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@Anonymous wrote:My own update for February. Still no change, even with an increase of $236 for aggregate balance reporting. I went from $1,571 to $1,807 and kept the same 56 score with same 2 red flags. Same 4-of-4 cards reporting a balance with the same 0 scorable inquiries at EQ.
EQ8 at 746 with 4-of-4 cards reporting a balance at or under 9%. I don't wanna see my AZEO scores because I know it's a big boost on my scorecard and I'll get obsessive about keeping it there.
56 holding steady!
From the time I joined myFICO (Feb 2020) I did AZEO till Dec. Then I just said this is enough! Lol I was always obsessing about paying off this or that by a certain date.
The last couple of months I've had 3 out of 5 accounts with balances, from what I can tell I've lost around 5-6 points. I'll probably add another CC to report next month and see how everything reacts.
Enjoy your weekend!
Hello Cassie,
My monthly score came in and it's holding steady at 56 with 2 flags. My FICO 8 scores are the highest they've ever been, EQ 777/TU 797/EX 788. My car was PIF in December, but the balance still shows a balance akin to 1 payment. Compared with a balance of over $5K from the previous reporting period, I thought that would have dropped my score down to at least 54 or so. Maybe I need to pay more of my Mortgage principal to really make a dent in my Resilience score. Oh well.
@joeyv1985 wrote:Hello Cassie,
My monthly score came in and it's holding steady at 56 with 2 flags. My FICO 8 scores are the highest they've ever been, EQ 777/TU 797/EX 788. My car was PIF in December, but the balance still shows a balance akin to 1 payment. Compared with a balance of over $5K from the previous reporting period, I thought that would have dropped my score down to at least 54 or so. Maybe I need to pay more of my Mortgage principal to really make a dent in my Resilience score. Oh well.
@joeyv1985 I think it's more concerned with the amount of the payment and monthly obligation than it is the total amount still remaining due on the loan. I'll bet your resilience score goes down meaning better, when that car loan reports closed.
@Anonymous wrote:
@joeyv1985 wrote:Hello Cassie,
My monthly score came in and it's holding steady at 56 with 2 flags. My FICO 8 scores are the highest they've ever been, EQ 777/TU 797/EX 788. My car was PIF in December, but the balance still shows a balance akin to 1 payment. Compared with a balance of over $5K from the previous reporting period, I thought that would have dropped my score down to at least 54 or so. Maybe I need to pay more of my Mortgage principal to really make a dent in my Resilience score. Oh well.
@joeyv1985 I think it's more concerned with the amount of the payment and monthly obligation than it is the total amount still remaining due on the loan. I'll bet your resilience score goes down meaning better, when that car loan reports closed.
Hmmmm. Would it be a double edged sword t when the car loan shows closed on the report? Meaning car PIF thus dropping Resiliency Score however FICO's take a bit of hit because my credit mix loses one intallment loan, although I still have the mortgage.
@joeyv1985 wrote:
@Anonymous wrote:
@joeyv1985 wrote:Hello Cassie,
My monthly score came in and it's holding steady at 56 with 2 flags. My FICO 8 scores are the highest they've ever been, EQ 777/TU 797/EX 788. My car was PIF in December, but the balance still shows a balance akin to 1 payment. Compared with a balance of over $5K from the previous reporting period, I thought that would have dropped my score down to at least 54 or so. Maybe I need to pay more of my Mortgage principal to really make a dent in my Resilience score. Oh well.
@joeyv1985 I think it's more concerned with the amount of the payment and monthly obligation than it is the total amount still remaining due on the loan. I'll bet your resilience score goes down meaning better, when that car loan reports closed.
Hmmmm. Would it be a double edged sword t when the car loan shows closed on the report? Meaning car PIF thus dropping Resiliency Score however FICO's take a bit of hit because my credit mix loses one intallment loan, although I still have the mortgage.
@joeyv1985 if the car loan were your only loan, your analysis would be spot on. However because you have a mortgage you may not see much of a drop on your 8/9. Your aggregate loan utilization won't change much since there's only one payment remaining.
we know mortgage loans are tracked separately and satisfy a mix type, but I would definitely like to know the results of what happens, if you would be kind enough to report back. it will be interesting to know if the different loan utilizations are kept separate or if it's based on the combination. Do you have anything else reporting around that time? someone else may already know the answer.
You'll probably see an increase on your mortgage scores due to one less account with a balance, tho!
Edit: @joeyv1985 Closed loans still contribute to credit mix. The point change usually comes from the loan balance & utilization going to 0%.
@Anonymous wrote:
@joeyv1985 wrote:
@Anonymous wrote:
@joeyv1985 wrote:Hello Cassie,
My monthly score came in and it's holding steady at 56 with 2 flags. My FICO 8 scores are the highest they've ever been, EQ 777/TU 797/EX 788. My car was PIF in December, but the balance still shows a balance akin to 1 payment. Compared with a balance of over $5K from the previous reporting period, I thought that would have dropped my score down to at least 54 or so. Maybe I need to pay more of my Mortgage principal to really make a dent in my Resilience score. Oh well.
