FICO Score Stress Indicators/Indexes

[joeyv1985]

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@Anonymous wrote:

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@Charmante wrote:

My local news just said FICO has created a new credit scoring index called the Resilliance Index -- in response to the Pandemic -- which scores borrowers on their Spending Habits and rates them from 1 to 99 -- lower being better...

Is this true? How's it work?

Any details are appreciated!!!

P.S.

I DON'T SPEND... 99% of ALL my transactions are through ACH via my Checking Account -- I doubt I spend $200 a month on Credit Cards -- how will this affect my rating?

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Hi @Charmante . I think you'll do fine with this score, with that kind of low balance.

If you go back a few posts you'll see how 31 others ranked with it, and I can tell you everyone that did poorly on this score can get any card they want at any time.

Here's what FICO had to say about it: https://www.fico.com/blogs/fico-resilience-index-now-available-lenders-pilot

Pretty much every article on the net took their facts from that press release.

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I agree with CassieCard. I'm one of the 31. IMHO keep your spending in check, pay your bills on time, don't open any new accounts unless you have to and you'll be fine. I'm gardening and hoping this will push my FICO 8 scores higher. 

[K-in-Boston]

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@Anonymous wrote:

PSA: Please do not change the name of existing threads, it confuses people. 

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That resulted from a new thread in Credit Cards being merged into this existing thread.

[Jrny]

Question here. 

My wife has a resilience index, but I do not. Is there a specific subscription that is needed. I just have the Equifax. My wife has that plus Transunion. 

Thanks in advance.

[joeyv1985]

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@Jrny wrote:

Question here. 

My wife has a resilience index, but I do not. Is there a specific subscription that is needed. I just have the Equifax. My wife has that plus Transunion. 

Thanks in advance.

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Hello,

My  Resilience Index report came with my myFico subscription. If you have a FICO score, you're bound to have one. I guess it's a matter of paying for it. 

[fpembleton1]

Periodically I will susbscribe to the MY FICO Plan which provides all 3 bureau scores and credit reports to find out the real scores on my credit. Recently, I noticed that Equifax created another part of credit scoring called the Resilience Index. The scale is from 1-100 if I recall correctly. My score was 59. I asked for an explanation and this metric indicates that the lower the number, the better. Don't know if lenders are using this for lending decisions or not. I have not seen this mentioned so I wanted to mention this.

[Anonymous]

I'm resilient. Too bad my regular scores suck. 

[Tonya-E]

So my 1 card with a balance reported today. It's under 5% so they removed " revolving balances too high. And they replaced it with "too many open credit cards"  

[Anonymous]

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@Anonymous wrote:

I'm resilient. Too bad my regular scores suck. 

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Congrats! That is a great resilience score!

I know the feeling. I am resilient, but have bad scores. I am sure as time goes on, my index score will keep increasing as my SLs become active again and more of my oldest accounts keep falling off (dropping my AAoA).

[Anonymous]

@Anonymous 

Didn't think to look at SO's reasons for miderate index since it hadn't changed, but apparently the reasons did actually change.

Changed from "high installment loan amounts due" to "high installment loan balances"

And they removed "too many AU accounts" (lol 1) and replaced that with "missed payments", which is weird because last missed payment was 4 years ago (according to EQ) whereas the AU account is much newer. Strange.

They must just have a list of reason codes they cycle through, but these are the 2 flags they picked for July 2020. We will see if that changes on 8/17/20!

[sarge12]

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@Anonymous wrote:

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@Charmante wrote:

My local news just said FICO has created a new credit scoring index called the Resilliance Index -- in response to the Pandemic -- which scores borrowers on their Spending Habits and rates them from 1 to 99 -- lower being better...

Is this true? How's it work?

Any details are appreciated!!!

P.S.

I DON'T SPEND... 99% of ALL my transactions are through ACH via my Checking Account -- I doubt I spend $200 a month on Credit Cards -- how will this affect my rating?

---

Hi @Charmante . I think you'll do fine with this score, with that kind of low balance.

If you go back a few posts you'll see how 31 others ranked with it, and I can tell you everyone that did poorly on this score can get any card they want at any time.

Here's what FICO had to say about it: https://www.fico.com/blogs/fico-resilience-index-now-available-lenders-pilot

Pretty much every article on the net took their facts from that press release.

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I beg to differ...all my fico 08 scores are over 800 and I was declined in July for a Capital One Walmart mastercard. I am one of those ranked with a 59 resilience index score. I was rejected with too much recent credit as the reason. I think I had 2 accounts within a year. Before the pandemic, that might have been true, but right now, lenders are sweating bullets due to all the potential defaults. It likely did not help that I have a quicksilver card that I have never paid a cent in interest. They know I always PIF, which means little or no profit for the card issuer.