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Doubts about "Closing an Account doesn't effect aging matrix in FICO"

Birdman7
Super Contributor

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

@DRSECU77 let me analyze the information you gave me, but is it possible you could get the data points from your wife's profile for us?

 

It would be awesome to track the gains on the oldest revolver throughout its first year or two..we need that data! far as I know, we don't have data points on that first year or two with just one card.

 

i'll post again a little while after I analyze the information.

-Our Community’s updated scoring wisdom: Scoring Primer.
-New Mortgage Section:MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors thread.
-ccquest’s workbook calculates metrics for you: Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 11 of 22
Birdman7
Super Contributor

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

@DRSECU77 It’s definitely not sticking out? have you went over the two reports line by line to see if there any other changes?

 

like BBS, im beginning to think something else also happened. BTW, you are in a clean/thick/mature/new account scorecard, I believe. 

 

and to answer your original question, no I don't think you should have to worry about paying off the first mortgage. you can do that since you still have another installment loan. you may lose a few points if you cross the 65% threshold, but this only is happening on 8 and 9 anyway.

 

Mortgage scores don't react like the newer scores. Going under 9.5% is a whopper on 8 and 9, not so much so on mortgage scores, although you could lose some points you've earned for having it open so long- oldest open mortgage loan metric, but I cannot quantify it. 

I just don't want you to think the mortgage scores are reacting the same way 8 and 9 are because they're not.

-Our Community’s updated scoring wisdom: Scoring Primer.
-New Mortgage Section:MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors thread.
-ccquest’s workbook calculates metrics for you: Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 12 of 22
BrutalBodyShots
Super Contributor

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

BM, he did state that he had lates from a 2015 loan.  I'm not sure the number/severity of those lates, but wouldn't it be possible that the OP is in a dirty scorecard?  His file reminds me a bit of mine when I first found the forum where I was thick/aged but also dirty.

Message 13 of 22
Birdman7
Super Contributor

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

That’s funny BBS, I asked about derogatories, but it didn’t post and instead went to drafts!

If it’s from 2015, he should be in a clean card on the mortgage scores, but in dirty on the new scores. Good point.

Clarification OP? Because if you’ve got that late, it depends on the severity and whether it’s paid and whether it’s updating to determine which scorecard. So I retract my statement of which scorecard until further clarification.
-Our Community’s updated scoring wisdom: Scoring Primer.
-New Mortgage Section:MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors thread.
-ccquest’s workbook calculates metrics for you: Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 14 of 22
DRSECU77
Established Member

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

Change between credit report is only credit card I use had a balance change for $187 to $128, which dropped utilization from 3-4% to 2% on credit.

 

Bad account is a HELOC from 2004 (start) to 2018 (paid off), there are 5 (30 day) lates in 2015-2016, last in 11/2016.  Update in June 2020 from last dispute.   Account is reported differently to every bureau, but this what reports to Experian.  (Reports differnt late months, different bank ownership, and differnt years on other reports, but all relatively similar), orginal bank assets have been bought out 3-4 times in resent years (US Bank as of 2 months ago).

Message 15 of 22
Birdman7
Super Contributor

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

@DRSECU77 OK then you should be in a clean card on all of them because I believe it takes a 60 to put you in a dirty card. Clean/thick/mature/no new account as thought.

There’s only one way to find out for sure: can you cross that threshold again? Because it seems like the only rational answer unless it’s one of those crazy errors that Experian has been experiencing lately because they have been having some funny issues lately.

I can’t think of anything else. And if you can’t, hopefully someone in the Community can.

@Thomas_Thumb, any insight?

-Our Community’s updated scoring wisdom: Scoring Primer.
-New Mortgage Section:MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors thread.
-ccquest’s workbook calculates metrics for you: Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 16 of 22
BrutalBodyShots
Super Contributor

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

I thought that multiple 30D lates could equate to or result in dirty score card assignment?

Message 17 of 22
Birdman7
Super Contributor

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

I thought so too, but Rev corrected me that he did not think it did and I’ve not seen any evidence that it does, so? Do you have any evidence either way? all we need is somebody with multiple 30 days lates and a new account to tell us if they have new accounts in their reason codes. It wouldn’t appear in all profiles, but most probably if other things weren’t pushing it out.
-Our Community’s updated scoring wisdom: Scoring Primer.
-New Mortgage Section:MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors thread.
-ccquest’s workbook calculates metrics for you: Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 18 of 22
DRSECU77
Established Member

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

I don't understand what this means:

"There’s only one way to find out for sure: can you cross that threshold again? "

Message 19 of 22
DRSECU77
Established Member

Re: Doubts about "Closing an Account doesn't effect aging matrix in FICO"

6 Month update.  I paid off my oldest Mortgage (21 years old, $42k balance) this time and it just reported today.  Another 39 point drop.  Down to 713 (from 802 last fall) at this point.

 

In January I bought a new house (new $289k Mortgage) and I expected this and the eventual paying off of the old mortgage to hurt me, so I went ahead applied for 3 more credit cards the day after closing (approved for 2).  

 

New mortgage was sold after a month and reported as a closed and new mortgage again, score dropped 3 points from first appearance, on second appearance of new mortgage one of the credit cards reported as new at same day and was a 4 point increase.  I had so many and so frequent changes on cards, pulls, and balances over a 2 month peroid it was  hard to track.  

 

Advantage 3.0 Scoring didn't like new mortgage -45,  new mortgage getting closed and restarted -16 or the 21yr old mortgage getting paid off -24. but liked new credit cards, I've settled in at 730 (from 796).

Message 20 of 22
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