Duke-of-Earl wrote:
@llecs wrote:
@Duke-of-Earl wrote:Haven't you heard, 820 is the new 720? And where I come from, 82% is B+.
Well, technically, FICO runs on a 300-850 range and your grade would be over 96%. Looks like an "A" to me! Congrats BTW.
Yeah, I know. That's why I went on --
JK
on both those remarks, but look-- very little money is actually being lent out, and I need a mortgage in 200K-300K range, so want to present better risk than the competition. My score reports, from FICO and FAKOs both, usually say better than 90%-95%. But maybe not good enough these days...
Thanks for the congrats, anyway. Still hoping for 820.
Ah...missed that.
@Duke-of-Earl wrote:
@Anonymous wrote:If you have a true FICO of 819, then you are not B+, but very prime....but since you indicated hitting 820 was your goal, I think you are referring to an alternative score, which there are many.
Haven't you heard, 820 is the new 720? And where I come from, 82% is B+.
JK
Yes, true FICO score via 'myfico.com', tried to indicate that by saying "FICO/TU" but see I should have been more explicit. Previous FICO scores going back in time were 813 (identical EQ&TU 2009/6/21), 804 (EQ 2009/4/10), 812 (EQ 2008/6/2), 808 (EQ 2008/2/23, 782 (EQ 2004/6/17). Again, all true FICO scores; got a few EX Plus scores too, generally consistent FWIW. So am making slow zigzag progress.
BTW, WRT myfico.com site, I found their simulator to be basically useless. Won't simulate paying off balances since there are none, OK. But "best action" is "pay your bills on time for [any number 1-24] months", all predicting score higher by 0-20 points. Have been paying on time, in full, for over 25 years, so don't really believe few more will do anything.
Other than that, you could get it from your mortgage/loan officer once they run your credit....
Problem with this is I need a good score before app'ing. If I get from LO, and have to fix further, then app again, second score will be dragged down by first inq. Yeah, I know inqs are aggregated within a few weeks, but too short for any change to take effect. Basically, seems you only get one chance to do it right, all downhill after that.
Many thanks for responding!
At 800 plus FICO scores, a single inquiry will have zero effect. I know this from personal experience.
There is no shortage of money available for mortgages. If you have a 720 or higher FICO, then you only need to have the proper income and DTI ratios. I am not sure where you heard that there is very little money being lent, but I would talk to a few mortgage brokers or lenders and discuss. You can get all the info prior to a credit pull....but as I mentioned, a single inq is not an issue.
Post in the mortgage forum and ask DallasLoanGuy about this....he is an expert and professional in that field.
Good luck.
@LynetteM wrote:Yes...$10 should be enough. At our house, we usually let a small charge stand of $20-30 to show on one of our cards. Then we pay it off right after the statement cuts. You NEVER have to pay interest or revolve a balance to get a good FICO.
When things are reported as typical or average...utilization, AAoA, age of oldest account, etc...that doesn't mean you should change what you are doing to reach those numbers. A high number of years on your oldest account or a high average is good. Don't try to lower your numbers on those things. Besides, your oldest account will still count in age and average, even if it is closed. It won't disappear off your reports for about another 10 years.
Thanks, great to have some definitive info from someone who knows. I usually pay the entire accumulated charges before the statement date, but can pay all but $10-20 instead, then carry that offset through to just before the next.
I actually got TU to delete some middle-aged closed accounts that were >7 but <10 years old. Pointed out that these were bringing my AAoA down, and argued that made them derogatory info that should be deleted. They did it.
You are doing well...try to relax and not stress too much.
I can handle stress as long as the cause is rational. But this irrational credit scoring drives me crazy, avoid it as much as I can, but really want to refinance before rates start going up again. What the heck, survived Vietnam, will survive this too.
(Boy...you must be an old codger! My oldest account is only 26 yrs old. I feel like a spring chicken.)
Aaah, not all that old, was just lucky to open some good accounts when I was pretty young, and hang on to them. Young enough I still have to work, but old enough to wish I could afford to retire, used to have the best job I could imagine for me, but now that same job isn't fun any more. Haven't learned to codge yet, but old enough to to see the needle of age discrimination starting to change from "you're too young" to "you're too old". Just another step along the path. Thanks again for good discussion.
Starting Score: EQ 804 - (April 2009)
@Anonymous wrote:
At 800 plus FICO scores, a single inquiry will have zero effect. I know this from personal experience.
Thanks, reports from others' personal experience is just what I think is great about this forum.
There is no shortage of money available for mortgages. If you have a 720 or higher FICO, then you only need to have the proper income and DTI ratios. I am not sure where you heard that there is very little money being lent, but I would talk to a few mortgage brokers or lenders and discuss. You can get all the info prior to a credit pull....but as I mentioned, a single inq is not an issue.
Well, "everyone knows" the banks aren't lending. Sorry, I know that's inadequate, I just remember all the furor early this year about them using their bailout funds to repair their balance sheets (and make massive bonus payments to themselves) instead of making new loans. I suppose things may have changed since then, but I haven't heard anything to that effect. Anyway, you're right, it's worth asking, at least now I have some feeling they won't laugh me out the door. Still want to maximize FICO scores to get the best rate, of course.
Post in the mortgage forum and ask DallasLoanGuy about this....he is an expert and professional in that field.
Good luck.
Just did that a few hours ago (posted in the mortgage forum, hope Dallas may respond). Thanks again, txjohn
@Anonymous wrote:
@Duke-of-Earl wrote:
@Anonymous wrote:If you have a true FICO of 819, then you are not B+, but very prime....but since you indicated hitting 820 was your goal, I think you are referring to an alternative score, which there are many.
Haven't you heard, 820 is the new 720? And where I come from, 82% is B+.
