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Experian FICO 2 (Mortgage) Score Question

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Super Contributor

Re: Experian FICO 2 (Mortgage) Score Question


@Cruzzer1 wrote:

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.

 


It's not true. Chase reports the zero balances AUTOMATICALLY within a day or two. The CSR was ignorant.

 

You're not going to be able to get Experian to change. If you have their Credit Watch or Credit Watch Premium, just pull your report daily. You'll get a nice surprise one day.


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 725 TU 752 EX 732

Message 11 of 80
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Senior Contributor

Re: Experian FICO 2 (Mortgage) Score Question

Chase reports the same night you zero the balance. You will see it on EX the following morning at 3 AM. TransUnion and Equifax take their time updating their databases. It may take 3 to 5 days. That has nothing to do with Chase. Chase reports the same night. The delay is with Equifax and TransUnion.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 12 of 80
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Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

As the expert posters here suggested, the Experian credit reported updated overnight with 3 paid-off Chase credit cards.

My EX FICO 8 score is not up to 792 - but that darn EX FICO 2 score is still stuck at 719 - that is still 1point from what I need.

 

In case it provides any more insight, I have attached a summary shot of my EX CreditWatch page.EX.jpg

Message 13 of 80
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Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

I just called EQ.  They told me that once they receive the "zero balance" data from Chase that it will take 30-90 days to show up in my EQ credit report.  That sounds like misinformation, but who knows?

Message 14 of 80
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Valued Contributor

Re: Experian FICO 2 (Mortgage) Score Question


@Cruzzer1 wrote:

I just called EQ.  They told me that once they receive the "zero balance" data from Chase that it will take 30-90 days to show up in my EQ credit report.  That sounds like misinformation, but who knows?


LMAO!!!  That's just the sillyest response ever from a CSR that doesn't know anyhing about how credit works.  

 

I mean your CR is spotless other than normal day to day activities.  Scores are calculated based on the data provided at the time of the pull.  No magic timeline of when updated data gets crunched as the CSR suggested.  

 

There has to be some undderlying reason why... it's usually something silly like .01% being paid down on a TL to bring it into ideal range or switching up the scorecard from one to another by hitting a threshold of some sort.  

 

Or this https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Does-anyone-know-about-Experian-s-Fico-2...

 

So, SJ has already posted the more accounts reporting $0 adds points.  Now, it's not realistic to payoff your balances but, hopefully the ones you did will be enough to get over that 720 hurdle.  

500K+ TCL / 800+ FCOs
Message 15 of 80
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Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

O-E and SJ,

 

Thanks for your help.

I still can't fathom that paying 3 Chase cards down to zero overnight didn't at least garner me 1 point in FICO Score 2.

I'll keep pushing until either I get across the line or until time runs out on me.  LOL

Message 16 of 80
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Super Contributor

Re: Experian FICO 2 (Mortgage) Score Question


@Cruzzer1 wrote:

O-E and SJ,

 

Thanks for your help.

I still can't fathom that paying 3 Chase cards down to zero overnight didn't at least garner me 1 point in FICO Score 2.

I'll keep pushing until either I get across the line or until time runds out on me.  LOL


Patience.


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 725 TU 752 EX 732

Message 17 of 80
Highlighted
Senior Contributor

Re: Experian FICO 2 (Mortgage) Score Question

If I’m reading you correctly you still have 6 CCs with a balance, the Citibank is over 50% and Starwood is, as well. You’re getting dinged for that and you still have too many accounts with a balance.

Bring some more accounts to zero if you can and try to lower the percentages on those cards below 48.9% below 28.9 if you can.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 18 of 80
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Established Contributor

Re: Experian FICO 2 (Mortgage) Score Question

Looking back at some mortgage score you had in October 2018, 730+, 755, 719. Unless there has been way more utilization or new accounts, are you now down to 719 as your "middle" mortgage score, and need one point to qualify, or is the middle score (toss out highest and lowest to obtain) already over 720? This is what lenders will use in a tri-merge on your reports.

Message 19 of 80
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Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

Yes, my current 3 mortgage scores are 713-747-719 - I need to get my middle score to 720.

My credit card utilization is much lower than it was back in October 2018 when I was at 732-755-719.

The last number (719) is Experian Score 2.  In the past 10ish months it dropped once from 719 down to 709 and back up once to 719.  I can't believe it doesn't change more often. The EX and TU mortage scores have changed dozens of times during that same time period.

Message 20 of 80
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