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@joeyv1985 wrote:Hello RehabbingANDBlabbing,
I Found out my Resilience Index was a 64(Sensitive) with the Red Flags being too many Revolving Accounts(I have 4 CC's and 2 Installments Loans) and High revolving balances(I'm under 10% of my Credit Card Utilization). Do you know what the "Ideal" # of Credit Cards one should have? I always thought I was safe with just 4. Also, I thought I was fine with a CC Utilization under 10% was ok as well.
@joeyv1985 You're sure it's 'High number of revolving accounts' and not 'High percentage of revolving accounts'? Those are two separate flags, so I just wanted to make sure. Someone else made the mistake of thinking the 'High percentage' part referred to utilization.
I have 4 open revolving accounts and 1 closed installment loan. 2 of those revolving were opened recently - 5 months ago. That is everything on my file - no derogatories, no public records, starting from scratch 2yrs and 7mos ago.
I'm at 56 on the Resilience Index with 2 flags: No installment loan activity, High percent of revolving accounts (compared to total accounts on file)
I lost 2 points (54 to 56) when my reporting balances on 3 of 4 cards increased from $785 to $1688, or 3% to 6% aggregate change. All cards at or below 9%. So dollar amounts definitely matter, as FICO has already outlined in their product sheet.
It's interesting that you get a different flag for having the same number of open cards.
The best score I have had so far, back in April, was a 53 with 3 open cards/1 closed installment, $585 in reporting balances, and 4% aggregate utilization. All cards at or below 9.00%.
@Anonymous wrote:
@joeyv1985 wrote:
@Anonymous wrote:
And there’s nothing wrong with four cards there’s nothing wrong with more than four cards. I actually say a minimum of five is ideal for Best scoring across versions.
As far as utilisation as long as your 9% or less aggregate, and 29% or less individual, you are good.My credit limit is $28,500 and my utilization is at $2708, wich will drop $1000 after one of my credit cards report. Leaving me with an AZEO(CSP is currently at $1600). Again a head scratcher.
@joeyv1985 not really a head scratcher on the "amounts" because it's by raw dollar amount apparently. I don't know if anyone has determined at what point that flag is given, though maybe another member can chime in and remind me?
The number of revolvers is a head scratcher though unless its counting closed cards and open loans, which wouldn't make sense to me. definitely weird on that.
I just got off the phone with a myFico customer service rep. And she told me that the "Ideal" credit utilization for this stress test, should be under 7%. Also the ratio of Credit Cards to Installment Loans should be 1:1. With 4 open credit cards, I have no plan on closing one let alone 2 anytime soon. It would really hurt my score if I did. Maybe I'll close the Capital One down the road, but not the others. I view those as premium/better cards(2 Citi's and a CSP). So I guess the only thing I have control over is the Credit Card Utilization. C'est la vie.
@Anonymous wrote:
Maybe that’s ideal but you can have more cards than that without throwing a flag. I definitely agree that I wouldn’t throw away those premium cards for a resilience index that’s pretty much meaningless so far.
Thanks Birdman7. All things considered, I shouldn't be too upset. I'm just going to Garden and keep my spending in check for the next 18 months. Hopefully that should push me into the 800 Fico Score catergory.
The Resilience Index does not like a high balances: +10 points to 57, less resilient but still within the moderate range.
Same red flags:
Equifax -1, Transunion -5, Experian 0
EQ FICO Resilience Index - Leaderboard as of July 17, 2020 |
Breaking News |
K-in-Boston STILL holds The Golden Chalice! even though Kenro also has a 72. Because 3 FLAGS beats a question mark!
Dogbert is still KEEPER of The Golden Sword! for having the lowest/highest/worst/best score ever!
FICO issued a press release about this score and it triggered a flurry of articles in the mainstream press. The Washington Post published an article 4 days ago about this 'new score'. Plenty more articles on Google here. I lost 2 points for adding ~$900 to my reporting aggregate balance, which actually makes sense, so expect a Giant Meteor soon.
