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Back on the credit app wagon...

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Back on the credit app wagon...

Hello All!

 

I realize that my credit scores are composed of 5 different categories of varying percentages, but I know that there must be other variables to the credit equation, for instance there is a time component.  I believe that understanding the algorithms that are used to determine my scores would be invaluable.  Of course there are different versions of my score applied for different applications; ie home loan, car loan, credit card.

 

Can anyone offer any insight?

 

Troy

EQ 674
TU 663
EX 643
Message 1 of 11
10 REPLIES

Re: Back on the credit app wagon...

By the way...

 

I just had my Chapter 13 Bankruptcy discharged a week ago and my fico scores are...

 

EQ 674

TU 663

EX 643

EQ 674
TU 663
EX 643
Message 2 of 11
Super Contributor

Re: Back on the credit app wagon...

I'm not quite clear what you're looking for here.

 

Time is a component than impact multiple sectors of the FICO pie.  It's the main driving force of the Age of Accounts portion, which is comprised of AoOA, AAoA and AoYA. 

 

Time also matters for the Payment History part of the equation, as the age of any negative items can certainly influence their impact on your profile/scores.

 

Time matters as well for the aging of inquiries, part of the New Credit slice of the FICO pie.

 

These are just some examples.  I feel like I may not be understanding your question exactly though.

Message 3 of 11

Re: Back on the credit app wagon...


@BrutalBodyShots wrote:

I'm not quite clear what you're looking for here.

 

Time is a component than impact multiple sectors of the FICO pie.  It's the main driving force of the Age of Accounts portion, which is comprised of AoOA, AAoA and AoYA. 

 

Time also matters for the Payment History part of the equation, as the age of any negative items can certainly influence their impact on your profile/scores.

 

Time matters as well for the aging of inquiries, part of the New Credit slice of the FICO pie.

 

These are just some examples.  I feel like I may not be understanding your question exactly though.


I was hoping someone could enlighten me with regard to FICO's particular algorithms/formulas/equations used in calculating the actual scores.  In general, I know that negative items on my report will count against me less and less over time, but I wanted to know more specifically the detailed information of how the five components of the credit score are calculated (beyond percentages).

EQ 674
TU 663
EX 643
Message 4 of 11
Super Contributor

Re: Back on the credit app wagon...

It sounds like you're looking for proprietary information, something that no one is going to be able to provide you with.  All you can do is read on this forum and go off of what people "think" based on their experience and knowledge.

Message 5 of 11
New Contributor

Re: Back on the credit app wagon...

Congrats on completing your 13.  Those are nice scores to finish.

Message 6 of 11

Re: Back on the credit app wagon...

Thanks.

 

I was on the traditional 5 year Chapter 13 plan, but paid it off in just 2 years.  Just got it discharged Sept 5th, 2018 and it feels awesome!

 

I already applied and was approved for the Discover It Chrome card for $2,500 and a NFCU Visa card.  

 

Just 5 minutes ago, I applied for a refinance with NFCU for a 15 year Jumbo at 3.375 interest rate (fingers crossed).

EQ 674
TU 663
EX 643
Message 7 of 11
Regular Contributor

Re: Back on the credit app wagon...


@BrutalBodyShots wrote:

I'm not quite clear what you're looking for here.

 

Time is a component than impact multiple sectors of the FICO pie.  It's the main driving force of the Age of Accounts portion, which is comprised of AoOA, AAoA and AoYA. 

 

Time also matters for the Payment History part of the equation, as the age of any negative items can certainly influence their impact on your profile/scores.

 

Time matters as well for the aging of inquiries, part of the New Credit slice of the FICO pie.

 

These are just some examples.  I feel like I may not be understanding your question exactly though.


Hey there just wanted to know what these stand for as I looked and only see "one" in the abbreviations list. ( AoOA, AAoA and AoYA )


Joined myFico community 9-15-18
FICO® Score 8 as of 10-2018
Total CL $34k

Message 8 of 11
New Contributor

Re: Back on the credit app wagon...

That’s awesome Almost and best of luck with your refi.  I’m in with NFCU so I’ll try and use your success with them as my guide.  I still have a few months left on my 13.

Message 9 of 11
Frequent Contributor

Re: Back on the credit app wagon...


@dancer5678 wrote:

@BrutalBodyShots

Hey there just wanted to know what these stand for as I looked and only see "one" in the abbreviations list. ( AoOA, AAoA and AoYA )


AoOA = Age of Oldest Account.

AAoA = Average Age of Accounts.

AoYA = Age of Youngest Account.

Message 10 of 11