15 point scoring change difference between bureaus with collections vs EQ which has no collections.
I think that CO is blocking your scores in 3 ways:
- Reporting every month suppressing the scores (debatable on # of points).
- Past Due balance (I see this negative reason code from FICO 8).
- Your not hitting the aggregate utilization thresholds like you think you are. We know the algos use past due balances against your Util, but nobody has proven HOW they do it. Is it a maxxed out card or possibly they assign the balance with a $0 CL? In the latter, that would be a heavy penalty against hitting aggregate Util breakpoints.
What are the FICO 8 reason codes you are seeing? If it's "heavy use of revolving credit", that CO must be hitting your Util hard.
@Brian_Earl_Spilner wrote:
@K-in-Boston wrote:It's still 20-40 points gained on each which isn't bad at all. And TU still might have a bit coming. Did Amex finally report to EX?
You mentioned the last CO still counting into revolving. That's on a charge card, so wouldn't it be excluded in FICO 8 for util anyway? Or does that change somehow with the status? It looks like that one account is still really holding you back if it's the only one left. If you were to pay Amex back at this point, how does that affect the impact scoring wise? Is the penalty in a state of being a constant currently delinquent account, and paying it off would stop that status? Sorry if those are n00b questions; I know almost nothing about a lot of the rebuilding stuff.
The chargeoff is on a revolver. It is updating every month.
All accounts have been reported paid except for on TU, which is waiting on 2 amex accounts to update. My utilization numbers in my last status update are accurate. I just checked each account right now on the new report.
Goctha. For some reason I was thinking the old Gold Card was the one you were talking about. So reviewing your original post and the numbers listed, that is neither in chargeoff nor collection status?
@Remedios wrote:If he pays CO right now, balance update will cause scoring drop, unless the CO is reporting with regular frequency, somewhere around 15 points or so.
They can only be gained back via passage of time.
If CO was on a charge card, its included in utilization calculations because amount remained unpaid. Charged off charge card has same effect scoring wise as revolving account CO because there is no difference on what type of account went unpaid, end result is same.
Thank you. That makes sense.
@Remedios wrote:
@TheKid2 wrote:I think that CO is blocking your scores in 3 ways:
- Reporting every month suppressing the scores (debatable on # of points).
- Past Due balance (I see this negative reason code from FICO 8).
- Your not hitting the aggregate utilization thresholds like you think you are. We know the algos use past due balances against your Util, but nobody has proven HOW they do it. Is it a maxxed out card or possibly they assign the balance with a $0 CL? In the latter, that would be a heavy penalty against hitting aggregate Util breakpoints.
What are the FICO 8 reason codes you are seeing? If it's "heavy use of revolving credit", that CO must be hitting your Util hard.
CO is not updating, its addressed in the thread.
If hes down to rounded 1%, how is that not hitting thresholds? He passed them all.
whoops - read too quickly. You ask a great question - I'm not sure. There are other differences with my testing like I don't have a collection. I'm just really curious to understand the scoring impacts of COs.
@K-in-Boston wrote:
@Brian_Earl_Spilner wrote:
@K-in-Boston wrote:It's still 20-40 points gained on each which isn't bad at all. And TU still might have a bit coming. Did Amex finally report to EX?
You mentioned the last CO still counting into revolving. That's on a charge card, so wouldn't it be excluded in FICO 8 for util anyway? Or does that change somehow with the status? It looks like that one account is still really holding you back if it's the only one left. If you were to pay Amex back at this point, how does that affect the impact scoring wise? Is the penalty in a state of being a constant currently delinquent account, and paying it off would stop that status? Sorry if those are n00b questions; I know almost nothing about a lot of the rebuilding stuff.
The chargeoff is on a revolver. It is updating every month.
All accounts have been reported paid except for on TU, which is waiting on 2 amex accounts to update. My utilization numbers in my last status update are accurate. I just checked each account right now on the new report.
Goctha. For some reason I was thinking the old Gold Card was the one you were talking about. So reviewing your original post and the numbers listed, that is neither in chargeoff nor collection status?
That thing is 20 years old. I'd be pissed if it was still showing. Lol
@TheKid2 wrote:
@Remedios wrote:
@TheKid2 wrote:I think that CO is blocking your scores in 3 ways:
- Reporting every month suppressing the scores (debatable on # of points).
- Past Due balance (I see this negative reason code from FICO 8).
- Your not hitting the aggregate utilization thresholds like you think you are. We know the algos use past due balances against your Util, but nobody has proven HOW they do it. Is it a maxxed out card or possibly they assign the balance with a $0 CL? In the latter, that would be a heavy penalty against hitting aggregate Util breakpoints.
What are the FICO 8 reason codes you are seeing? If it's "heavy use of revolving credit", that CO must be hitting your Util hard.
CO is not updating, its addressed in the thread.
If hes down to rounded 1%, how is that not hitting thresholds? He passed them all.
whoops - read too quickly. You ask a great question - I'm not sure. There are other differences with my testing like I don't have a collection. I'm just really curious to understand the scoring impacts of COs.
EQ is collection free, which is why I noted earlier that there was a 15 point difference in growth from the other 2, which are reporting the same 3 collections.
As for utilization, I had to go back and correct my update post as I left it unconverted. It's 8% if including the chargeoff, 0.3% without it. TU below is showing the balance of my 2 amex cards along with the chargeoff and trailing interest. The other 2 are only my chargeoff and trailing interest.
Below are the reasons
When I was trying to calculate Util with the CO, both @Revelate and @Anonymous corrected me that I can't assume the CO is counting traditional Util (Bal / CL). Your post here appears to support that since even with a 8% aggregate Util you shouldn't be seeing the "High Credit Usage" reason code. The algos have to be counting the CO heavier. That is what I am seeing on my scores, as well. I am getting a "Heavy use of revolving credit" with my open accounts at 3% aggregate Util.
@TheKid2 wrote:When I was trying to calculate Util with the CO, both @Revelate and @Anonymous corrected me that I can't assume the CO is counting traditional Util (Bal / CL). Your post here appears to support that since even with a 8% aggregate Util you shouldn't be seeing the "High Credit Usage" reason code. The algos have to be counting the CO heavier. That is what I am seeing on my scores, as well. I am getting a "Heavy use of revolving credit" with my open accounts at 3% aggregate Util.
Pretty sure heavy use would include going over the limit, which a chargeoff is, because the limit is 0.