I've started my plan to reduce the number of credit lines in my credit profile while increasing the limits on my remaining lines and in some instances, adding more important useful accounts. In doing this, I'm gunea pigging myself to provide the data points on the impact on every version of FICO. Plus I'm trying to grasp the infamous FICO Resilience Index.. which I'm still trying to figure out how the flags are defined (UA or non-UA accounts?, open or all accounts? etc..)
I'll be updating this thread as a record each time and account closure updates or an account reports and the effect on each version of FICO. I will be maintaing a constant utility percentag to try to record only the account changes.
Currently, I have 24 Individual open revolvers and 1 charge and AU on 5 others that I have omitted from the graph.
Oddly, Citi stopped reporting my Double Cash to Experian on April 10th, 4 days after it updated on April 6th. Don't know why yet. The account is verified open in additon to having $3,000 go through it in Februrary. I still have on account to add when it reports for the CSP for $23,800 when it arrives. The inquiry for EX has already factored and made zero impact on FICO 8/9 models and only took 2 points away from Bankcard 8.
My present plan is to close 7 cards for now. I started with closing two Syncrony accounts in black. The ones in grey are next.
Here is the baseline.
Overnight update: Interestingly, I have a negative impact from AZEO. Experian FICO 2 took a hit from all three of those versions from 13 to 23 points when 1 of the 2 revolvers reporting balances updated. Only one account now reports a balance for $3. Scores that have an update / change reflected side by side below.
Is FICO 2 possibly rounding down to 0? Just speculation on my part.
@Zoostation1 wrote:Is FICO 2 possibly rounding down to 0? Just speculation on my part.
Good question although it shouldn't. I had been part of very long and informative discussion from another board that should be credited as the originators of this tactic ("the $2 reporting trick"). Analysis found at that time, $2 needed to report on one account to maximize this version... again, at that time which was around 2014.
April 14 update (with a small wrench in the machine).
Syncrony reported both Amazon and TJX now closed. Both were updated to all two CRA's prior to closure requests however pushed immediate updates (within 48 hours) for both accounts.
TJX prior update April 11th, updated to closed April 14th as of April 12, (EX,TU)
Amazon prior update March 23rd, updated to closed April 14th as of April 12 (EX,TU)
In the interest of transparency, scores will be skewed for a couple of days due to timing of a pending/posted payment and reporting date that I mismanaged and there are NO reported revoloving balances now. I have a pending charge on a Chase card that should rectify this as it should mid-cycle update and report a balance on one account. Currently showing 3 installments and 1 mortgage.
Also, I am adding Vantage scores to the table from whatever sources/issuers that provide them to see the affect and compare to FICO.
Interestingly, my FICO Resilience Index decreased by 1 point with NO Revolving Lines reporting. It's the ONLY positive change.
Heres a read:
https://www.fico.com/en/products/fico-resilience-index
Closed accounts act the same as open in the age metrics until the closed account falls off in 10yrs+/-. Since your doing 1% util on a regular basis. You can have 3 cards or 30. Doesnt change anything. And if you stay at AZEO. That wont change anything either. More accounts are no different than a few accounts. Three or more. Its whats reported that counts. As long as all or none report a balance. Then here comes the hits. So closing accounts and getting CLI's is really for your own stats. Wont change scoring.
@FireMedic1 wrote:Heres a read:
https://www.fico.com/en/products/fico-resilience-index
Closed accounts act the same as open in the age metrics until the closed account falls off in 10yrs+/-. Since your doing 1% util on a regular basis. You can have 3 cards or 30. Doesnt change anything. And if you stay at AZEO. That wont change anything either. More accounts are no different than a few accounts. Three or more. Its whats reported that counts. As long as all or none report a balance. Then here comes the hits. So closing accounts and getting CLI's is really for your own stats. Wont change scoring.
Yeah I know but mostly I'm GPing myself for every version of FICO, not just the common or free ones. I'm looking for any and all variances in real time. I'm going to track for 30 days while keeping everything else stable. I'm not planning on adding any or paying off any installments. I'd like to see how every version of FICO from FICO 2 to FICO 10T is affected as well as this curious Resilience Index. Also, the speed in which creditors report and the lag as well. I participated on a forum with a very large group of people about 9 or 10 years ago that did this for science sake.
Thanks for the feedback.
First score updates for Experian. Transunion and Equifax still not reporting the new Chase account. FICO10 and FICO10T results are interesting. The penalty of a new reporting account on 10T is far heavier than any I would've guessed, more so than losing AZEO. FICO 10T reacts more like a "new" version of FICO2. FICO 10 didn't seem to mind so much so FICO 10, 9 and 8 recovered with the new account reporting combined with having at least 1 revolving line reporting balances. Also, Experian Vantage lost a point with the new account.
Experian FICO 10T on the table below. Transunion and Equifax still has no reported revolvers or a new account yet.
This is FICO 10T
FICO SCORE 10T seems to really dislike any new revolvers reporting despite having re-acheived AZEO. All three bureaus are now reporting a CSP for $23,800 opened on April 6. It's the only revolver reporting at 11% with total exposure at 1%.
FICO SCORE 9 recovered completely on all three bureaus, including Experian with the inquiry from April 6th and new account.
FICO SCORE 10 gained 5 points on Transunion, recovered completely on Equifax and lost 1 point on Experian with the inquiry from April 6th.
FICO SCORE 10T is the most sensitive to a inquiries, new accounts and less influenced by AZEO as seen by Experian losing 7 points from a single inquiry on April 6th, losing 8 points from -AZEO, gaining 11 points from +AZEO followed by a 28 point drop for new account reporting for an aggregate loss of 32 points.
FICO SCORE 10T
FICO SCORE 10
FICO SCORE 9
