@SouthJamaica wrote:
@TrapLine wrote:Offering my condolences as the exact same thing for almost the exact same number of points hit me this April 2024.
The mortgage was paid off last June 2023 coupled with the vehicle loan being zeroed I sit at 802 Fico 08 EX.
Now, just a bottom feeding low life in the world of credit!!!
Well in the "world of credit" maybe, but to my mind your accomplishment is exemplary
I find the no-open-loan penalty, and its credit card counterpart, the all zero penalty, to be completely illogical.
I would love to be debt free one day, and would be glad to accept whatever 'penalties' FICO algorithms decide to dish out.
Debt is the key to a 850, right? In my case when I got rid of my SOFI loan., not only did my scores go down, I was also hit with CFA code BS...Because Fico only sees the big banks as true lenders and any new modern lender is a CFA bank
@AzCreditGuy wrote:
@SouthJamaica wrote:
@TrapLine wrote:Offering my condolences as the exact same thing for almost the exact same number of points hit me this April 2024.
The mortgage was paid off last June 2023 coupled with the vehicle loan being zeroed I sit at 802 Fico 08 EX.
Now, just a bottom feeding low life in the world of credit!!!
Well in the "world of credit" maybe, but to my mind your accomplishment is exemplary
I find the no-open-loan penalty, and its credit card counterpart, the all zero penalty, to be completely illogical.
I would love to be debt free one day, and would be glad to accept whatever 'penalties' FICO algorithms decide to dish out.
Debt is the key to a 850, right? In my case when I got rid of my SOFI loan., not only did my scores go down, I was also hit with CFA code BS...Because Fico only sees the big banks as true lenders and any new modern lender is a CFA bank
I don't think I would go that far; there are plenty of folks who are more or less debt free and have 850 scores. During the two month stretch when I had 850s on my FICO 8s I didn't have either a mortgage or a vehicle loan; all I had was about $20 reported from one or two credit cards (total CL of about $15,000).
@Thomas_Thumb wrote:I have one loan (closed 11/2020) and 5 open cards on file. Scores as of 3/2024 were:
Fico 8: EX 850 TU 844 EQ 845
Fico 9: EX 850
BC Fico 8: EQ 860
Scores were pulled on different days. Either one or two cards were reporting balances depending on pull date with aggregate UT between 1% and 2%.
I enjoy being debt free and happily accept any score penalty associated with no open loans. I don't consider monthly PIF credit card balances as true debt. I treat charges like cash payments with some lag time.
I feel exactly the same way. I have no open loans, with 2 closed mortgages still reporting. Scores pulled within the past 2 weeks are:
Fico 8: EX 850 TU 841 EQ 841
Fico 9: EX 846
BC Fico 8: EQ 866
I practice AZEn, where n = less than half of my revolvers.
[NB: I was approved for a new credit card last week, so my scores will drop a little bit after the new account starts reporting.]
@keekers wrote:
So basically always have an open installment loan? Is that the takeaway here?
According to the FICO algorithms, yes, until your accounts age to the point where it negates the effect of not having one. I was just sick of playing the game. I was only charged $6 in interest over the past year, so not bad, but was sick of it nevertheless.
Starting Score: 469Current Score: 824
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
@JoeRockhead wrote:Curious as to whether or not you're planning to stay loan free? Aside from the fact that it can be done, it would be interesting to see how long it takes you to get back to 850 without an open loan, and once you've paid down that major purchase.
I don't have any plans for a new loan in the forseeable future. That would be an interesting test, though I might hold onto the 0% interest for as long as possible.
Starting Score: 469Current Score: 824
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
@TrapLine wrote:Offering my condolences as the exact same thing for almost the exact same number of points hit me this April 2024.
The mortgage was paid off last June 2023 coupled with the vehicle loan being zeroed I sit at 802 Fico 08 EX.
Now, just a bottom feeding low life in the world of credit!!!
Starting Score: 469Current Score: 824
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
@SouthJamaica wrote:
@TrapLine wrote:Offering my condolences as the exact same thing for almost the exact same number of points hit me this April 2024.
The mortgage was paid off last June 2023 coupled with the vehicle loan being zeroed I sit at 802 Fico 08 EX.
Now, just a bottom feeding low life in the world of credit!!!
Well in the "world of credit" maybe, but to my mind your accomplishment is exemplary
I find the no-open-loan penalty, and its credit card counterpart, the all zero penalty, to be completely illogical.
I would love to be debt free one day, and would be glad to accept whatever 'penalties' FICO algorithms decide to dish out.
That part!
And, that part too!
Starting Score: 469Current Score: 824
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
@Junejer wrote:
@JoeRockhead wrote:Curious as to whether or not you're planning to stay loan free? Aside from the fact that it can be done, it would be interesting to see how long it takes you to get back to 850 without an open loan, and once you've paid down that major purchase.
I don't have any plans for a new loan in the forseeable future. That would be an interesting test, though I might hold onto the 0% interest for as long as possible.
It took me 2 months after closure of my mortgage for EX Fico 9 score to reach 849 and EX Fico 8 to reach 848. I didn't regain 850 on EX until 5 months after closure.
It's now been 3 years since closure and my EQ and TU F8 scores have yet to regain 850. They appear to have reached a plateau at 844-845 
. No data on F9 EQ or TU.
When my closed mortgage drops off in 7 years my Fico 8/9 scores will likely be limited to the 810-820 range. However, F8/F9 probably won't be offered then so I'll never know.