@credit8502020 wrote:
@Anonymous wrote:
@credit8502020 wrote:
@Anonymous wrote:
Whether or not the AU helps on version 8 & 9 depends on whether the anti-abuse algorithm flags it, but it will help with the mortgage scores.
As for that loan officers advise it, it is not the best for all profiles. They are wrong for some people if they advise that to all. While an old thick profile might do fine with two credit cards reporting, a young thin file would not do as well.
There is evidence that EX2 counts closed revolvers in the number/percentage of revolvers with a balance metric. I have no idea whether it applies to any other version.
That close revolver with the balance, is it showing delinquent? And is it showing the credit limit?
AZEO as described by @AllZero is best to optimize any profile. If you had more cards, you would realize more of a gain, version depending. Don’t go get more cards right now though because the new accounts would penalize you worse than the help of having more cards, at least while they’re new.
Now, if you have time before you have anything you have to do, at least a year, then yes, add some cards.
@Anonymous
Yes, it is red and showing as delinquent.
On my FiCO 3B report, the payment status on the closed revolver is as follows:
EQ - Pays account as agreed
TU - Paid or paying as agreed
EXP - Current account/was delinquent 60 days past due date
In 2018, I had the following 3 late payments: 1. 30D - 8/18, 2. 60D - 9/18, 3. 30D - 10/18
Yes, it's showing the credit limit of $10,600 and showing the credit utilization of 33%.
Ok, regarding the cards. I don't have any inquiries now and definitely want to increase my limits since they are so low and prepare to start building business credit, but would like to improve my personal profile being in a position for my business cards in the future. Unfortunately, my $750 card is with Open Sky so of course I will not get an increase on that car...you live and learn! So I definitely want a few more cards to overall build my profile. I haven't applied for anything in 3 years. I wish I had, but again, I've lived and I've learned. & still learning...
You should've experienced scorecard reassignment the first of this month when that 60 day late aged to 2 years. On the mortgage scores, you should've went to a clean scorecard and I believe on version 8 & 9, you go to a mature delinquency card.
So your scores may have changed quite a bit maybe the first of this month, you probably went up on 8 and 9, you may have went down on 542.
Oh ok. This is really interesting! I was wondering about the scorecards! Are there scorecards for each bureau or for each person? So I'm asking because on TU & EXP, the Discover lates are my last delinquencies. However, on my Equifax, I have a C/O that has not come off yet. The date on the report is 2/2021.
So are you saying the change from the first of the month should reflect in my updated scores next month or I should have already seen the scores change? I pulled my FICO 3B on 9/14/20, so I'm not sure if I already saw the change or if I'll see it next month.
Everything that you're explaining is also helping me see why my scores are so different! My Eq on my FICO 5,4,2 is 10 points higher than my EXP that does not have a c/o on it! It's just interesting to...all the details of it!
FICO 5,4,2
TU - 715
EXP - 630
EQ - 640-
FICO 8
TU - 713
EXP - 708
EQ - 666
FICO 9
TU - 730
EXP - 737
EQ - 663
The scorecard assignment goes by the most recent delinquency, if the chargeoff is paid, it will go from the date it was paid; if it's not paid, it'll age off soon .
You really need to read the Scoring Primer linked at the top of my signature @AllZero recommended, it will explain scorecard basics to you at the bottom of post one. It'll also educate you on most of the matters regarding scoring here.
No, the score change would've already occurred.
The same algorithm and scorecards for each version are used all three bureaus; however each variant is customized at each bureau based on the datasets there which are used to generate the respective scorecards there.
In other words they take years of data and from that they use logistic regression to determine patterns and build scorecards for sub-populations.
They do that the same at each bureau, but since the data is slightly different at each bureau, the resulting scorecards are slightly different at each bureau, causing the weighting to be different for some metrics.
you will see a nice boost when the chargeoff comes off is it paid or unpaid?
