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EQ8...Contradictory much?

Mr_Mojo_Risin
Valued Contributor

Re: EQ8...Contradictory much?


@PullingMeSoftly wrote:

@Birdman7 wrote:

@PullingMeSoftly wrote:

@Birdman7 wrote:

@PullingMeSoftly wrote:

@Birdman7 wrote:
How many accounts do you have on your credit report? How many are open? How many have reported in the last month?

Aside from a paid auto loan and a few closed card accounts in good standing, it looks like maybe my student loans may be the culprit. They are currently in administrative forbearance (for CARES Act + executive order extensions), so I guess they consider those weighted against my active card accounts as being "few accounts paid on time". The 1-point deficit irks me though! Cmon FICO really? Denied the 850 


@PullingMeSoftly well depending on the age and depth of the profile, it likes to see a certain number of actively reporting accounts apparently. We've been trying to narrow down that number somewhere around 7. 


Gotcha @Birdman7 , that makes the notation even more puzzling. I keep every card in my sig active with monthly use, let the balances report, and pay in full after every statement cut. So that's 18 cards being paid on time monthly, against a small handful of student loans in admin forbearance (but having always been paid on time before that).


@PullingMeSoftly then it's definitely not the minimum number and I assume your profile is not young, so it's not lack of history; it's the depth or variety of accounts currently reporting.


Are any loans currently reporting? If not, that's what it is, all of those are in forbearance and not actively reporting, so you don't have the variety of credit types actively reporting.

 

Doesn't look like it's harming your score much! This is one of those codes that we know less about than others. 


Thanks @Birdman7 that totally makes sense, I think you nailed it.  Beyond the student loans, there's only one paid off auto loan that'll be falling off in another year. So with the student loans in forbearance, you're right it's just cc's reporting. 


I stopped receiving that reason code when I added my 4th revolver to my profile that has 1 installment loan.

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Message 11 of 18
Birdman7
Super Contributor

Re: EQ8...Contradictory much?


@Mr_Mojo_Risin wrote:

@PullingMeSoftly wrote:

@Birdman7 wrote:

@PullingMeSoftly wrote:

@Birdman7 wrote:

@PullingMeSoftly wrote:

@Birdman7 wrote:
How many accounts do you have on your credit report? How many are open? How many have reported in the last month?

Aside from a paid auto loan and a few closed card accounts in good standing, it looks like maybe my student loans may be the culprit. They are currently in administrative forbearance (for CARES Act + executive order extensions), so I guess they consider those weighted against my active card accounts as being "few accounts paid on time". The 1-point deficit irks me though! Cmon FICO really? Denied the 850 


@PullingMeSoftly well depending on the age and depth of the profile, it likes to see a certain number of actively reporting accounts apparently. We've been trying to narrow down that number somewhere around 7. 


Gotcha @Birdman7 , that makes the notation even more puzzling. I keep every card in my sig active with monthly use, let the balances report, and pay in full after every statement cut. So that's 18 cards being paid on time monthly, against a small handful of student loans in admin forbearance (but having always been paid on time before that).


@PullingMeSoftly then it's definitely not the minimum number and I assume your profile is not young, so it's not lack of history; it's the depth or variety of accounts currently reporting.


Are any loans currently reporting? If not, that's what it is, all of those are in forbearance and not actively reporting, so you don't have the variety of credit types actively reporting.

 

Doesn't look like it's harming your score much! This is one of those codes that we know less about than others. 


Thanks @Birdman7 that totally makes sense, I think you nailed it.  Beyond the student loans, there's only one paid off auto loan that'll be falling off in another year. So with the student loans in forbearance, you're right it's just cc's reporting. 


I stopped receiving that reason code when I added my 4th revolver to my profile that has 1 installment loan.


@Mr_Mojo_Risin thank you very much for that data point. Did you have any closed accounts on your report at that time? If I may ask? i'm suspecting at least two closed accounts possibly? 

and when you say stopped receiving it, did you go down to three reason codes?

-Community’s scoring wisdom: Scoring Primer.
-New: MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors.
-Calculate metrics with ccquest’s Workbook.

Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
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 18
Birdman7
Super Contributor

Re: EQ8...Contradictory much?


@barca wrote:

@PullingMeSoftly wrote:

@Birdman7 wrote:
How many accounts do you have on your credit report? How many are open? How many have reported in the last month?

Aside from a paid auto loan and a few closed card accounts in good standing, it looks like maybe my student loans may be the culprit. They are currently in administrative forbearance (for CARES Act + executive order extensions), so I guess they consider those weighted against my active card accounts as being "few accounts paid on time". The 1-point deficit irks me though! Cmon FICO really? Denied the 850 


even though the student loan are in forbearance, they will still be reported as paid $0. 

This can not be the issue.

 

not getting the 850 could also be your utilization for the aggregrate loans.

 

your TU and EX are not close to 850, do they have different AAoA


@barca but they are not active because they are in forbearance.  this leaves only revolving Payment History currently being reported.

-Community’s scoring wisdom: Scoring Primer.
-New: MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors.
-Calculate metrics with ccquest’s Workbook.

Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
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 13 of 18
Mr_Mojo_Risin
Valued Contributor

Re: EQ8...Contradictory much?