@joeyv1985 I think it's more concerned with the amount of the payment and monthly obligation than it is the total amount still remaining due on the loan. I'll bet your resilience score goes down meaning better, when that car loan reports closed.
Hmmmm. Would it be a double edged sword t when the car loan shows closed on the report? Meaning car PIF thus dropping Resiliency Score however FICO's take a bit of hit because my credit mix loses one intallment loan, although I still have the mortgage.
@joeyv1985 if the car loan were your only loan, your analysis would be spot on. However because you have a mortgage you may not see much of a drop on your 8/9. Your aggregate loan utilization won't change much since there's only one payment remaining.
we know mortgage loans are tracked separately and satisfy a mix type, but I would definitely like to know the results of what happens, if you would be kind enough to report back. it will be interesting to know if the different loan utilizations are kept separate or if it's based on the combination. Do you have anything else reporting around that time? someone else may already know the answer.
You'll probably see an increase on your mortgage scores due to one less account with a balance, tho!
Edit: @joeyv1985 Closed loans still contribute to credit mix. The point change usually comes from the loan balance & utilization going to 0%.
Hello Birdman,
I'll be more than happy to report back my results a month from now. By then I can only assume, the Car loan will have reported Paid In Full and if there's a fallout, hopefully not, it won't be as catastrophic. As far as any new reporting is concerned, the only thing I can think of is an inquiry falling off. Between my 3B report in Jan and the one that just reported here in Feb, 3 inquiries fell off the report leaving me with 3. Of the 3 remaining, 1 more should fall off on my next 3B report in March which will leave me with just 2. The said inquiries were last year. Also, on the Feb 3B report, 2 CC's crossed the 1 year mark since I opened them. I should have another one reporting it's 1 year anniversary on the next report. Other than that, I can't think of anything else material enough to impact my scores. I'm currently in a gardening mode, so there's nothing pressing as far as new accounts are concerned. Just keeping my spending in check, aging my accounts and requesting a CL increase here and there.
@joeyv1985 wrote:
@Anonymous wrote:
@joeyv1985 wrote:
@Anonymous wrote:
@joeyv1985 wrote:Hello Cassie,
My monthly score came in and it's holding steady at 56 with 2 flags. My FICO 8 scores are the highest they've ever been, EQ 777/TU 797/EX 788. My car was PIF in December, but the balance still shows a balance akin to 1 payment. Compared with a balance of over $5K from the previous reporting period, I thought that would have dropped my score down to at least 54 or so. Maybe I need to pay more of my Mortgage principal to really make a dent in my Resilience score. Oh well.
@joeyv1985 I think it's more concerned with the amount of the payment and monthly obligation than it is the total amount still remaining due on the loan. I'll bet your resilience score goes down meaning better, when that car loan reports closed.
Hmmmm. Would it be a double edged sword t when the car loan shows closed on the report? Meaning car PIF thus dropping Resiliency Score however FICO's take a bit of hit because my credit mix loses one intallment loan, although I still have the mortgage.
@joeyv1985 if the car loan were your only loan, your analysis would be spot on. However because you have a mortgage you may not see much of a drop on your 8/9. Your aggregate loan utilization won't change much since there's only one payment remaining.
we know mortgage loans are tracked separately and satisfy a mix type, but I would definitely like to know the results of what happens, if you would be kind enough to report back. it will be interesting to know if the different loan utilizations are kept separate or if it's based on the combination. Do you have anything else reporting around that time? someone else may already know the answer.
You'll probably see an increase on your mortgage scores due to one less account with a balance, tho!
Edit: @joeyv1985 Closed loans still contribute to credit mix. The point change usually comes from the loan balance & utilization going to 0%.
Hello Birdman,
I'll be more than happy to report back my results a month from now. By then I can only assume, the Car loan will have reported Paid In Full and if there's a fallout, hopefully not, it won't be as catastrophic. As far as any new reporting is concerned, the only thing I can think of is an inquiry falling off. Between my 3B report in Jan and the one that just reported here in Feb, 3 inquiries fell off the report leaving me with 3. Of the 3 remaining, 1 more should fall off on my next 3B report in March which will leave me with just 2. The said inquiries were last year. Also, on the Feb 3B report, 2 CC's crossed the 1 year mark since I opened them. I should have another one reporting it's 1 year anniversary on the next report. Other than that, I can't think of anything else material enough to impact my scores. I'm currently in a gardening mode, so there's nothing pressing as far as new accounts are concerned. Just keeping my spending in check, aging my accounts and requesting a CL increase here and there.
