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What gets reported?????

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New Contributor

Re: What gets reported?????


@BrutalBodyShots wrote:

Sweet, nice work!  Looks like your ding from reporting all zero balances is 1.5x - 2x as strong as mine, so letting a balance report for you yields a greater score gain.  Do you have a thick or thin file?  Perhaps thin to moderate?  My file is pretty thick, so I find that things impact my profile a bit less than it does to thinner files, generally speaking.


I think my file is pretty thin, you tell me. I'm 19, I have 1 loan for $1800 with a balance of $1500. I have 2 CCs Cap1 and a retail store CC in LA with combined CL of $900. My AAoA is 6-7 months, 5 INQs in EX/TU and 3 on EQ. I have no baddies and no late payments ever and my scores are EX: 694 TU:694 and EQ:705. is it still thin or thin to moderate. My oldest account fro TU/EX is 9 month and for EQ is 7 months.


Starting Score: EQ:623, TU:604, EX:641 7/23/16
Current Score: EQ:705, TU:694, EX:694 09/23/16
Goal Score: 700 on all 3


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Super Contributor

Re: What gets reported?????

I had to read no farther than your age; anyone that's 19 by definition is going to have a thin file simply based on the limited time they've been able to possess credit Smiley Happy

 

Your scores will be fairly volatile to profile changes... be it negative items, utilization changes, inquires, etc. until it is aged quite a bit more.  Of course, this can be both a good and a bad thing depending on how you look at it.

Message 12 of 17
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Super Contributor

Re: What gets reported?????

Another thing, once you you get your installment loan down below 70% (below $1260 balance) you should see a score bump due to "significantly paying down" your loan.  There are other thresholds that you'll cross later on, but the first will be at 70%.

Message 13 of 17
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New Contributor

Re: What gets reported?????


@BrutalBodyShots wrote:

Another thing, once you you get your installment loan down below 70% (below $1260 balance) you should see a score bump due to "significantly paying down" your loan.  There are other thresholds that you'll cross later on, but the first will be at 70%.


That's my second loan with the same company. My first one was last year and this second one I got in July.


Starting Score: EQ:623, TU:604, EX:641 7/23/16
Current Score: EQ:705, TU:694, EX:694 09/23/16
Goal Score: 700 on all 3


Take the myFICO Fitness Challenge



Message 14 of 17
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Super Contributor

Re: What gets reported?????

For credit mix scoring purposes, only open installment loans matter.  Assuming your first loan is paid off already, what I said above is true.  If the second one still has a balance, you simply calculate your overall installment loan utilization by adding up what you own on both together divided by the total of the two original loan balances.

Message 15 of 17
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New Contributor

Re: What gets reported?????


@BrutalBodyShots wrote:

For credit mix scoring purposes, only open installment loans matter.  Assuming your first loan is paid off already, what I said above is true.  If the second one still has a balance, you simply calculate your overall installment loan utilization by adding up what you own on both together divided by the total of the two original loan balances.


The first one is already paid off. The new loan has a $1650 balance on it.


Starting Score: EQ:623, TU:604, EX:641 7/23/16
Current Score: EQ:705, TU:694, EX:694 09/23/16
Goal Score: 700 on all 3


Take the myFICO Fitness Challenge



Message 16 of 17
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Super Contributor

Re: What gets reported?????

So you will see a score increase once you drop that balance to below about $1260.

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