up to the banks to decide if they're going to pro-actively start using trending scores... talk about stupid on my part.