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How much can this improve my credit?

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Super Contributor

Re: How much can this improve my credit?


@Birdman7 wrote:
Loans do not reset AoYA; other than that all great advice!

Yes they do.


Total revolving limits 654000 (575000 reporting)

Message 11 of 17
Highlighted
Super Contributor

Re: How much can this improve my credit?

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/AoYA-penalty-Clean-aged-thick/m-p/572237...
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 12 of 17
Highlighted
Super Contributor

Re: How much can this improve my credit?

And if you recall we had that discussion back then. Yes, I was pulling daily reports that’s what I told you then.

I have no interest in arguing.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 13 of 17
Highlighted
Super Contributor

Re: How much can this improve my credit?

But, I will admit many of the CMS front ends will list your loan as your youngest account, but the FICO algorithm does not reset your AoYA for an installment loan.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 14 of 17
Highlighted
Super Contributor

Re: How much can this improve my credit?


@Birdman7 wrote:
But, I will admit many of the CMS front ends will list your loan as your youngest account, but the FICO algorithm does not reset your AoYA for an installment loan.

Every time I took out an SSL it reset my age of newest account, according to both Experian and MyFICO.

 

How can you be so certain that the FICO algorithm was not reset?


Total revolving limits 654000 (575000 reporting)

Message 15 of 17
Highlighted
Super Contributor

Re: How much can this improve my credit?

Yes the front end software from the CMS is definitely going to tell you it’s your youngest account because it in fact is. However, if you will read the threads above I conclusively tested and proved that it does not reset it for the algorithm.

I got my 1 year AOYA awards, then my loan reported and I did not lose them. Then I went on an app spree and as soon as the first card reported, I lost my AoYA points.

As you asked me then, yes I was pulling daily reports through myFICO. As you said then, had I not, it would’ve not been conclusive. But I was pulling daily reports.

The loan reported on a different day to TransUnion than it did the others. I had to pull separate reports every day and yes it cost a fortune.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 16 of 17
Highlighted
Super Contributor

Re: How much can this improve my credit?

Keep in mind the CMS front ends are like the simulators, you cannot count on them. You have to look at the raw data and track the scores. That’s the only way that I discovered this.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 17 of 17
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