@lindsaydruart wrote:
@Anonymous wrote:Sorry you got hassled, but it's a good reminder that lenders are doing soft pull inquiries for account reviews, AND because of the increase in chargeoffs, they're tightening underwriting even on older accounts.
I didn't realize FICO9 penalizes utilization differently than FICO8 -- did you read that here? Was under the impression that FICO4, FICO8 and FICO9 all used the same utilization breakpoints.
Also how high was your worst card's utilization and for how many months?
If they had dinged me on utilization, I would have been completely fine with that. I'm at 61% right now but the reason they gave was delinqencies. I haven't had any new delinquencies in years BEFORE I even opened the account. I questioned that and that's when they came up with my score didn't fit the criteria. A 60 pt difference between scoring models is a pretty big deal.
Sorry to hear about the hassles but that 61% util is concerning.
Could you list out the cards, limits and current balances? This would be good to know as a comparative for the different models.
Also, was the move to 60% recent?
@NRB525 wrote:
@lindsaydruart wrote:
@Anonymous wrote:Sorry you got hassled, but it's a good reminder that lenders are doing soft pull inquiries for account reviews, AND because of the increase in chargeoffs, they're tightening underwriting even on older accounts.
I didn't realize FICO9 penalizes utilization differently than FICO8 -- did you read that here? Was under the impression that FICO4, FICO8 and FICO9 all used the same utilization breakpoints.
Also how high was your worst card's utilization and for how many months?
If they had dinged me on utilization, I would have been completely fine with that. I'm at 61% right now but the reason they gave was delinqencies. I haven't had any new delinquencies in years BEFORE I even opened the account. I questioned that and that's when they came up with my score didn't fit the criteria. A 60 pt difference between scoring models is a pretty big deal.
Sorry to hear about the hassles but that 61% util is concerning.
Could you list out the cards, limits and current balances? This would be good to know as a comparative for the different models.
Also, was the move to 60% recent?
I've been between 50 and 60 for about 6 months now with a few cards hovering in the 90% range. Most of my balances are on my higher cards at 15k-20k limits. I transferred some business debt to pay things down faster because my personal cards have much lower rates. I hadn't used the Thrifty account in a year. I used it once just to show usage on it, and they closed it the following month. I guess using it triggered a review. I don't know. It's meh at this point. I'm just paying down debt so it's not like I'm trying to get anything new.
Gardening since 12/15/2019. Goal 12/15/2021
@Anonymous wrote:
@Anonymous wrote:I wish I could use profanity to describe Penfed here. But I cant. Instead I will say that they make NO SENSE sometimes. They are so wishy washy on their "guidlines". I have three loans, a huge credit card, checking and savings and that thrifty credit line. And they still treat me like a rat when I apply for stuff. I have over $150k in credit with them for years now, and it means nothing. They still nitpick my credit report from years ago when I had some tough times. Forget about the 3+ years of platinum credit I have had since. Most of it is with them, and they can see all the payment histories in their own systems. Forget about my ultra long job history or my very high income. Forget about all that and just look at the completely arbitrary 3 digit number that your old computers spit out that changes by the minute. Forget about anything but that number that explains nothing about my life or ability to afford my bills.
If I could bounce out of my three loans with penfed, I would in a minute. They are not pleasant to deal with. Every LO has a new version of their guidlines that they refuse to explain. They are not worth your time.
Wow! That much credit with them? That in itself is amazing. Perhaps that is the issue? I have been very happy with PenFed. I find them easy to deal with and fair with their decisions. So sorry you have had problems.
I have not had a good experience with them, ever. It's always been some thing. Even when my util was 2% with my score in the low 700s, I was only good enough for 500 on the Thrifty so....it's whatever. Good riddens. Navy Fed does me fine and I'm hearing great things about Delta Community. I've been with Navy forever with 55k in open lines and no problems.
I'm aware of the implications of high utilization. I didn't start the thread to have my hand spanked about utilization. I was discussing the difference in the scoring models and how that affected an account. By PenFed's scoring standard, as stated to me by a LO, on the old scoring model, I meet the criteria but on FICO 9, the score is drastically different even though the reports are the same, and I no longer meet the criteria.
Another issue I'm having is wild flucuations in my Equifax score. Every time I get a ding from myFico on a change either my score is up 60 pts or down 50 pts. Same numbers each time and my EQ won't update on any other websites. I've checked my report and don't see anything new or an issue. My EQ score is sometimes 100pts lower than any other scores. All of this started after that whole breach thing. Anyone else having issues with EQ? PenFed is my only EQ driven account and the only account I had an issue with.
@tcbofade wrote:I do think that Fico9 scores utilization worse than Fico8.
Just recently got my first access to a Fico 9 score, and it's 40 points lower than Fico 8 for me.
The impression I get between 8 and 9 is that the newer model weighs recent events more heavily. Ive seen a few examples that would seem to support this.
All my negatives are quite old, and my 9 scores can be up to 100 points higher than 8's.