@Birdman7 

I got my 4th revolver in September which was the same month I closed and opened a new auto loan.

The new loan and CC reported in October. That's when I noticed I wasn't receiving "few accounts paid"

code. 

 

My codes usually are:

1. Short account history 

2. Loan balances 

3. Short revolving history 

4. Credit cards with balances ( when more than 1 posts a balance.

I wouldn't have dropped to 3 back in October, I would've had seeking credit in there somewhere as well.

My apologies if this isn't put together correctly for you. 

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NFCU Cash Rewards 4K CL
Discover IT 1.5K CL
Cap1 Quicksilver 600 CL
NFCU auto loan
Message 14 of 18
barca
Regular Contributor

Re: EQ8...Contradictory much?

@barca but they are not active because they are in forbearance.  this leaves only revolving Payment History currently being reported.

 

@Birdman7 . I have student loan too. 

 

When in normal forberance , it will be inactive.

 

but during the Covid forbearance, under Trump and Biden - the forbearance was special.. 

i.e . it is suppose to be active but just report $0 payment every month.

 

My student loans are showing paid $0 every month, with no forbearance comment whatsoever.

 

You might be right, maybe it is still inactive.

 

But I remember about 10 years ago, when my student loan was in forbearance, there will be like  a "forbearance" comment under the report and the monthly payment will have a code like N/A or something

 

Message 15 of 18
Birdman7
Super Contributor

Re: EQ8...Contradictory much?


@Mr_Mojo_Risin wrote:

@Birdman7 

I got my 4th revolver in September which was the same month I closed and opened a new auto loan.

The new loan and CC reported in October. That's when I noticed I wasn't receiving "few accounts paid"

code. 

 

My codes usually are:

1. Short account history 

2. Loan balances 

3. Short revolving history 

4. Credit cards with balances ( when more than 1 posts a balance.

I wouldn't have dropped to 3 back in October, I would've had seeking credit in there somewhere as well.

My apologies if this isn't put together correctly for you. 


@Mr_Mojo_Risin I think you reassigned from thin to thick scorecard.

-Community’s scoring wisdom: Scoring Primer.
-New: MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors.
-Calculate metrics with ccquest’s Workbook.

Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
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 18
Mr_Mojo_Risin
Valued Contributor

Re: EQ8...Contradictory much?


@Birdman7 wrote:

@Mr_Mojo_Risin wrote:

@Birdman7 

I got my 4th revolver in September which was the same month I closed and opened a new auto loan.

The new loan and CC reported in October. That's when I noticed I wasn't receiving "few accounts paid"

code. 

 

My codes usually are:

1. Short account history 

2. Loan balances 

3. Short revolving history 

4. Credit cards with balances ( when more than 1 posts a balance.

I wouldn't have dropped to 3 back in October, I would've had seeking credit in there somewhere as well.

My apologies if this isn't put together correctly for you. 


@Mr_Mojo_Risin I think you reassigned from thin to thick scorecard.


Yes! I can't believe I forgot to mention that. I got crushed by the FICO machine lol. My oldest account hit 3yrs last September. The beginning of October I lost 80 on TU, 70 EQ. 

I assume the new loan and CC played a part as well but wow!

BTW I can't think you enough for your contributions on these forums. I've learned a massive amount from your research and it is greatly appreciated. 

Thank you very much!

NFCU More Rewards 24K CL
AODFCU Visa Signature 5K CL
NFCU Cash Rewards 4K CL
Discover IT 1.5K CL
Cap1 Quicksilver 600 CL
NFCU auto loan
Message 17 of 18
Birdman7
Super Contributor

Re: EQ8...Contradictory much?


@Mr_Mojo_Risin wrote:

@Birdman7 wrote:

@Mr_Mojo_Risin wrote:

@Birdman7 

I got my 4th revolver in September which was the same month I closed and opened a new auto loan.

The new loan and CC reported in October. That's when I noticed I wasn't receiving "few accounts paid"

code. 

 

My codes usually are:

1. Short account history 

2. Loan balances 

3. Short revolving history 

4. Credit cards with balances ( when more than 1 posts a balance.

I wouldn't have dropped to 3 back in October, I would've had seeking credit in there somewhere as well.

My apologies if this isn't put together correctly for you. 


@Mr_Mojo_Risin I think you reassigned from thin to thick scorecard.


Yes! I can't believe I forgot to mention that. I got crushed by the FICO machine lol. My oldest account hit 3yrs last September. The beginning of October I lost 80 on TU, 70 EQ. 

I assume the new loan and CC played a part as well but wow!

BTW I can't think you enough for your contributions on these forums. I've learned a massive amount from your research and it is greatly appreciated. 

Thank you very much!


@Mr_Mojo_Risin You're very welcome and thank you for the kind words. I'm glad to be at your service.


It appears in September you would've probably lost points on the first from going to mature. Then when those new accounts reported, depending on when and how, you went to a thick scorecard and potentially a new account scorecard if you weren't already there. So lots of changes. 

-Community’s scoring wisdom: Scoring Primer.
-New: MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors.
-Calculate metrics with ccquest’s Workbook.

Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
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 18
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