Yesterday I paid off:
Barlcays Bank American Airlines M/C
Bank of America AAA VISA
Langley Federal CU VISA
I now only have a balance on a single credit card - a 22% usage on a Starwood/Marriott Bonvoy American Express.
Does anyone know if CitiBank, Bank of America, or Barclays Bank report "zero balance" credit cards overnight to the credit bureaus as Chase Bank does?
The Experian FICO Score 2 (mortgage score) learning curve continues......
As my credit cards continue to be reported at zero balance (there are 2 left that were 50+% usage that are now zero that have not hit the bureaus yet), my Experian FICO 8 score continues to soar - it is now at 828 !!!
That being said, the Experian FICO 2 is still stuck at 719. From what others have hypothesized on this forum, and from what I can garner from the Experian site, the reason is that I have two large HELOC's that were used to purchase rental property back in 2005. The HELOC's are on those properties, i.e., used those properties as collateral. They are well outside the draw period - they are functioning now as amortized second mortgage installment loans - but they are stills being classified as "revolving accounts" per the 1998 algorithm. The balances are almost $200K each - so they are not candidates for a pay off. I wish I could re-fi them, but I am still upside down on those properties due to the crash of 2008.
So I guess I could conceivably end up with an Experian FICO 8 Score at or near 850, but still be stuck with a FICO 2 of 719. Very frustrating.
Just wanted to share this data point in case it helps anyone now or in the future.
BTW, the EquiFax FICO 5 is now at 764 and the TU FICO 4 is at 747 (with FICO 8's of 805 and 785, respectively).
I continue to be amazed at the difference in algorithms.
Also, for what it's worth, there is a small CU named TruWest that uses the HIGHEST of your 3 mortgage scores for its mortgage (incl. HELOC and traditional first and second notes) loans. This could some in handy if you have only one of the 3 mortgage scores that stands out (in a good way).
I agree that the EQ5 and TU4 are heavily correlated (although not identical) due to the FICO 4 base and the EX2 is somewhat independent based on the FICO 98 base.
For what it's worth, a key difference I've noticed by reading other threads is that student loans in deferment are cosidered closed with EX2 but considered active with a monthly payment of $0 for EQ5 and TU4. I'm fighting this same battle as we speak. My TU4 is at 724 while my EQ5 is 699 and my TU4 is 693 (and I need mid-mortgage of 700). I will post more details shortly in a separate post.
By looking at your screenshots, I don't see any student loans but this could be a driver of the difference. I suspect that this would affect # of lines reporting $0, AAoA, installment utilization, etc.
The real driver for you is that EX2 is hardly effected by installment utilization (this excludes revolvers, such as credit cards). I know that EQ5 and TU4 are more harsh in their negative impact for high installment utilization. I wonder if there is a similar positive impact for favorable installment utilization % and something in your file is getting you some positive points with EQ5 and TU4. It seems somewhat plausible that if EX2 doesn't penalize as heavily for high installment utilization, then they perhaps would be as rewarding for favorable installment utilization.
Here is another "need 1-more point" challenge for everyone. Go!:
I've read nearly every single post on all of these boards related to FICO 8/9 vs. Mortgage and FICO 98(EX2) vs. FICO 04 (EQ5 & TU4). I'm still stumped and need a bump on EQ5 or TU4.
As of 8/14/19:
FICO 5/4/2 FICO 5/4/2 Auto FICO 5/4/2 BankCard FICO 8 FICO 9
Current Bal. Limit Util. % Age Payment History
Charge Accounts (Assumed to be "Consumer Finance Accounts")
Collections (Equifax Only)
Self-Reported Telecom (Experian Only)
By my calculations (all exclude AU):
Any suggestions on getting to 700 middle mortgage?
Are closed installment accounts considered in # of accounts with balances? AAoA?
If I paid off my lowest balance installment account to try to hit 7 of 14 (50%), would that give me the needed boost?
I'm quite certain that paying off all revolvers to get to 7 of 14 accounts with balances would hurt by eliminating any AZEO gains, correct?
Are there any known age breakpoints where my 3.5 year old 30-day late payment might become less impactful?
Do you think the $87 collection on EQ has my on a dirty card that is capped at 699
Yes, under 8.9%.
No, the collection still counts on version 8. Version 8 discounts PAID collections; version 9 ignores "nuisance" collections, those under $100. Can you try a PFD?
What is your AoYA (not counting installment loans, revolver only)?
No, closed clean paid accounts don't count anywhere except AAoA and Thick/thin. Now if there's a balance, thats different.
Yes, Rev has done awesome work on that and I was helping test that recently, actually, among other things. Haven't had time to analyze all my data, but bottom one (optimized) was looking like 20% or 25%, I believe. I can't say exactly where they are, but every extra zero helps.