@Anonymous wrote:What if he had a very thin file and something he closed or paid off like an installment loan 10 yrs ago just finally stopped reporting you would lose that mix of credit and all the good history to go along with it is all I can think of?
FICO 8 would've already factored the majority if not all of that in when it came to credit mix; effectively you have to have open accounts now (and at pretty ratios); credit mix gets solved these days just by having enough tradelines of different types to optimize the rest of the algorithm... when people are getting 20-45 points just by tacking on an open $500 installment loan and paying it way forward but not off and then just letting it mostly idle it's in pretty much everyone's best interest to do this if they don't have non-trivial installment loans open currently.
I don't think it's possible to drop as many points actually from a reduction in AAOA, maybe some super rare bucketing situation based on oldest file but we're really getting into the estoteric now as FICO 8 can get an absurdly high score (compared to old models) with only 2 years AAOA.
I don't think I will ever understand fico scoring..lol.
So today I log in to my discover account to see if the score has updated for the month of march, since according to the graph, it updates the 7th of each month. My TU score rebounded slightly from 768 to 788. This means I went from 812 for Jan., to 768 for Feb., to 788 for March. The only change this time around is I now have a $90 balance reported by Discover.
So if you're keeping score, a new account caused a 44 point drop, but finally having a balance report actually made the score go up a bit. Again, fico scoring makes me head hurt.
Thanks all for the input...
So today I log in to my discover account to see if the score has updated for the month of march, since according to the graph, it updates the 7th of each month. My TU score rebounded slightly from 768 to 788. This means I went from 812 for Jan., to 768 for Feb., to 788 for March. The only change this time around is I now have a $90 balance reported by Discover.
So if you're keeping score, a new account caused a 44 point drop, but finally having a balance report actually made the score go up a bit. Again, fico scoring makes me head hurt.
Thanks all for the input...