JK
Yes, true FICO score via 'myfico.com', tried to indicate that by saying "FICO/TU" but see I should have been more explicit. Previous FICO scores going back in time were 813 (identical EQ&TU 2009/6/21), 804 (EQ 2009/4/10), 812 (EQ 2008/6/2), 808 (EQ 2008/2/23, 782 (EQ 2004/6/17). Again, all true FICO scores; got a few EX Plus scores too, generally consistent FWIW. So am making slow zigzag progress.
BTW, WRT myfico.com site, I found their simulator to be basically useless. Won't simulate paying off balances since there are none, OK. But "best action" is "pay your bills on time for [any number 1-24] months", all predicting score higher by 0-20 points. Have been paying on time, in full, for over 25 years, so don't really believe few more will do anything.
Other than that, you could get it from your mortgage/loan officer once they run your credit....
Problem with this is I need a good score before app'ing. If I get from LO, and have to fix further, then app again, second score will be dragged down by first inq. Yeah, I know inqs are aggregated within a few weeks, but too short for any change to take effect. Basically, seems you only get one chance to do it right, all downhill after that.
Many thanks for responding!
At 800 plus FICO scores, a single inquiry will have zero effect. I know this from personal experience.
There is no shortage of money available for mortgages. If you have a 720 or higher FICO, then you only need to have the proper income and DTI ratios. I am not sure where you heard that there is very little money being lent, but I would talk to a few mortgage brokers or lenders and discuss. You can get all the info prior to a credit pull....but as I mentioned, a single inq is not an issue.
Post in the mortgage forum and ask DallasLoanGuy about this....he is an expert and professional in that field.
Good luck.
+1 on all counts.
Anything more than a sufficiently high FICO score is wasted effort. Sufficiently high is 760. Nothing to be gained from anything over that, After that it is time to work on your ratios to set you up for the amount. Qualification may be determined by FICO, but the amount is going to be determined by your ratios. Good luck.
Update on this: What you said was right but there's more to it ----
After learning in this forum that having no CC debt at all is somehow considered risky by EQ, in the latest cycle I paid off two of my three CCs before the statement closing date as usual, but left $10 on the third. I pulled my FICO-EQ and FICO-TU scores again, and sure enough, the EQ score went back up, 809 -> 813. But the TU score came DOWN, 819 -> 813; wasn't expecting that. This is the same 813 / 813 deal I got back in June, with (small) balances showing on two of three revolving accounts. The EQ-up / TU-down effect covered a time span of only 22 days, and I'm pretty sure there were no other changes in my reported data except a ~$900 reduction in the balance on my current mortgage..
So if I'm stuck with this situation, which is better? I've read on this board that some lenders pull all three FICO scores (on a major app like the mortgage refi I'm preparing for) and then work from the middle score. How common is this? Assuming the secret EX score would be the lowest as many posts have reported, then I'd have the best middle with the 813 / 813 set. OTOH, if they take the top score, then 809 / 819 would be better. (If they take the low EX I'm screwed anyway, of course.)
Anyone have some stats on which FICO score is most likely to be used? Middle, top, or bottom? EQ or TU?
Thanks.
@Duke-of-Earl wrote:
@Duke-of-Earl wrote:Many thanks LynetteM for comprehensive and helpful comments!
As to the zero balance on credit cards...there seems to be an opinion that it varies by FICO provider. Apparently EQ likes to see a small balance, but TU doesn't mind the zero balance.
Aha!, a whole new dimension. Had always heard FICO scores differed because underlying CRA reports differed. My sanitizing of file and reported data has TU, EQ, and EX reports now identical (and correct!) in accounts, balances, ages, etc. Last June, TU and EQ scores (yes from myfico) were identical (813) too. Since then, have been getting TU report+score from myfico, and just report from EQ using unlimited access on Credit Watch Gold. Cheaper that way, figured scores should remain identical as long as reports do. But had small revolving balances for earlier identical scores, maybe scores different now with zero? So will pay for an EQ FICO, let you know how compares to yesterday's TU.
Yup, you were right about EQ, FICO score there down to 809. How much does it take to be non-zero? Is $10 enough? Score report says 7% of CL is typical, but that's way more than I usually charge per month, and I absolutely refuse to carry any revolving balance and pay interest. Even 1% CL would be a stretch. Sigh, Promised Land receding over the horizon, another hoop to jump, even farther removed from actual creditworthiness, another month to wait... Anyway, many thanks for cluing me in on bizarre zero balance nonsense, more generally that FICO algorithms differ among CRAs. Trust it will pay off in the end.
So comparing my report to the famous High Achievers club I can't join, I see my AAoA (16yr/11mo) and oldest account (34/6) are well over the norm. Am I being penalized for this? Basically, for being too old? I have two 30yr-plus CC accounts, could close one and get down to AAoA 14/0, still beyond the recommended 6-12 yrs. Or close both for AAoA 10/7, but then oldest account would be 15/0, less than typical 19 yrs.
@Anonymous wrote:
Your FICO scores are sufficiently high to get you the best terms if you are otherwise qualified. It isn't all based on FICO scores ya know!
Right. I expect I'm OK on the various ratios for the mortgage refi I'd like to get. LTV should be about 70%, based on neighborhood asking prices (no recent sales!). DTI in all four permutations: Principal + Interest payments (at 5% rate) are 17% of gross income, 22% of net after taxes. P+I + property tax + insurance 21% of gross, 26% of net. I'm pretty sure I can qualify.
My main objective in maximizing my score(s) is to get the lowest coupon rate.
Thanks.
Good grief, then why do they report them? Every time I turn a new corner in this business, I discover a new irrationality. Sorry, not your fault, but I'm really beginning to despise this foul system.