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Take the myFICO Fitness Challenge 2020!

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Moderator Emeritus

Re: Take the myFICO Fitness Challenge 2020!

2019 started with a whimper as far as credit went and went all over the map... though admittedly was working 2 steady jobs at that point for total financial goodness.  Beat up my files a little bit because when you're saddled with a 30D late or worse and plenty of history there isn't a whole lot you can really do to make the file uglier and so opened up a few nice to have accounts rather than "needs" from a credit perspective.

 

Then for I still have no clue what reason, EX and EQ both whacked the tradeline that had the 30D on it.  Same tradeline as a 60D late on TU but that one's still there, but it basically blew my scores up into the stratosphere for me: EQ across the board is the highest it's ever been, even with a few inquiries / new accounts straggling there, and EX while not my highest (again because of inquiries / AOYA) is higher than it has any reason to be rationally.  Actually my TU scores are well above where I expected too with the aforementioned 60D late, truly cannot complain.

 

This year I expect to be better in terms of not opening trivial things, but I might refi my mortgage out to something with a longer term and maybe even with a lower rate.  I still need to get out to Chase and see what sort of discount I can get with CPC.  This year is just more about keeping a clean balance sheet, squirreling away more money, and reducing monthly expenses where I can.  Given that I'm working remotely most of the time with multiple gigs I don't have a lot of time to be outside in the admittedly nice California weather so I'm getting tempted to just leave the state for all that the labor laws here are entirely in my favor the state income tax is large and that, meh.  Not going to worry about that till I get situated after the January work blitz, first job too busy and second one will ramp up too... not a bad problem to have.

 

Anyway with a potential mortgage or refi in the wind just going to stay as squeaky clean as I can.  Mortgage mid score is already 780+ so I'm in good shape if I don't do anything stupid... and at this point not doing anything dumb is the name of the game.  Updated goal scores are small improvements from inquiries / AOYA and not shoot the moon things as I've had in the past.  I am losing my oldest account though which might be a problem but losing 41 months there I'm hoping won't be a big deal.

 

Random credit events:

  • 4/1/20 - AOYA ticks over a year
  • 4/28/20 - last inquiries fade 0/0/0 across the board
  • 8/1/20 - bye bye to my original BOFA tradeline; AOOA 106 months vs. 147 months
  • 11/1/20 - AAOA hits 6 years factoring the loss of the old closed BOFA

Best of luck to everyone else this year both in their financial and credit plans and everything else!

 

 

 




        
Message 11 of 114
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Member

Re: Take the myFICO Fitness Challenge 2020!

New to the group. Looking forward to lurking, participating and raising my score. I'm currently at...

 

Experian - 685
Equifax - 716
Transunion - 715

 

 

Good luck to everyone.

 

 

 

Starting Score: 715
Current Score: 715
Goal Score: 850


Take the myFICO Fitness Challenge
Message 12 of 114
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Moderator Emeritus

Re: Take the myFICO Fitness Challenge 2020!

@Revelate seems you have laid out a solid road map to be stable credit/lending wise and available for the right mortgage in 2020. Smiley Happy

For some reason Mortgage Scores seem to have a harsh view of installment and mortgage debt. Smiley Sad
Starting Score: 300
Current Score: 824
Goal Score: 850


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Message 13 of 114
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Re: Take the myFICO Fitness Challenge 2020!


@Dinosaur wrote:
@Revelateseems you have laid out a solid road map to be stable credit/lending wise and available for the right mortgage in 2020. Smiley Happy

For some reason Mortgage Scores seem to have a harsh view of installment and mortgage debt. Smiley Sad

@Dinosaur 

 

I don't know on that one, might be a clean vs. dirty scorecard bit.

 

I don't have anything, at all, regarding loan balances on TU 04 currently; as a matter of fact I only have 3 reason codes right now which is strong evidence it doesn't exist in the scorecard at all... I do know that FICO 8 had installment loans as a thing on every scorecard though, and I definitely got movement on EX FICO 2 back in the day (but not EQ FICO 5 which was similarly dirty as TU 04 is now).

 

I don't have any complaints on EQ FICO 5 (clean) about loan balances either but it's possible it's below the top 4 for me but to be fair when a single inquiry makes the #4 slot, I'm thinking it's not even relevant TBH.  On the flipside I don't have it on EX FICO 2 (clean) now either as a reason code and I likewise have some pretty trivial things there in the #3/#4 slots.

 

I guess we'll see what happens, I might be able to hit the top installment utilization breakpoint which I know I had back in the day I just didn't have it nailed down to a specific percentage.




        
Message 14 of 114
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Re: Take the myFICO Fitness Challenge 2020!

@Revelate     just had a second hit on my credit reports FICO BankCard Score 08 which went from 883 to 875 (got'ta love it) where I owed $350 on a BT and added a second report for $2 (that is really something else)!

FICO 2 is 807, FICO Auto Score8 is 883, FICO Auto Score 2 is 843, FICO Bankcard Score 8 is 875, FICO Score 3 is 798, and FICO Bankcard Score 2 is 833. All of these scores cite: too short of AAoA, too high of loan balances except FICO 8 which sits at 850 with no negative comments. Sure makes me wonder?


