So I just got this new score regarding credit resiliency
I am guessing I am resilient because my scores are so bad nothing can make them worse? Lol joking aside, I guess I should be proud, but not too excited yet because it just may be more bad news in my credit world, and I need to investigate more.
I would love to hear what you all think and how this score reflects on your credit profile. Also, if anyone knows any more about this and if lenders really will be using something like this, I'd be curious to know. Likely this is new to us all.
Thanks!
OP do you have a mortgage or auto loan? Or only CC debt?
How much total debt?
Proud to be improving my credit, but it did make me laugh that I am considered resilient, but with bad scores lol
* 14% Util
* $123456789 in SLs, some in rehab, all reporting defaulted
* 34% balance on Self Lender Installment Loan
* 6 CAs total, all unpaid
* 2 paid COs
* No mortgage
* 3/6 and 4/12 in new TLs
* Inq: 3/12; 3/24 EQ, 1/12; 2/24 TU, 1/12; 1/24 EX
* AoOA 18y 9m
* AAoA 9y 3m
* AoYA 0y 2m
It would be useful to learn more details about your profile such as:
1) Your average age of accounts (AAoA) and age of oldest account. An AAoA of 8 years or more is best.
* AAoA 9y 3m
* AoOA 18y 9m
2) Your total (aggregate) reported balance on all your credit cards. Not sure about thresholds on this but, under $1500 is likely ok. My aggregate balance was $1050 - no red flag (UT = 1%). One poster had a UT< 5% but a red flag (balance over $4k). Another poster with a red flag had a UT< 3% but a balance over $7k.
* The resilience score appears to consider aggregate balance in absolute $$ rather strongly (perhaps moreso than revolving utilization).
* $223 total reported balance across revolvers (14% util of $1550 total revolving credit)
* 2 of 3 revolvers are store cards. My 1 bank card has $12 reported balance (4% util of $300 credit limit - not secured card)
3) Your monthly payment obligations on all installment loans combined. Again, not sure about the threshold(s) on this. $1830/mo generated a red flag for me but, $1760/mo did not generate a flag for another poster.
* Good question. All SLs are defaulted (some in rehab). Roughly $1k/mo at standard repayment.
* $48/mo for SSL installment loan
4) Your total amount for outstanding loans.The resilience model does not appear to look at aggregate installment B/L ratio (utilization) but might look at aggregate balances in absolute $ terms.
* $114k in SLs (all well over 100% util on every single one)
* $234 reported bal on SSL (34% util)
5) Your percentage of accounts that are credit cards. Too high a percent (say over 75%) is a red flag. I had a red flag for 85% of my accounts being CCs. Not sure if the % is based on open accounts only or open + closed accounts. My guess is open only.
* Open only accounts: 20%
* Open & Closed accounts: 15.6%
6) Your quantity of open and closed loans by type. This model wants to see more than one type of loan on file. Closed loans likely count but, nothing is stated specifically.
* 23 SLs: 11 open, 12 closed
* 1 SSL, open
* 1 PL, closed
* 1 Auto loan, closed
Side notes:
* Fico 98, Fico 04, Fico 8 and Fico 9 all consider # and/or % of cards with balances but, the EQ resilience score may not.
* Fico 8 puts a lot of emphasis on installment B/L but, the EQ resilience looks at payment obligations and/or outstanding balances in $ amounts only.
* Fico 98, Fico 04, Fico 8 and Fico 9 put a lot of emphasis on revolving utilization. EQ resilience appears more focused toward aggregate balance in $.
* Late payments and collections are a big deal with Fico credit scores (which reflect risk of a 90 day late payment) but, perhaps not as much with the resilience score given they have been paid. From what I can tell, the resilience score assesses ease of a given profile to weathering a job loss assuming nominal savings. If so, it makes sense that payment obligations in dollars are given priority.
* other info, regarding baddies, etc., in my post above this one.
I hope this helps you figure out what they are looking for!
I have zero red flags
