I was shocked to see an 11 point gain in FICO 2 this morning. That score rarely moves in my profile, and when it does move it changes only slightly.
1. 9% account dropped to zero causing accounts with balances to drop from 13/31 to 12/31
2. slight drop in another account from 15.x% to 15.y%
Since it's still mid-month, I have to attribute the boost to losing 1 account with balance
@Anonymous wrote:Were you able to see the score change on FICO 8 as well? I'm competely unfamiliar with FICO 2, in fact just getting that score for the first time ever yesterday thanks to the additional scores now provided with a CCT $1 trial.
11 points for a number of accounts with a balance change does seem like a lot, though. On FICO 8 and only with 8-9 accounts the score movement I see (if anything) is usually 3-4 points.
No, that's one of the odd things about it; it didn't affect FICO 8 even 1 point. And yes 11 points is huge in my profile, because my mortgage scores hardly ever move for me, and when they do they move only slightly.
@Anonymous wrote:
How many of those accounts are bankcards versus non-bankcards? Curious if FICO 2 dilineates between the two in regards to number of cards with balances.
Good question! I hadn't even thought of distinguishing the 'bankcards' from the personal lines of credit.
The one that dropped to zero was indeed a bankcard. I have 24 reporting bankcards.
So the report dropped from 7/24 bankcards with balances to 6/24.
If this is in fact the thing we are looking for, it could mean that 25% of bankcards reporting balances is a milestone of some sort.
@Anonymous wrote:
@SouthJamaica wrote:If this is in fact the thing we are looking for, it could mean that 25% of bankcards reporting balances is a milestone of some sort.
I'm just guessing here!
I know with TransUnion (FICO 8), I get notifications and new FICO 8 scores whenever my bankcard utilization changes. If a store card drops or goes up, I don't always get a notification, which is interesting.
I have no idea about FICO 2 though -- I've never had a mortgage, likely never will have one, so I don't even pay attention to what mine is, haha. But I am curiousd if bankcard utilization is a factor.
I am going to guess I'm wrong here and it's not an issue, but what you said makes sense -- the 25% of bankcard accounts might be delineated as a threshold, whereas store cards ("charge cards" even though they are revolvers) might not matter as much.
I don't have any store cards. My revolving accounts which report are 24 bankcards and 6 personal lines of credit.
BTW FICO 2 is sometimes used in non-mortgage situations. Several credit unions I have encountered use it for their credit card determinations.
@Anonymous wrote:
@SouthJamaica wrote:
BTW FICO 2 is sometimes used in non-mortgage situations. Several credit unions I have encountered use it for their credit card determinations.
Oh I'm sure that's the case, I just kinda stopped paying attention to FICO once I hit the 760 range -- and I'm expecting to be up in the 820s in 2019 pretty soon since I still have my SSL and don't really need to carry a balance beyond my usual AZEO balance! I'm happy with my cards, and honestly the only thing that might change my mind would be a stellar SUB, haha.
I'm back in with all the banks I burned (citi, chase and boa instant approvals this fall for 5 figures each, even with tons of inquiries) and even Alliant gave me a 5 figure SL, so I'm pretty much just going to keep things calm and aim for those 850s and be thankful that my homeowner's insurance and car insurance bills are so low thanks to better credit gleaned from these forums.
As for the revolving credit lines, I've never had one so I have no idea how that reports. I assume it's not as a bankcard, so you may still be on the right path that "number of bankcards with balance" might be the reason for the 11 points. That feels wrong to me, though -- 11 points is a huge amount. Any chance it's old inquiries aging to 3 or 6 months or something?
I doubt it's got to do with anything aging, because it occurred between the 18th and 19th days of the month.