Should I care about my FICO resilience Index?

[HighAchiever334]

I understand it is intended as a supplement to the traditional FICO scores. When I sign in to myFICO, at the bottom it says the resilience index is not available. 

[K-in-Boston]

I'm not aware of any lenders actually subscribing to it or using it for underwriting.  From datapoints we've seen here comparing scores and profiles, the scores are very questionable as to their validity or usefulness.  Using myself as an example, I had FICO 8 scores in the 800s, but was labeled an extremely high risk due to monthly loan obligations - my mortgage and student loan payments are a small fraction of income and since income isn't factored in to begin with, it's preposterous to factor that as a high risk.  We also had examples of people with recent charge offs being among the lowest risk according to that index.

[SoCalGardener]

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@HighAchiever334 wrote:

I understand it is intended as a supplement to the traditional FICO scores. When I sign in to myFICO, at the bottom it says the resilience index is not available. 

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I don't know how much--or even, *IF*--this will help you, but *I* don't care about mine at all! In fact, I don't even recall hearing of a 'resilience index' until reading this thread. Therefore, I figure that in almost 50 years of using credit, if I don't know anything about my resilience index--including its very existence--it can't be all that important to me! As with all things credit-related, YMMV.

[K-in-Boston]

@SoCalGardener here's some light reading.

[SoCalGardener]

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@K-in-Boston wrote:

@SoCalGardener here's some light reading.

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Ha ha ha! LIGHT reading indeed! I didn't scroll past "Message 1 of 1,094"

But I will skim through enough later to get an idea of what it's all about. Thanks for the link.

[HeavenOhio]

FICO tells me that I have to take out a loan to be more resilient.

[805orbust]

NO

[disdreamin]

The resilience index makes me laugh. It hasn't budged for me as I paid off various loans and opened new lines over the past year. Mine is showing "You're looking OK" with moderate risk and a score of 55 and two red flags:

1. Amount of debt high/Installment loan balances high - I have one auto loan with an outstanding balance of under $5k, cc are PIF every month

2. High percent of revolving accounts - Yes, this is what happens when you don't have multiple loans

Personally, it doesn't seem like a very accurate indicator of risk. It would be great to hear from someone with a high resilience index and learn what their profile looks like.  [Scratch that, I just did some light reading from the link provided upthread] For me, it feels a bit like throwing darts at a board without personal (and possibly household) income as a factor.

[Horseshoez]

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@disdreamin wrote:

Personally, it doesn't seem like a very accurate indicator of risk. It would be great to hear from someone with a high resilience index and learn what their profile looks like.  [Scratch that, I just did some light reading from the link provided upthread] For me, it feels a bit like throwing darts at a board without personal (and possibly household) income as a factor.

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I know you've scratched that, however, I can provide a few datapoints if you'd like.  Prior to my Chapter 13 dropping off my reports my Resiliance score was a surprising (to me) 44; once my bankruptcy fell off, the score dropped to an even more surprising 34.

[disdreamin]

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@Horseshoez wrote:

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@disdreamin wrote:

Personally, it doesn't seem like a very accurate indicator of risk. It would be great to hear from someone with a high resilience index and learn what their profile looks like.  [Scratch that, I just did some light reading from the link provided upthread] For me, it feels a bit like throwing darts at a board without personal (and possibly household) income as a factor.

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I know you've scratched that, however, I can provide a few datapoints if you'd like.  Prior to my Chapter 13 dropping off my reports my Resiliance score was a surprising (to me) 44; once my bankruptcy fell off, the score dropped to an even more surprising 34.

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So is the trick having very few cards or what? I have six cards, one being a Target RedCard so store card. All are PIF (just added this info to the original post I'd made). I'm trying to figure out what they think is risky about my profile. I do wonder if doing AZEO would help with this, as I'm not careful about letting balances report at all. Last month I think my cards showed something like $3k balances across all cards but that is well under 10% overall utilization and it doesn't seem to impact my credit scores at all.