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Experian FICO 2 (Mortgage) Score Question

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Valued Contributor

Re: Experian FICO 2 (Mortgage) Score Question

I’ll bet that’s exactly what’s happening on EQ.

I was just about to ask you where are you accessing your Equifax report? Because you need to go over it with a fine tooth comb and make sure there’s nothing else there. If not, that’s what’s going on, I’ll bet you.

When I get home I will check and see if my installment account gave that negative reason code when I added the loan. If not I think we can assume it is that seven-month-old AU account.

Meanwhile you need to get your revolving aggregate utilization under 8.9% and see if you’ve got friends or family that will add you to zero balance AU accounts.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 71 of 80
Valued Contributor

Re: Experian FICO 2 (Mortgage) Score Question

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Mortgage-Scores-accounts-with-Balances-6...







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 72 of 80
Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

Yeah, that’s the one I’ve read before and I’ve been searching for. The gears in my head are overheating! I’m processing it all. I’m particularly trying to hone my focus in TU4 because it doesn’t have to collection (yet it’s worse that EQ5 with the $87 collection.)
Message 73 of 80
Valued Contributor

Re: Experian FICO 2 (Mortgage) Score Question

Yeah you’ve got quite a bit for your mind to be grinding on. I understand. Keep in mind if I remember correctly, his TU was dirty.

Notice the comments about the new account not resetting his AoYA on TU, cuz dirty, IIRC.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 74 of 80
Valued Contributor

Re: Experian FICO 2 (Mortgage) Score Question

As a matter fact it was out of that thread helped me decide I wanted to figure out whether an installment loan reset AOYA. And that’s why I did the test.

But keep in mind, like he said, the counter for AoYA may be longer than 12 months for the mortgage versions. And this would make sense considering I got no points when AoYA hit 12 months for the mortgage scores.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 75 of 80
Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

You've been incredibly helpful. Here's what I'm thinking I may do:

 

  • Drop myself as AU on the 7-month old card we use to carry a balance. This will make my youngest revolver 12 or 13 months old. It's unproven whether that 12-month mark special or not.
  • This will drop a numerator and denominator in my # of accts. with a balance. It will put me at 8 of 15.
  • I can reach true AZEO with a card of my own (althought AZEO w/AU as the 1 might be just as effective for mortgage scores). 

I need to keep checking TU4 data points to see if there is a a 50% # of accts w/balances. If so, I could consider paying off my newest and lowest balance installment (around $4,000). That would move me from 8 of 15 (53%) ----> 7 of 14 (50%). I doubt I do this because the $4k is a substantial chunk.

 

As a reminder, I'm looking to move TU4 from 693 to 700 (or 720) or EQ5 from 699 to 700 (or 720). EX2 is at 724. EQ5 is the only one that has the $87 collection. I'm still baffled that it is higher than TU4 given that TU4 doesn't have a collection. Maybe the 30-day lates from 3+ years ago make me dirty in the eyes of TU4 and dirty is dirty, regardless of whether it's a collection, a 30-day late, or both. Maybe dirty is just dirty and the mortgage scores hang on to old mistakes whereas the newer scores are "what have you done for me lately."

 

I also need to figure out if I can strong-arm citi into a mid-cycle reporting to take my $1 balance down to $0. I would just use it as my 1 in the AZEO for this month but my utilization would be too low. It would be $1 out of $64,050. But if I drop the AU AMEX, that will got to $44,050.

Message 76 of 80
Valued Member

Re: Experian FICO 2 (Mortgage) Score Question

Quick question:

 

What do you think would be better looking through only through the lens of TU4 and EQ5?

  1. AZEO (1 of 7 revolvers) with the 1 being an AU that only has a $1 balance (b/c I can't get Citi to do a mid-cycle update). Total revolving utilization would be $1 out of $44,050 (0.002%).
  2. AZE2 (2 of 7 revolvers) with 1 being an AU that only has a $1 balance and the other being a non-AU with a modest balance of my choosing? Total revolving util would be anywere I choose below 9%.

Basically, would the $1 utilization out of $44,050 be considered AZ and not get the AZEO benefit? I feel stuck between AZ and AZE2 because Citi reported a $1 balance and will not mid-cycle update. That $1 feels like it is just enough to hurt me but too small to help me.

 

NOTE: I'm aware of the potential for a Citi update via your discussion with others via the thread linked below. I'm looking at the options above in case the Citi mid-cycle attempts are fruitless.

 

Citi Mid-Cycle Thread:  https://ficoforums.myfico.com/t5/General-Credit-Topics/Off-Cycle-Update-Mid-Cycle-Update-to-Credit-R...

Message 77 of 80
Valued Contributor

Re: Experian FICO 2 (Mortgage) Score Question

One dollar is fine, computers round up. it should not give you the penalty because it is in use.

You have to give me a few to read and respond to the rest.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 78 of 80
Valued Contributor

Re: Experian FICO 2 (Mortgage) Score Question

I think if you bring your revolving utilization under 8.9%, you will get that one point at EQ5, especially if you bring it down to one revolver.

No a 30 day late does not put you in a dirty scorecard. A 60 day late all the way up to collection in bankruptcy does.

Yes you can get city to do an off cycle update if you get the right person.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 79 of 80
Valued Contributor

Re: Experian FICO 2 (Mortgage) Score Question

We don’t know if you’ll get any points for getting rid of the seven-month-old AU, like you said. I think the mortgage scores have more than a 12 month window for AoYA.

But I definitely think 7/14 is better than 9/16. I definitely think moving to 7/14 would add points, just like getting under 8.9% aggregate revolving utilization should give you some points, on all models for that matter.

But wait, remember AZEO is revolving only, and whether AZEO is better than AZE2 depends on how many cards you have, because it’s apparently a percentage game. (For somebody with 30 cards it’s not gonna make a difference, For you the difference between one and two is critical.)( Also, I don’t even think it’s been confirmed on the mortgage scores whether it’s percentage or just a number. I think percentage. Also I don’t think it’s been confirmed whether it’s just revolvers or both revolvers and installment.)

Keep in mind, I’ve seen negative reason codes for too many credit cards with a balance as well as too many credit accounts with a balance on the same algorithm, don’t quote me but I think it was EQ5, I’ll have to go doublecheck. So there are likely separate penalties for number of cards with a balance and number of total accounts with a balance, but I don’t know if that applies to both the 98 and 04 models or just one of them.

I’m glad I’ve been able to help. I wish I had better answers for you.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 80 of 80
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