EQ Score drop after account closure

[Thomas_Thumb]

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@CreditDunce wrote:

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@Anonymous wrote:
Was it the only open store card? If it was, score drop may have to do with credit mix; type of credit available to you. Just a guess.

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True for the quirky NextGen Fico score.  Not true for any other FICO score. 

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So, for NextGen does an open charge card, like AMEX, improve credit mix or does it have to be a store card?

NextGen Fico is one score I have been unable to obtain. I would likke to "procure" a NextGen score without getting a  new card or joining a credit union. Any options?

Just curious

[Anonymous]

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@Thomas_Thumb wrote:

I think # of open CC accounts reporting a balance can affect score. Some think % of open accounts may be a factor in the calculation.

If so, your % would change by dropping out a card - if for example you had 5 cards and 2 of 5 reported before and now it is 2 of 4 ...?

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I'm not sure about that. Just got my 3B update a few minutes ago. I went from one account to two reporting a balance, and my scores didn't change. Last month I had one card reporting $6. Now, in addition to that card, another is reporting $1236.

[Revelate]

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@Anonymous wrote:

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@Thomas_Thumb wrote:

I think # of open CC accounts reporting a balance can affect score. Some think % of open accounts may be a factor in the calculation.

If so, your % would change by dropping out a card - if for example you had 5 cards and 2 of 5 reported before and now it is 2 of 4 ...?

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I'm not sure about that. Just got my 3B update a few minutes ago. I went from one account to two reporting a balance, and my scores didn't change. Last month I had one card reporting $6. Now, in addition to that card, another is reporting $1236.

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With 10 cards reporting we wouldn't expect one anyway; for a fact I didn't get one at 2/9 and unfortunately I wasn't really testing it earlier. 

I'm letting a slew of balances report now to try to figure out breakpoints; but my own guess I concur with CreditDunce; stepped over some some breakpoint on the number of cards reporting a balance would be the most likely.  When I get better data I'll post, I had an error on my last attempt so will clean it up when I can and repost heh.

Personally I'm nearly confident that it's percentage of open revolving tradelines reporting a balance, but I'm still trying to nail down precisely where the breakpoints are.

[CreditDunce]

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@Thomas_Thumb wrote:

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@CreditDunce wrote:

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@Anonymous wrote:
Was it the only open store card? If it was, score drop may have to do with credit mix; type of credit available to you. Just a guess.

---

True for the quirky NextGen Fico score.  Not true for any other FICO score. 

---

So, for NextGen does an open charge card, like AMEX, improve credit mix or does it have to be a store card?

NextGen Fico is one score I have been unable to obtain. I would likke to "procure" a NextGen score without getting a  new card or joining a credit union. Any options?

Just curious

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Yeah, the name charge card is confusing.  Amex charge cards are reported as credit cards on your credit report.  Store credit cards are actually reported as charge cards (apart from Target).   NextGen wants to see a mix of store (charge) cards and bank (including Amex) credit cards.    A store branded visa will also count as a credit card not a retail charge card.

Retail and Bank credit card mix is as important for NextGen as installment and revolving to FICO 08.  If you are interested in learning more about NextGen, you could look at the reason codes published by FICO.  Here is a thread from last year that talks about it:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Complete-list-of-FICO-Reason-Codes/td-p/3694935

There are some interesting codes for NextGen.  For example, having too many bank credit cards.

 Edit: If MyFico doesn't sell NextGen scores (I don't know if they do or not), then the only option I know of is PenFed.  IMO if you are not a member of PenFed, NextGen is an obsolete score.

[Thomas_Thumb]

Both card count reporting and % cards reporting could come into play. The weight of each parameter may differ depending on # open cards in the file. Strongly suspect less impact associated with 100% cards reporting if you only have on or 2 cards.

It is best not to forget that scorecard comes into play and CAPTOOL's profile is likely assigned to a different profile than the OP's. I reported balances on 100% of my open cards, 6 of 6, with no impact on Fico 8 classic score. So it is best not to generalize.

I mentioned 5 as that was a small enough count where dropping one could make a noticeable difference in % - and 2 of 5 to 2 of 4 takes it from 40% to 50% [perhaps 50% is significant].

Looking at the OPs signature he has 7 cards. It would be interesting to find out the count and % reporting a balance now compared to before.

[Anonymous]

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@Thomas_Thumb wrote:

Both card count reporting and % cards reporting could come into play. The weight of each parameter may differ depending on # open cards in the file. Strongly suspect leff impact associated with 100% cards reporting if you only have on or 2 cards.

It is best not to forget that scorecard comes into play and CAPTOOL's profile is likely assigned to a different profile than the OP's. I reported balances on 100% of my open cards, 6 of 6, with no impact on Fico 8 classic score. So it is best not to generalize.

I mentioned 5 as that was a small enough count where dropping one could make a noticeable difference in % - and 2 of 5 to 2 of 4 takes it from 40% to 50% [perhaps 50% is significant].

