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Experian FICO 2 (Mortgage) Score Question

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Experian FICO 2 (Mortgage) Score Question

I am 1 point away from the Expeiran FICO 2 (Mortgage) score I need to close on the mortgage I want.  My currnet EX FICO 2 is 719 - and I need a 720.

 

Several weeks ago, the score had increased from 709 to 719.   After that, I paid 3 credit cards down from 80% usage to 20% usage.  The mortage scores from EQ (FICO 5) and TU (FICO 4) each increased several pionts each time as each credit card's decrased usage was reported to the respective bureaus; however, the EX (FICO 2) has stayed stuck at 719.  The updated (lower usage) numbers are showing in the account details of the EX credit report, and the EX FICO 8 score has increased almost 20 points - but there is zero movement in the EX FICO 2 score.

 

Does anyone know anything about frequency of EX re-calculating their FICO 2?  Shouldn't it be automatically done as each new piece of data his the credit report?

 

Thanks in advance for any insight.

 

Message 1 of 80
79 REPLIES 79
Established Contributor

Re: Experian FICO 2 (Mortgage) Score Question

The scores are calculated with the info present at the time of request.

 

Is it possible to pay things down more?  Perhaps PIF one of the cards that has a balance? 

 

Before you do though it would be helpful to know the cards that have balances since some factor into certain calculations and others don't.  

500K+ TCL / 800+ FCOs
Message 2 of 80
Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

I just paid off (in the past 5 minutes) the following 3 cards:

 

Delta American Express - $67 balance with $2,000 limit

Chase United Airliens M/C - $73 balance with a $17,500 limit

Chase Freedom VISA - $1,628 balance with a $8,700 limit

 

How do I get the above 3 to report the new (zero) balances to Experian?

 

I am self-employed and use my credit cards for business expenses.  The current balances still owed are:

 

Chase Marriott VISA - $3,082 balance with $12,000 limit

Bank of America AAA VISA - $6,150 balance with $25,000 limit

Barclays American Airlines Card - $8,628 balance with $30,900 limit

CitiBank M/C - $14,214 balance with $23,800 limit

Starwood/Marriott American Express - $33,000 balance with $66,100 limit

Langley Federal CU VISA - $2,109 balance with a $9,500 limit

 

I have 4 other credit cards with combined $110,000 limit and zero balance owed

 

I have a LOC (overdraft protection) at my CU with a $4,750 balance and a $20,000 limit.

 

Can't get much more transparent than that.   LOL

 

Message 3 of 80
Established Contributor

Re: Experian FICO 2 (Mortgage) Score Question

Chase accounts brought to $0 usually report within 2-3 days automatically.

 

Amex might do a mid-cycle report if you ask them for it otherwise it's just the normal reporting when the statement closes.

 

Ideally the less amount of cards out of your total amount of cards reporting makes a difference in the impact for scoring.  For instance I have 22 cards and right now 9 of them are reporting balances under 5% of their CL.  Should be 8 but, the one didn't report yet and the scores took a little bit of a dive hitting 9 cards w/ balances.  

 

For the immediate impact maybe wait it out for the update to hit your reports w/ the 2 Chase cards hitting $0 and see where things fall and tackle Marriott for some more impact in the # of cards reporting a balance.  It's a bit of a juggling act when trying to find the sweet spot but, we're similar for card count.  

 

The other thing would be bring down the highest %'s like Starwood & Citi a bit to get the better scorecard rating and more points back.

 

The thing I was afraid of was going AZEO and leaving a balance on a store card or a charge card but, that doesn't appear to be an issue with your lineup.

500K+ TCL / 800+ FCOs
Message 4 of 80
Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

I just called Chase and asked how I could request that they report the new "zero balances" to the credit bureaus.

 

I was told that it could not be done manually - that I would have to wait until the normal credit card reporting cycle hit - which is 2+ weeks from now.

 

I have also called Experian 3 times today to try to take to a customer service rep there for some help/explanation.  Each time I was put on hold and the call was dropped/terminated after a 15-minute wait.  Very frustrating.

 

Bummer.

 

Message 5 of 80
Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

I only need 1 point.

 

Still hard to believe that paying down 3 credit cards with 70+% usage to (approx.) 25% usage on each card didn't get me at least 1 point with EX while it got me 15-20 points with EQ and TU.

 

 

 

Message 6 of 80
Established Contributor

Re: Experian FICO 2 (Mortgage) Score Question

Chase automatically reports within 2-3 days as I said earlier.  Calling them is like banging your head on the desk.  Just give it a couple of days to update on its own.  

 

Amex on the other hand mgiht be worthwhile to see if they will push a manual update.

500K+ TCL / 800+ FCOs
Message 7 of 80
Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

OK.  Thank you.

 

Message 8 of 80
Super Contributor

Re: Experian FICO 2 (Mortgage) Score Question


@Cruzzer1 wrote:

I am 1 point away from the Expeiran FICO 2 (Mortgage) score I need to close on the mortgage I want.  My currnet EX FICO 2 is 719 - and I need a 720.

 

Several weeks ago, the score had increased from 709 to 719.   After that, I paid 3 credit cards down from 80% usage to 20% usage.  The mortage scores from EQ (FICO 5) and TU (FICO 4) each increased several pionts each time as each credit card's decrased usage was reported to the respective bureaus; however, the EX (FICO 2) has stayed stuck at 719.  The updated (lower usage) numbers are showing in the account details of the EX credit report, and the EX FICO 8 score has increased almost 20 points - but there is zero movement in the EX FICO 2 score.

 

Does anyone know anything about frequency of EX re-calculating their FICO 2?  Shouldn't it be automatically done as each new piece of data his the credit report?

 

Thanks in advance for any insight.

 


It's recalculated whenever someone pulls the report. If you're talking about one of EX's monitoring services, it is recalculated instantly, but not more than once a day.

 

The best thing you can do to quickly get the points in EX FICO 2 is to increase the number of accounts reporting zero balances.


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 9 of 80
Super Contributor

Re: Experian FICO 2 (Mortgage) Score Question


@Cruzzer1 wrote:

I just paid off (in the past 5 minutes) the following 3 cards:

 

Delta American Express - $67 balance with $2,000 limit

Chase United Airliens M/C - $73 balance with a $17,500 limit

Chase Freedom VISA - $1,628 balance with a $8,700 limit

 

How do I get the above 3 to report the new (zero) balances to Experian?

 

I am self-employed and use my credit cards for business expenses.  The current balances still owed are:

 

Chase Marriott VISA - $3,082 balance with $12,000 limit

Bank of America AAA VISA - $6,150 balance with $25,000 limit

Barclays American Airlines Card - $8,628 balance with $30,900 limit

CitiBank M/C - $14,214 balance with $23,800 limit

Starwood/Marriott American Express - $33,000 balance with $66,100 limit

Langley Federal CU VISA - $2,109 balance with a $9,500 limit

 

I have 4 other credit cards with combined $110,000 limit and zero balance owed

 

I have a LOC (overdraft protection) at my CU with a $4,750 balance and a $20,000 limit.

 

Can't get much more transparent than that.   LOL

 


When you pay a Chase card down to zero, it will report the zero balance within a day or two, so concentrate

on zeroing out your 3 Chase accounts; that's the fastest way to pick up some points in your EX FICO 2.

 

 


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 10 of 80
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