My mortgage score has stayed at the same place for more than a year and other than a mortgage and auto loan, there is virtually no debt! Will add that a bank that uses Beacon 5 found my Score at 807 with the top score being 818 and they told me they wished more of their customers had scores like mine (was their customer at the time - decided it was business and said good bye later). Aw but with that said, decided not to offer me a Home Equity Loan as they determined I had access to sufficient other credit (which was true). After leaving the bank I made a quick call to US Bank and had several thousand dollars in my account in less than two minutes. Guess the bank was right (note the amount of loan was paid off after a year).

Starting Score: 300
Current Score: 824
Goal Score: 850


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Message 15 of 114
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Re: Take the myFICO Fitness Challenge 2020!

Well remember that FICO 8 doesn’t give reason codes literally anywhere other than the TU alert monitoring here on the forums once you are above 800.

850 you are just above the line (there is a buffer) such that your current loan balances aren’t an issue even if you aren’t in the best scoring position for them.

Out of curiosity what is your aggregate installment utilization? I had remarks in FICO 8 / EX FICO 2 all the way down to 9% (8.9% I suppose to be precise)... but then I got a mortgage and my gains went poof.



        
Message 16 of 114
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Re: Take the myFICO Fitness Challenge 2020!


@Revelate wrote:
Well remember that FICO 8 doesn’t give reason codes literally anywhere other than the TU alert monitoring here on the forums once you are above 800.

850 you are just above the line (there is a buffer) such that your current loan balances aren’t an issue even if you aren’t in the best scoring position for them.

Out of curiosity what is your aggregate installment utilization? I had remarks in FICO 8 / EX FICO 2 all the way down to 9% (8.9% I suppose to be precise)... but then I got a mortgage and my gains went poof.

@Revelate   Checked now, Mortgage is at 82% and Installment at 59% utilization. Found that as I got my installment under 30% I got score increases. In reference to the Mortgage, I cannot remember and there have been like five in ten years but no recall.

Starting Score: 300
Current Score: 824
Goal Score: 850


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Message 17 of 114
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Re: Take the myFICO Fitness Challenge 2020!


@Dinosaur wrote:

@Revelate wrote:
Well remember that FICO 8 doesn’t give reason codes literally anywhere other than the TU alert monitoring here on the forums once you are above 800.

850 you are just above the line (there is a buffer) such that your current loan balances aren’t an issue even if you aren’t in the best scoring position for them.

Out of curiosity what is your aggregate installment utilization? I had remarks in FICO 8 / EX FICO 2 all the way down to 9% (8.9% I suppose to be precise)... but then I got a mortgage and my gains went poof.

@Revelate   Checked now, Mortgage is at 82% and Installment at 59% utilization. Found that as I got my installment under 30% I got score increases. In reference to the Mortgage, I cannot remember and there have been like five in ten years but no recall.


Are you talking discrete changes?

 

I agressively paid down my loans and only found one at ~10% (later confirmed to be 8.9% on others' data) and there was one breakpoint higher where I found the original "**bleep**" datapoint re: installment utilization as the only change on my file but it was a lump sum payment and not a small single step.

 

There's been a lot of anecodtal datapoints which unfortunately haven't panned out which is the only reason I ask and tend to harp on quality of data.




        
Message 18 of 114
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Moderator Emeritus

Re: Take the myFICO Fitness Challenge 2020!


@Revelate wrote:

@Dinosaur wrote:

@Revelate wrote:
Well remember that FICO 8 doesn’t give reason codes literally anywhere other than the TU alert monitoring here on the forums once you are above 800.

850 you are just above the line (there is a buffer) such that your current loan balances aren’t an issue even if you aren’t in the best scoring position for them.

Out of curiosity what is your aggregate installment utilization? I had remarks in FICO 8 / EX FICO 2 all the way down to 9% (8.9% I suppose to be precise)... but then I got a mortgage and my gains went poof.

@Revelate   Checked now, Mortgage is at 82% and Installment at 59% utilization. Found that as I got my installment under 30% I got score increases. In reference to the Mortgage, I cannot remember and there have been like five in ten years but no recall.


Are you talking discrete changes?

 

I agressively paid down my loans and only found one at ~10% (later confirmed to be 8.9% on others' data) and there was one breakpoint higher where I found the original "**bleep**" datapoint re: installment utilization as the only change on my file but it was a lump sum payment and not a small single step.

 

There's been a lot of anecodtal datapoints which unfortunately haven't panned out which is the only reason I ask and tend to harp on quality of data.


Mortgages were lump sum large payments to zero. Installments were discrete except for the last 10% to 15% which were lump sum payoffs.

Starting Score: 300
Current Score: 824
Goal Score: 850


Take the myFICO Fitness Challenge
Message 19 of 114
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Regular Contributor

Re: Take the myFICO Fitness Challenge 2020!

I am hoping to see the 800s this year.  Following this forum religiously since I've been gone for a little while.  But now Im back and ready to take the challenge.

Starting Score: 555
Current Score: 555
Goal Score: 825


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Message 20 of 114
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