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FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

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Anonymous
Not applicable

FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

I am creating and stickying this thread so we can all share events that happen in our credit lives, and what effect they have on our FICO scores.

I must begin with a confession: my computer system crashed a couple weeks back, and I put a new one on my BofA credit card $718 out of a $1000 CL. I managed to get the balance down to $398 before it reported. Nevertheless, I took 5 FICO points of damage for that little indiscretion. I have three other CCs, two of which just started reporting. When the others reported, my FICO dipped one point...most likely because they were new accounts and I had at least one hard inquiry to get them.

Nevertheless, I'm still bullish overall. I suspect my FICO would probably have risen three or four points if not for the new accounts and increased utilization. By the end of the month I'll have it back down to <10%.
Message 1 of 158
157 REPLIES 157
MidnightVoice
Super Contributor

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

OK, so I got a new CC to reduce my utilization percentage.  Interesting effects on my EQ score
 
self - util from 30% to 5%, score up 17.  DW - util from 20% to 3%, score up 7
 
Then I ran up a big bill and deliberately did not pay any before the statement (it is now already PIFfed).  This hit my CRs on Monday June 25th.  Friday Scorewatch noticed.
 
 
self - util from 5% to 25%, score down 19.  DW - util from 3% to 20%, score down 5.
 
My score was mid 700s, hers 30 points lower.
 
 
Now we shall see what happens in 30 days when util will be 1%!!!!!!!!!!!
 
 
But it is an interesting and accurate demonstration.  And by the way - EQ FAKO dropped 21 points the day the balance was posted
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 2 of 158
Anonymous
Not applicable

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

While I've seen my TC FAKOs climbing steadily as I've paid down debt, and have 1-9 util reporting on everything but one CC, my EQ FICO has remained fairly flat and stagnant.
 
From a 593 (May 10th) to a 602 (June 29). Only one drop, 5 points, because of a new inquiry.
 
I'll update when that one CC reports 1-9 util.
 
Message 3 of 158
fused
Moderator Emeritus

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

I have an Amex Gold Rewards PIF charge card reporting on EX that previously reported a high bal of $4,306 and a bal of $4,306, essentially maxed out.  EQ and TU report this card as other open account and it does not factor into my revolving util%. EX refuses to follow suit and reports this account as revolving. Idiots! In May I stopped charging on it 5 days before the statement date and PIF two days before statement date and it posted on Amex's website. I finally got the $0 balance I needed to report on EX. So now my heart is beating furiously, I just knew something good was about to happen. I went to creditsecure and pulled my reports and scores. EX FAKO went from 720 to 756, I was stoked. I couldn't resist so I pulled my EX FICO score and WHAT, my score dropped from 739 to 738. Unreal!Smiley Mad


Message Edited by fused111 on 09-10-2007 07:39 PM
Message 4 of 158
Anonymous
Not applicable

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

I was disputing, disputing, disputing for months on TU.  Finally got done.  The last one was an account that I had previously talked about here...Chase buying Pier One account showing as a new charged off account dropped my score sonething like 70 points even though it was almost 5 years old.  Once my disputes were all completed...the Chase account AND the Pier One account both dropped off and here was my difference in scores:
 
 
523  6/20/2007
 
636  6/23/2007
 

WHOO HOO!!  Besides that fact of having the new charge off deleted, and the derogatory account from Pier One gone also, this still seemed like a very large jump.  I think the fact that I have no accounts in dispute may play a part in it.  The 630ish number stuck until a few days ago when a zombie creditor reported a collection account from 2003 that had never been reported before and I took a 12 point drop on all three bureaus for that...was expecting more of a drop, but maybe because the collection account is over 4 years old??  Either way, I'll take it.  My short term goal is to get all 3 scores above 620...then I'll shoot for 700!



Message Edited by ekuzniar on 07-03-2007 06:09 PM
Message 5 of 158
alixwooten
Established Member

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

What an excellent idea!  Of course, it may drive me crazy if there is no reason or rhyme to the changes...
 
This is only for EQ...
 
On June 8th Merrick reported a new balance of $76 (out of $1900 limit so 4% utilization right?), and on the same day HSBC reported my car loan paid off (paid $12,198 to zero).  My EQ FICO increased by.... 7 points.  It seemed like a very small increase for such a large payoff.
 
On June 29th I had a Cap One credit card report a new balance of $202 (I was too late to cancel an autoship order for product - charged $145 that month that I never intended darn it...).  They are showing my highest balance as $589 so the utilization rate would be pretty high - 34 or 35% right?  However, although there was an increase in utilization and balance, there was a zero change in my FICO score.  No other changes were reported that day, and no negative reports (lates etc...) were scheduled to drop off.
 
Most recent scores? TU = 670, EQ = 666 (almost willing to take a hit to change that number!) and EX = 672 - pretty close spread eh?
 
 
Message 6 of 158
FICOnater2007
New Contributor

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

EQ = 666?  Do we need more proof that Equifax is in league with the devil? Smiley Very Happy
 
Seriously, your scores are quite close which is good.  I've posted in another thread that my Equifax score moved "0" over 4 months while EQ moved 91 points and TU moved 54 (they were already close to accurate!) during that same period.
 
Good luck and happy crediting,
 
FICOnater2007
Message 7 of 158
Anonymous
Not applicable

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)



@alixwooten wrote:
TU = 670, EQ = 666 (almost willing to take a hit to change that number!) and EX = 672 - pretty close spread eh?





That 666 is a code for "the Master vets this individual for anything!"

So now's your chance to go for the SATAN ELITE ADAMANTIUM ULTRA-PRIME card. It's made from real titanium, strong enough to deflect small-arms fire, jet-black in color with red lettering. No picture or cute hologram. Instead, when you get the SATAN PRIME ADAMANTIUM card, you **bleep** your finger and drip a small drop of blood onto the pentagram at the bottom right. That provides a DNA sample for error-proof identification.

The credit limit is a tidy one million dollars. Interest is 6.66%. And, as you noticed when you read the User Agreement and Terms, you put your soul up as collateral in case you default...
Message 8 of 158
MercyMe
Frequent Contributor

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

Good morning, NewWorldMan!  All!  I trust you had a wonderful 4th!  Also, thanks for this post.  It gives me the opportunity to again stress the importance of charge off accounts reading PAID in the status.  Equifax and Transunion have to change this on my reports, but Experian has changed the status from charge off to paid, and my score jumped 50 points!!!!  It is soooo important for all to fight for this, if they have to.  Again, thanks for giving me this opportunity, and have a really great day!
Message 9 of 158
Anonymous
Not applicable

Re: FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

I was a little surprised at the credit boost from old accounts falling off.
I had 2 30 day lates and 1 paid charge off fall off and my score increase by 94 points.  (experian fico)
I kept reading that they count less and less as time passed, but my score changed dramatically from June to July 2007.
 
also...
 
Transunion fico dropped 20 points when my utilization went up on one of my accounts. (between 4/27 and 6/7) from 735 to 715.  I disputed an old charge off on 06/07 and it was deleted the next day.  the score increased 68 points on 06/11 (but utilization also changed during those few days)
Message 10 of 158
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