Don't Agree with some scoring!!!!!!

[Anonymous]

I really beginning to not understand or agree with some FICO scoring. My estimation FICO 8 is really off. 2 scenario s here. Got a personal loan and my score changes were as follows. Experian 645/642. TU 640/643 Equafax 768/715. Ok one punishes me for 3 points while one helps me giving me 3 points while the other totally annilates me by dropping me 53 points. Sorry but this scoring is totally erratic and in my opinion not fair. Now 2nd scenario . Discover grants me 1000 CLI. And my Experian drops a point??? Why??? Did I not show credit worthy by getting a CLI???? How is FICO reading this? That I'm just going to spend more and I'm more of a risk? Maybe FICO should stop scoring what they THINK your going to do. And score you what's really being reported by lenders etc. And what's on paper. My opinion. FICO 8 especially , needs to be out of the system and make way for FICO 9 or older FICO versions. I'm really upset with FICO 8

[tricie17]

Ok people, this should be easy.  FICO is fed by the Bureaus and because one of those bureaus gave a different number than the other does not mean that the system is flawed every time.  Let us say that when you took the loan, you also took other actions that used EQ as the dominant Bureau which could cause a fall in your numbers.  Each bureau is separate from the other and will feed FICO different accounts of monthly works.  Think about what you applied for outside of the loan for review and if this does not add up, call EQ and ask what are you doing?  That said good luck.

[Anonymous]

A CLI does not impact your score.  All it may do is lower your utilization across a threshold.  If it doesn't, it won't help your score. 

Example:  You have $17,000 in total credit limits and your total balances are $900.  That puts you at 6% utilization (900/17000).  By getting the CLI, your utilization drops to 5% (900/18000).  The difference between 5% and 6% won't impact your score as both percentages fall within the same scorable range of 1%-8.99%.  You didn't "lose" a point because of your CLI as FICO scores can fluctuate +/- a couple of points at any given time for reasons we'll never know. 

As for the personal loan, are you sure that the loan has reported to all 3 bureaus already?  Do you have any other current open loans?

[Anonymous]

Yes it reported to all 3. I have 8 different types of scoring agencies for alerts. I guess you can say I really keeping up on my scores. Can't sleep sometimes lol. Anyways I have no other loans. I took the 3 point hit accourding to fyco saying a financial loan of mine has increased by 12000. Then took a 1 point hit fyco saying discover increased by 1000 . That is what the factors were stated for the 2 hits

[DollyLama]

Really what you mean is you don't agree with alerts. Because things can happen that during a say a week time period, you might charge on a credit card raising utilization, paying another off, 2 old inquiries fall off, along with a 10 yr old auto installment loan dropping off a bureau and decreasing the AAoA. However, things that cause alerts, ie, when CC statement reports, you surmise up or down 5 pts is from that and only that alone. When it is a combo of all the other factors that we don't normally get alerts. 

[Thomas_Thumb]

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@Anonymous wrote:
Yes it reported to all 3. I have 8 different types of scoring agencies for alerts. I guess you can say I really keeping up on my scores. Can't sleep sometimes lol. Anyways I have no other loans. I took the 3 point hit accourding to fyco saying a financial loan of mine has increased by 12000. Then took a 1 point hit fyco saying discover increased by 1000 . That is what the factors were stated for the 2 hits

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Correlation is not the same as causation for score changes. Trigger events always correlate with score changes because they trigger pulling of all data from your CRA file which is then used to generate a new score. Often times it is something else that has changed that causes the score shift. Many things that can impact score are not trigger events - such as # cards reporting balances or a change in aggregate utilization. 

[Anonymous]

Well it just seems that all the red arrows and point hits is coming from the loan and the increase from discover. Before that for the last 7 months I've had nothing accept green arrows and score raises. Now Ive made my first payment for the personal loan and the balance has decreased by 174.00 I'm hoping that the balance decreasing will get me back to my equafax 768 I had before the nuke bomb loan it. I mean all my credit reporting agencies I have all said I didn't have a mixture of credit. Meaning no installment loans . Now I have one and I lose points especially the 53 from equafax which was to keep me up a few nights with a headache. In fact both FICO and vantage punished me for the loan. I guess there's no quick fix except to keep up payment s on the loan

[sarge12]

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@Anonymous wrote:
I really beginning to not understand or agree with some FICO scoring. My estimation FICO 8 is really off. 2 scenario s here. Got a personal loan and my score changes were as follows. Experian 645/642. TU 640/643 Equafax 768/715. Ok one punishes me for 3 points while one helps me giving me 3 points while the other totally annilates me by dropping me 53 points. Sorry but this scoring is totally erratic and in my opinion not fair. Now 2nd scenario . Discover grants me 1000 CLI. And my Experian drops a point??? Why??? Did I not show credit worthy by getting a CLI???? How is FICO reading this? That I'm just going to spend more and I'm more of a risk? Maybe FICO should stop scoring what they THINK your going to do. And score you what's really being reported by lenders etc. And what's on paper. My opinion. FICO 8 especially , needs to be out of the system and make way for FICO 9 or older FICO versions. I'm really upset with FICO 8

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My best guess is the 768 equifax score was the result of an error. Since it was 123 and 128 points higher last pull, the chances are good that it was in error. It is quite normal for the 3 CRA's being different, it is very unusual for it to differ that much. It could also be due to a major baddie that was reported to Exp. and TU, but was never reported to Equifax. You might want to do a 3b pull and examine them to find out what Exp. and TU are seeing that EQ is not, there could be something that should have fallen off these 2 reports, in which case you could dispute it. Good luck in getting them raised.

[Thomas_Thumb]

I wonder if your personal loan ( perhaps a PLOC) is being treated as a revolving account. If so, it could be pushing up your aggregate revolving account utilization to an unnaturally high level. That, could explain the score drop. I don't have direct experience with personal loans (or PLOCs) but I have heard that certain PLOCs and HELOCs may be treated as revolving accounts. The share secured loan (SSL) is treated as an installment loan - which can boost Fico 8 score if you have no open installment loans.

Side note: Fico 4 does not look at presence/lack of an open installment loan in its algorithm.

[HeavenOhio]

When a loan is brand spankin' new and at full utilization, a score drop should be expected. Then as it's paid down, it'll neutralize and eventually cause a benefit.

I recall you mentioning that this was a "sub-prime" loan. Did you get it through a finance company? FICO doesn't like that. I wonder if Equifax cares more about finance company loans than the other bureaus.

As others have mentioned, soft-pull credit limit increases only matter if utilization changes. If your utilization was good to begin with or if you didn't cross a threshold, that part of your score would remain constant.