Credit Score Spreadsheets

[Anonymous]

Sarge, first off, good to see you as I feel like it's been a while since I've seen you post.  I agree with everything you said and while I understand it, I suppose it's just one of those things that I don't agree with.  Not saying I don't agree with you, I just don't agree with scores not taking DTI into consideration at least a little.  I've always been of the opinion that if something is being considered by human beings in a manual review that those things should be reflected in a credit score.  If a MR is being done on two otherwise identical profiles and in a matter of minutes those doing the MR were able to see that someone had a DTI 50X greater than someone else, it would to be suggest that they are more of a risk and thus their scores shouldn't be identical.  I've always felt this way, but I'm well aware that many don't share my view on this.

[HeavenOhio]

I don't think income should be part of scoring. But I see merit in the idea that BBS floated above. There isn't much risk involved with low dollar amounts simply because the amount owed is low. A $300 balance pretty likely to be paid no matter what one's income or limit is. In contrast, a $10,000 balance is less likely to be paid.

[Anonymous]

Right, which is why I think dollars should in some way be considered rather than just percentages.

If we aren't going to include income and dollars relative to it (DTI), considering dollars IMO is more than adequate in and of itself. 

If someone has $10k+ in CC debt and actually has the ability to pay it off, actually pay it off, or incur the scoring hit associated with those dollars (not percentage relative to limits).

[jagwab]

Thanks for creating this sheet. The Numbers in the green Paydown section are completely wrong.

"Total Paydown: $7,157.73 to 28.9% per card, $10,534.53 to 8.9% overall,   -$801.00 to 8.9% on highest limit line only  "

I only a total of  $6273 with a total credit limit of $9000 . Did I mess up a cell or something?

Thanks

Melissa

[NRB525]

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@Anonymous wrote:

Right, which is why I think dollars should in some way be considered rather than just percentages.

If we aren't going to include income and dollars relative to it (DTI), considering dollars IMO is more than adequate in and of itself. 

If someone has $10k+ in CC debt and actually has the ability to pay it off, actually pay it off, or incur the scoring hit associated with those dollars (not percentage relative to limits).

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FICO score is only a quick snapshot of the potential borrower's profile, based on actually reported credit open, and payments on that credit. It works for things that are high volume applications such as on-line credit card applications. The lenders have an interest in providing this information to the bureau so the lender can go back to the bureau to draw from that common pool of information on payment history.

The examples you provide earlier are situations where a manual underwriter gets involved. For mortgage and auto loans, for certain credit card situations, you can bet income is a factor, FICO is only a starting point. Someone with $10,000 annual income is not going to be looking for significant debt.

Getting income confirmed and into an automated FICO score is simply not something that is going to happen. The reporting requirements to the bureaus would be an entirely new source of data (employers sending their payroll information) and would not, I repeat not, happen. Short of that, there is no reliable confirmation of income level that could be included at the bureaus. Many people who are high earners are not W-2 earners, so there is really no interest on the part of lenders of relying on the bureaus to provide this information.

[Anonymous]

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@NRB525 wrote:

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FICO score is only a quick snapshot of the potential borrower's profile, based on actually reported credit open, and payments on that credit. It works for things that are high volume applications such as on-line credit card applications. The lenders have an interest in providing this information to the bureau so the lender can go back to the bureau to draw from that common pool of information on payment history.

The examples you provide earlier are situations where a manual underwriter gets involved. For mortgage and auto loans, for certain credit card situations, you can bet income is a factor, FICO is only a starting point. Someone with $10,000 annual income is not going to be looking for significant debt.

Getting income confirmed and into an automated FICO score is simply not something that is going to happen. The reporting requirements to the bureaus would be an entirely new source of data (employers sending their payroll information) and would not, I repeat not, happen. Short of that, there is no reliable confirmation of income level that could be included at the bureaus. Many people who are high earners are not W-2 earners, so there is really no interest on the part of lenders of relying on the bureaus to provide this information.

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I'm not suggesting that income should be included, just that dollars of debt should be considered.  More dollars of debt = greater risk and should result, at least partially, in a lesser score all other things being equal.  

Another argument that I've made many times in the past is that what is considered during manual reviews should more closely be represented by FICO scores.  I get it that FICO scoring is just a starting point and can't get as technical or deep as a manual review, but I would think the goal should be for it to at least head in that direction over time. 

[Anonymous]

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@jagwab wrote:

Thanks for creating this sheet. The Numbers in the green Paydown section are completely wrong.

"Total Paydown: $7,157.73 to 28.9% per card, $10,534.53 to 8.9% overall,   -$801.00 to 8.9% on highest limit line only  "

I only a total of  $6273 with a total credit limit of $9000 . Did I mess up a cell or something?

Thanks

Melissa

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Wow!  That is totally wrong.  

But I found the glitch and fixed it!  You can copy the entire green line from the new 1.1.4 spreadsheet link below and paste it into your line.  You may get some warnings about editing it, just accept the warnings and it'll paste in just fine.

Should fix it, and thank you for the keen eye!

[Anonymous]

ABC very nice spreadsheet.  Suggestion to add an AutoLoan in What Accounts area.  Thanks for your hard work with the spreadsheet.

[Anonymous]

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@Anonymous wrote:

I shared my credit score maximizing spreadsheets here: https://goo.gl/lkgxJM

This post is where people can post comments, critiques or ideas for changes or additional sheets. The spreadsheets are free for you to use, repurpose or share with others.  You're also free to modify it to your needs and share that freely with others.

This is for Google Docs  users -- if you have a gmail account, you can load the sheet.  Go to "File" and click "Make a copy" to make your own private personal copy to edit all you want.

The current version is 1.0.9 as of 5/30/2017 which includes some small edits.

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I checked out your Credit Score Spreadsheet and noticed the following: the formulas in B7:B13 are referencing rows starting at 22 and not 21.  In other words, any information populated on row 21 is not included in your auto-update summary.  Hope this helps ya.

[Anonymous]

Thanks for catching that -- this is a bug in Google Sheets when I add a new row and it doesn't update formulae.  I told google about it last week and hopefully they fix it.  I'll correct the spreadsheet when I get to WiFi next!