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Conflated EX AOYRA 1 year mark

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dragontears
Senior Contributor

Re: EX AOYRA 1 year mark

I am use to that reason code, I went 11 years without a credit card so know that my revolving credit history is short. Will be interesting to see at what point it drops off.

 

the one I am surprised is not there is the "loan balance is too high". That reason code has been my "friend" in the #2 spot for years but at some point recently it dropped below the #2 slot (having a >800 score I don't get 4 reason only 2).

 

Message 41 of 52
dragontears
Senior Contributor

Re: EX AOYRA 1 year mark

Also I apologize if I have came across harsh or combative. This has been a rough week at work for me so the stress I am under might have spilled over into some of my posts 

Message 42 of 52
Anonymous
Not applicable

Re: EX AOYRA 1 year mark

@dragontears no problem at all, your knowledge and intelligence is no doubt an asset to the community and I’m glad that you’re here.

I am also very interested as to when that code will shift or disappear. Please do keep an eye on that when you can and let us know when it disappears. That will provide an awesome DP and service to the community!

I hate to put you back to work, but what is your aggregate installment utilization? (Re: installment reason code). It’s probably hiding as reason number 3, that’s truncated like you said, unless you’re under 9% aggregate installment utilization.
Message 43 of 52
dragontears
Senior Contributor

Re: EX AOYRA 1 year mark


@Anonymous wrote:
@dragontearsno problem at all, your knowledge and intelligence is no doubt an asset to the community and I’m glad that you’re here.

I am also very interested as to when that code will shift or disappear. Please do keep an eye on that when you can and let us know when it disappears. That will provide an awesome DP and service to the community!

I hate to put you back to work, but what is your aggregate installment utilization? (Re: installment reason code). It’s probably hiding as reason number 3, that’s truncated like you said, unless you’re under 9% aggregate installment utilization.

I am no where near 9%  my current mortgage is only 4 years old. 

I will calculate total loan utilization once I get back to my computer (I like excel for that kind of thing and on mobile atm)

Message 44 of 52
dragontears
Senior Contributor

Re: EX AOYRA 1 year mark

So slight confounding variable to my loan UT but I don't think it is significant since the mortgage swamps the other loans. 

I have a RLOC from US Bank, if you didn't know, US Bank has 2 types of LOC, the RLOC and the PLOC. The RLOC reports as an installment and the PLOC reports as a revolving account. I don't know how the RLOC influences loan UT. However, my RLOC has a limit of $3k and a 0 balance; my total loan balances is ~165k so the difference in % is small with or without the RLOC. 

 

Total loan utilization: 83.3%

And since I have heard theories that mortgages are treated differently than other loans:

Mortgage loan utilization: 91.4%

All non-mortgage loan utilization: 47.1% (without the RLOC)

Message 45 of 52
Anonymous
Not applicable

Re: EX AOYRA 1 year mark

@dragontears Yeah, I think it’s got to be at the number 3 spot then. I wouldn’t expect it to disappear at that high of a percentage. It’s my understanding it stays until you get down to 9%.

No I did not know that about US Bank. I thought all LOC’s reported as revolvers. See? You taught me something already! May I ask what the R stands for per US Bank?
Message 46 of 52
dragontears
Senior Contributor

Re: EX AOYRA 1 year mark


@Anonymous wrote:
@dragontearsYeah, I think it’s got to be at the number 3 spot then. I wouldn’t expect it to disappear at that high of a percentage. It’s my understanding it stays until you get down to 9%.

No I did not know that about US Bank. I thought all LOC’s reported as revolvers. See? You taught me something already! May I ask what the R stands for per US Bank?

RLOC = reserve line of credit (terrible interest rate, used as OD protection on a shared checking account)

PLOC = personal line of credit (can be reasonable rate, I don't have one)

Message 47 of 52
Anonymous
Not applicable

Re: EX AOYRA 1 year mark

@dragontearsIf it reports as an installment, that would be a super easy way to keep an installment loan open and under 9% for the extra points as long as you didn’t have another installment loan. That could be a hidden gem. What does it report as the term? Because you can keep it open as long as you like right?

 

Do any other LOCs do this? That you know of?

Message 48 of 52
dragontears
Senior Contributor

Re: EX AOYRA 1 year mark


@Anonymous wrote:

@dragontearsIf it reports as an installment, that would be a super easy way to keep an installment loan open and under 9% for the extra points as long as you didn’t have another installment loan. That could be a hidden gem. What does it report as the term? Because you can keep it open as long as you like right?

 

Do any other LOCs do this? That you know of?


I have no idea how or if it would count for scoring purposes as I have always had at least one other open loan. I have never read of anyone getting one when they didn't have a loan, but the RLOC is not a popular product around here given its terrible APR and the conservative nature of US Bank. 

On CK it has the term of 0 months, but I don't trust their front end as it also shows a $0 limit so I will need to pull an actual report. 

I would assume it is an account that could be kept open indefinitely, mine has been open for 4y8m and I have never used it.

 

ETA: I have never heard of another LOC that reports like the RLOC 

Message 49 of 52
Revelate
Moderator Emeritus

Re: EX AOYRA 1 year mark

I'm 99% convinced mortgages are treated just like any other installment loan under FICO 8 and there's been zero proof to the contrary.  Installment utilization isn't a huge penalty anyway, 30ish points or whatever until we're talking minimum file strength to get to 850.

 

Anyway the age of revolving tradelines, I don't think this is necessarily an average TBH.  Just because it doesn't go away at a year doesn't mean it's not youngest or some conflation of the two.

 

We know the first breakpoint for FICO 8 is a year, that seems pretty clear even on my not great data from this time around at least for mature files.  Cassie got shifts in hers and unfortunately I didn't get any revolvers opened when my EX was on a 30D late scorecard where I would've had that reason code but still gotten full reason codes because lower than 800 or whatever.

 

I'll have time later today to go through the old reports for the industry options which do have reason codes still and I think still have that code too but pretty sure it shifts as even on my mature clean scorescards I used to see that in various spots, it wasn't always #4 for example.  Sadly I gave up on zealous tracking a few years back when I stepped back from this forum so I might not have reason codes, hoping I can use the report ID to get at the scores in Experian's now awkward interface for this last go around.




        
Message 50 of 52
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