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It should be an interesting month for my scores!

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markbeiser
Established Contributor

It should be an interesting month for my scores!

Things that will likely noticably impact my credit scores in the month of February:

1) I opened a new HELOC.
2) Payed off 2 personal loans, totalling about $18k, still have mortgage and car loan for installment accounts.
3) Remaining balance on my car loan will drop below 80%.
4) CC utilization will be back below 5% by the end of the month, started at 10%.
5) 4 inquiries will pass the 12 month mark on TU, 2 on EX, 1 on EQ.
6) 4 new accounts will pass the 12 month mark.

I've got the full paid MyFICO service, so I'll be getting lots and LOTS of alerts and score updates spamming my phone and home email!🤣

Starting FICO8 scores:
EQ 790
TU 755
EX 768

Any guesses where they will end up?🤔

Back to gardening until Late February 2025.

Current FICO8:
Message 1 of 13
12 REPLIES 12
DONZI
Established Contributor

Re: It should be an interesting month for my scores!


>800  Smiley Wink  re: "Gardening until January 2024, or until all 3 FICO8 scores are >800, whichever comes LAST"

2014 credit2020 credit2021 credit2023 credit
paypal credit imagecredit card imagecredit card imagecredit card imagecredit card imagecharge card imagecredit card imagecredit card imagecharge card imagecharge card image
[2020-12-09]=[EQ8|786]-[TU8|746]-[EX8|772] .... gardening until I can't (again).
[2023-10-01]=[EQ8|797]-[TU8|776]-[EX8|775]
Message 2 of 13
FireMedic1
Community Leader
Mega Contributor

Re: It should be an interesting month for my scores!

Do we look like the FICO computer? Smiley Very Happy Just kiddin. You opened a HELOC and paid off other loans. If the HELOC wasnt there. Nice movement. But the new HELOC will reset AoYA to 0 months and a new loan account with full amount owed might have cancel the other loan payoff movements. Now you have a new aggregate loan %. Util drop may offset some. HP's drop to 1. Nothing to write home about. Anyones guess.

@SouthJamaica?


Message 3 of 13
markbeiser
Established Contributor

Re: It should be an interesting month for my scores!


@FireMedic1 wrote:

Do we look like the FICO computer? Smiley Very Happy Just kiddin. You opened a HELOC and paid off other loans. If the HELOC wasnt there. Nice movement. But the new HELOC will reset AoYA to 0 months and a new loan account with full amount owed might have cancel the other loan payoff movements. Now you have a new aggregate loan %. Util drop may offset some. HP's drop to 1. Nothing to write home about. Anyones guess.

@SouthJamaica?


 I think I'm already suffering near the maximum penalty for AoYA.
I'm also not completely sure how HELOC balances affect scores. I know they get reported as revolving accounts, but their % Util isn't factored in like CC Util.
I have the paid service with Experian, and the HELOC already shows on my report as of this morning, but my score didn't change at all.🤔

Back to gardening until Late February 2025.

Current FICO8:
Message 4 of 13
SouthJamaica
Mega Contributor

Re: It should be an interesting month for my scores!


@FireMedic1 wrote:

Do we look like the FICO computer? Smiley Very Happy Just kiddin. You opened a HELOC and paid off other loans. If the HELOC wasnt there. Nice movement. But the new HELOC will reset AoYA to 0 months and a new loan account with full amount owed might have cancel the other loan payoff movements. Now you have a new aggregate loan %. Util drop may offset some. HP's drop to 1. Nothing to write home about. Anyones guess.

@SouthJamaica?


I agree that there will be lots of alerts and minor ups and downs, and I don't expect any significant score changes at all.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 5 of 13
TRC_WA
Senior Contributor

Re: It should be an interesting month for my scores!

Agreed...  I wouldn't be surprised to see any score change.  FICO can be a strange beast sometimes.

 

Just the other day I lost 10 pts on my TU for letting my NFCU report a 20% balance.  This was after I paid off 2 cards the week prior and gained a whole 2 points.

 

I don't lose sleep over a handful of points going one way or the other... nor do I get excited.  I'm saving it all for later this year when my baddies drop off... then I'll have something to get excited about.

FICO8 current as of : 2-25-24 EQ: 655 TU: 653 EX: 656
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Gold $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 6 of 13
markbeiser
Established Contributor

Re: It should be an interesting month for my scores!


@TRC_WA wrote:

 

I don't lose sleep over a handful of points going one way or the other... nor do I get excited.  I'm saving it all for later this year when my baddies drop off... then I'll have something to get excited about.


Same, the last of my baddies fell off in January, and I managed my goal of getting a HELOC at the best possible rates.
I was just thinking about all the little things that are happening to my credit files this month, and the timing of it all being reported to the 3 bureaus.
It should be mildly entertaining, to me at least, seeing alerts of changes almost every day, instead of the once or twice a month I've been getting for a while now.

Back to gardening until Late February 2025.

Current FICO8:
Message 7 of 13
markbeiser
Established Contributor

Re: It should be an interesting month for my scores!

So far EQ and TU don't like the new account, EX didn't change.3-4-23.jpg

Back to gardening until Late February 2025.

Current FICO8:
Message 8 of 13
URHomeInvestments
Regular Contributor

Re: It should be an interesting month for my scores!

Pay something off and the score drops.  I did something similar, and hope to open a HELOC.  It really chuffs me when my scores drop when I pay things down.  It all seems like a crap shoot sometimes.

Message 9 of 13
markbeiser
Established Contributor

Re: It should be an interesting month for my scores!


@URHomeInvestments wrote:

Pay something off and the score drops.  I did something similar, and hope to open a HELOC.  It really chuffs me when my scores drop when I pay things down.  It all seems like a crap shoot sometimes.


Still waiting to see what happens to my scores when the other personal loan to report that it is paid off...

After that, it is all definitely positive, and I won't be adding any new accounts until January 2024.

Back to gardening until Late February 2025.

Current FICO8:
Message 10 of 13
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