Looking at the OPs signature he has 7 cards. It would be interesting to find out the count and % reporting a balance now compared to before.

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I think you're right. I missed this part of the OP's post:

Still have over $18k in credit and overall UTIL at around 22/23%.

My utilization percentage went from 0%, (they rounded the $6 down), to 2%.

[Thomas_Thumb]

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@CreditDunce wrote:

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@Thomas_Thumb wrote:

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@CreditDunce wrote:

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@Anonymous wrote:
Was it the only open store card? If it was, score drop may have to do with credit mix; type of credit available to you. Just a guess.

---

True for the quirky NextGen Fico score.  Not true for any other FICO score. 

---

So, for NextGen does an open charge card, like AMEX, improve credit mix or does it have to be a store card?

NextGen Fico is one score I have been unable to obtain. I would likke to "procure" a NextGen score without getting a  new card or joining a credit union. Any options?

Just curious

---

Yeah, the name charge card is confusing.  Amex charge cards are reported as credit cards on your credit report.  Store credit cards are actually reported as charge cards (apart from Target).   NextGen wants to see a mix of store (charge) cards and bank (including Amex) credit cards.    A store branded visa will also count as a credit card not a retail charge card.

Retail and Bank credit card mix is as important for NextGen as installment and revolving to FICO 08.  If you are interested in learning more about NextGen, you could look at the reason codes published by FICO.  Here is a thread from last year that talks about it:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Complete-list-of-FICO-Reason-Codes/td-p/3694935

There are some interesting codes for NextGen.  For example, having too many bank credit cards.

 Edit: If MyFico doesn't sell NextGen scores (I don't know if they do or not), then the only option I know of is PenFed.  IMO if you are not a member of PenFed, NextGen is an obsolete score.

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CD, Thanks for the info.

Actually one of the three CRAs , TransUnion, specifically lists my AMEX under "Other accounts" . My Bank cards, Best Buy card and closed Kohls/CapOne are all listed on the report under "Revolving Accounts" perhaps because they have CLs. AMEX is a NPSL card.

My interest in getting a NextGen score is just to see how yet another model evaluates factors in my profile in scoring .. You pointed me toward insurance risk scores, which I obtained and now you mention NextGen.

I recognize that NextGen is not prime time.

[CreditDunce]

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@Thomas_Thumb wrote:

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@CreditDunce wrote:

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@Thomas_Thumb wrote:

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@CreditDunce wrote:

---

@Anonymous wrote:
Was it the only open store card? If it was, score drop may have to do with credit mix; type of credit available to you. Just a guess.

---

True for the quirky NextGen Fico score.  Not true for any other FICO score. 

---

So, for NextGen does an open charge card, like AMEX, improve credit mix or does it have to be a store card?

NextGen Fico is one score I have been unable to obtain. I would likke to "procure" a NextGen score without getting a  new card or joining a credit union. Any options?

Just curious

---

Yeah, the name charge card is confusing.  Amex charge cards are reported as credit cards on your credit report.  Store credit cards are actually reported as charge cards (apart from Target).   NextGen wants to see a mix of store (charge) cards and bank (including Amex) credit cards.    A store branded visa will also count as a credit card not a retail charge card.

Retail and Bank credit card mix is as important for NextGen as installment and revolving to FICO 08.  If you are interested in learning more about NextGen, you could look at the reason codes published by FICO.  Here is a thread from last year that talks about it:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Complete-list-of-FICO-Reason-Codes/td-p/3694935

There are some interesting codes for NextGen.  For example, having too many bank credit cards.

 Edit: If MyFico doesn't sell NextGen scores (I don't know if they do or not), then the only option I know of is PenFed.  IMO if you are not a member of PenFed, NextGen is an obsolete score.

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CD, Thanks for the info.

Actually one of the three CRAs , TransUnion, specifically lists my AMEX under "Other accounts" . My Bank cards, Best Buy card and closed Kohls/CapOne are all listed on the report under "Revolving Accounts" perhaps because they have CLs. AMEX is a NPSL card.

My interest in getting a NextGen score is just to see how yet another model evaluates factors in my profile in scoring .. You pointed me toward insurance risk scores, which I obtained and now you mention NextGen.

I recognize that NextGen is not prime time.

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I didn't have an Amex Charge card reporting last time I pulled my official TU report.  However, CK shows both of my Amex charge cards as credit credit cards on the TU report.  I believe you are on the right track (NPSL) for the other category.  Since they don't have a reported limit, most FICO models do not include Amex cards in utilization calculations. (I know this is something you know). 

PenFed isn't a bad CU to join.  I joined because I wanted a good CU to build a CD ladder.  Possibly future mortgage.  I will admit, I also was curious to get another credit score (even if only quarterly).   Assuming there was a credit line you wanted from PenFed, it would be the easiest way to get your EQ NextGen score.  NextGen is way different than the mainstream FICO models.

PS. I didn't know you could obtain your insurance score, much less that CK still provided your TU insurance score, until that previous thread.  It was a good thread.