@joeyv1985 if that is your youngest Revolver reaching one year, that will result in Scorecard reassignment on 8/9, probably giving you some points. I don't know what effect it will have on the resiliency score, but it will be interesting to find out, so that will be mixed in with the loan closing, so it will be hard to differentiate since it will be conflated, unfortunately.
nevertheless will look forward to your report, there's no telling what we may be able to learn!
@Anonymous wrote:
@joeyv1985 wrote:
@Anonymous wrote:
@joeyv1985 wrote:
@Anonymous wrote:
@joeyv1985 wrote:Hello Cassie,
My monthly score came in and it's holding steady at 56 with 2 flags. My FICO 8 scores are the highest they've ever been, EQ 777/TU 797/EX 788. My car was PIF in December, but the balance still shows a balance akin to 1 payment. Compared with a balance of over $5K from the previous reporting period, I thought that would have dropped my score down to at least 54 or so. Maybe I need to pay more of my Mortgage principal to really make a dent in my Resilience score. Oh well.
@joeyv1985 I think it's more concerned with the amount of the payment and monthly obligation than it is the total amount still remaining due on the loan. I'll bet your resilience score goes down meaning better, when that car loan reports closed.
Hmmmm. Would it be a double edged sword t when the car loan shows closed on the report? Meaning car PIF thus dropping Resiliency Score however FICO's take a bit of hit because my credit mix loses one intallment loan, although I still have the mortgage.
@joeyv1985 if the car loan were your only loan, your analysis would be spot on. However because you have a mortgage you may not see much of a drop on your 8/9. Your aggregate loan utilization won't change much since there's only one payment remaining.
we know mortgage loans are tracked separately and satisfy a mix type, but I would definitely like to know the results of what happens, if you would be kind enough to report back. it will be interesting to know if the different loan utilizations are kept separate or if it's based on the combination. Do you have anything else reporting around that time? someone else may already know the answer.
You'll probably see an increase on your mortgage scores due to one less account with a balance, tho!
Edit: @joeyv1985 Closed loans still contribute to credit mix. The point change usually comes from the loan balance & utilization going to 0%.
Hello Birdman,
I'll be more than happy to report back my results a month from now. By then I can only assume, the Car loan will have reported Paid In Full and if there's a fallout, hopefully not, it won't be as catastrophic. As far as any new reporting is concerned, the only thing I can think of is an inquiry falling off. Between my 3B report in Jan and the one that just reported here in Feb, 3 inquiries fell off the report leaving me with 3. Of the 3 remaining, 1 more should fall off on my next 3B report in March which will leave me with just 2. The said inquiries were last year. Also, on the Feb 3B report, 2 CC's crossed the 1 year mark since I opened them. I should have another one reporting it's 1 year anniversary on the next report. Other than that, I can't think of anything else material enough to impact my scores. I'm currently in a gardening mode, so there's nothing pressing as far as new accounts are concerned. Just keeping my spending in check, aging my accounts and requesting a CL increase here and there.
@joeyv1985 if that is your youngest Revolver reaching one year, that will result in Scorecard reassignment on 8/9, probably giving you some points. I don't know what effect it will have on the resiliency score, but it will be interesting to find out, so that will be mixed in with the loan closing, so it will be hard to differentiate since it will be conflated, unfortunately.
nevertheless will look forward to your report, there's no telling what we may be able to learn!
Thanks Birdman. I forgot to mention it but, I opened an Amex Plat back on 11/28. It was hard to turn down the 100K siging bonus. So between that, the 3 CC's that I opened up in the Jan/Feb of 2020, I'm hoping it will help my score as it ages. If you're wondering why I opened so many CC's in under a year, I went through a re-building phase after the last recession in '08. A baddy fell off in December or 2019 and when that happened, my scores made a big jump overnight. I refinanced my car from a Cap 1 loan at over 12% and refinanced it to less than 1/2 that. Paid off that refi loan a year later. I also went ahead and closed my "Rebuilding" cards such as my 2 Credit 1 cards and a Cap 1 card and opened 2 Citi Cards(DC and AAD) and a CSP. I realized I took a bit on my AAoA by closing my Rebuilding cards and opening the more desireable cards, but I wasnt' too concerned. I did keep a Cap Plat 1 that I've had since 10/15 and converted it to a Venture One with no AF just to help with the age of the accounts. At the end, it was worth it. Especially putting the past behind. Anyhoo, once I get the new info, I'll pass it on. Cheers.
@joeyv1985 well if you got an American Express in November, you're good, there won't be a scorecard change yet. I'll look forward to your data points! Congratulations it sounds like you're making nice progress!
@Anonymous wrote:@joeyv1985 well if you got an American Express in November, you're good, there won't be a scorecard change yet. I'll look forward to your data points! Congratulations it sounds like you're making nice progress!
Thank you.