And as always - lower rating (higher number) doesn't mean that person has a bad credit profile in any way. This score is really sensitive to balance amounts and it doesn't matter if you have a 600 or 850. |
RECORD HOLDER | ||
Dogbert | 76 |
MEMBER NAME | SCORES | RED | HIGH | DATE |
RESILIENT [1-44] | ||||
GOLD KEY WINNER | ||||
Throckmorton's Wife | 40 | ? | 40 | |
LaHossBoss* | 43 | 0 | 41 | |
MODERATE [45-59] | ||||
FireMedic1 | 45 | 2 | 45 | |
PicoFico | 45 | 2 | 45 | |
EW800 | 46 | 2 | 46 | |
Thomas_Thumb | 48 | 2 | 48 | |
Tonya-E | 48 | 2 | 48 | |
Trudy | 49 | 2 | 49 | |
sjt | 51 | 2 | 47 | |
Chris865 [OP] | 52 | 2 | 52 | |
LaHossBoss SO | 52 | 2 | 52 | |
angelwingz | 53 | 2 | 53 | |
CassieCard | 56 | 2 | 53 | |
Dumbee | 56 | 2 | 56 | |
Flyingifr | 56 | 2 | 56 | |
kilroy8 | 56 | ? | 56 | |
TMB_ | 56 | 2 | 56 | |
tacpoly | 57 | 2 | 46 | |
CreditObsessedinFL | 58 | 2 | 56 | |
sarge12 | 59 | 2 | 59 | |
SENSITIVE [60-69] | ||||
Birdman7 | 60 | 2 | 60 | |
Brian_Earl_Spilner | 61 | 2 | 61 | |
NRB525 | 63 | 2 | 63 | |
Remedios | 63 | 2 | 63 | |
KEEPER OF THE GOLDEN SWORD | ||||
Dogbert* | 64 | 2 | 64 | |
joeyv1985 | 64 | 2 | 64 | |
Revelate | 65 | 2 | 63 | |
RehabbingANDBlabbing | 66 | 2 | 66 | |
VERY SENSITIVE [70-99] | ||||
Kenro* | 72 | ? | 72 | |
GOLDEN CHALICE WINNER | ||||
K-in-Boston | 72 | 3 | 72 |
* FORMER AWARD WINNERS * |
MEMBER NAME | AWARD | TROPHY | FOR | DATE |
Dogbert | GOLDEN CHALICE | Lowest rating: 76 | ||
Kenro | GOLDEN CHALICE | Lowest rating: 72 | ||
Kenro | GOLDEN SWORD | Record Low Rating: 72 | ||
LaHossBoss | GOLD KEY | Highest rating: 41 |
All awards are from this game: Adventure (1980) (Atari 2600) Level 1 play through
Current theme music: Mazzy Star - Fade Into You (Live, 1994)
Experian just updated my Fico 8 score and it jumped 8 points to 755. I surmise it's because my Credit Untilization went from 10% to 8%. Hopefully this helps my FICO Resilience score.
@joeyv1985 wrote:Experian just updated my Fico 8 score and it jumped 8 points to 755. I surmise it's because my Credit Untilization went from 10% to 8%. Hopefully this helps my FICO Resilience score.
My score got better by increasing utilization, adding a new revolving account, and adding a new refinanced installment account. It's like everything that FICO 8 hates, the Resiliency score likes. 😂
While we are a pretty small sample size, I do find it quite interesting that those who have a history of doing exactly what this score is trying to predict seem to do better than those with squeaky clean reports. Of course correlation does not equal causation.
@K-in-Boston wrote:
@joeyv1985 wrote:Experian just updated my Fico 8 score and it jumped 8 points to 755. I surmise it's because my Credit Untilization went from 10% to 8%. Hopefully this helps my FICO Resilience score.
My score got better by increasing utilization, adding a new revolving account, and adding a new refinanced installment account. It's like everything that FICO 8 hates, the Resiliency score likes. 😂
While we are a pretty small sample size, I do find it quite interesting that those who have a history of doing exactly what this score is trying to predict seem to do better than those with squeaky clean reports. Of course correlation does not equal causation.
Interesting. Per a myFico Customer service rep I spoke to earlier in the week, she told me I had too many revolving accounts(I have 4 open and 3 closed) relative to the # of intallment loans I have(1 Mortgage, 1 Car Loan, 1 Closed Car loan). She told me the ratio should be 1:1. I just told her I'm going to pay my installment loans on time, keep my credit untilization under 10% at all times and stary away from any new accounts. We'll see.
1:1 revolving:installment ratio?!? That's just insane! Even the "average consumer" is over that ratio.
BRB going to BMW dealer to buy 40 new cars so I can improve my Resilience score. I'm sure the extra $28,000/month in installment payments will make me seem like less of a risk. 😂