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Good morning all. I just wanted to add some score related data for everyone that likes that sort of thing.
On 6/14, Transunion was at 845 and showed the following:
15 Accounts:
6 Open (4 Revolving; 2 Installment)
9 Closed (4 Revolving; 4 Installment; 1 Mortgage)
1% Revolving Utilization
Accounts with Balances: 4 (2 Revolving; 2 Installment)
Total Balance on Revolving Accounts: $37
[Non-FICO generated information: Auto Loan at 60.56% and Student Loan at 19.03%]
Average Age of Accounts: 12Yr 3Mo
Age of Oldest Account: 21Yr 9Mo
Age of Most Recently Opened Account: 3Yr 8Mo (Auto Loan)
Inquries: 0 [There was an inquiry on 5/23 which is shown in the report, but didn't pick up in the score ingredients area]
On 6/19 one revolving account was paid to $0 resulting in:
So there are 3 / 6 accounts reporting balances (too many). One loan about still at 60% (loan balances too high). Only looking at revolving accounts, the oldest was opened in 2001 and the average of only revolving account is 157 months.
On 06/22 Transunion updated with the information from an account closure (I combined two cards from one bank) resulting in:
It appears that inquiry was picked up now. The three point loss could be from that rather than the account closure. Other reasons are consistent, now 3 / 5 accounts reporting a balance.
On 7/1 the new CLOC from NFCU reported. This changed my Average Age of Account to 11Yr 7Mo, and of course Age of Most Recent Account is no 0Yr 0Mo.
So 3 / 6 currently reporting with the same 60.56% and 19.03% on loan balances. The new account resulted in a nine point drop.
Slightly off topic here, but I'm not seeing why your score isn't at 850 already... at least at the beginning of your experiment here. Your profile factors are basically equal to or slightly better than mine and my EX score is 847. The only thing holding back that 847 is my AAoA being 6.5 years and by the time I hit 7.5 years it will be at 850. Your AAoA is nearly twice mine, so you've got that maxed out already.
What negative reason codes do you have present with an 847 score? Installment loan utilization I don't believe would make the difference here even if you're getting the code of loan balances to limits too high. Perhaps it's your number of accounts with balances. You have 6 open accounts and 2 being installment loans means by default they must have a balance. Are your revolvers at 1/4 (AZEO)?
BBS, You have a mortgage and the OP has an Auto loan at a fairly high B/L. Mortgages are not treated the same as Auto loans - IMO.
Also, the OP says he has an inquiry (5/23 - which is quite recent) but then states it is not showing up in a 3rd party summary. Sounds like he has one and it could be impacting Fico score.
@Anonymous wrote:What negative reason codes do you have present with an 847 score? Installment loan utilization I don't believe would make the difference here even if you're getting the code of loan balances to limits too high. Perhaps it's your number of accounts with balances. You have 6 open accounts and 2 being installment loans means by default they must have a balance. Are your revolvers at 1/4 (AZEO)?
In myFICO there are no negative reason codes listed; only what was pasted above.
The one point gain (845->846) came when I had only one revolver report a balance.
Within the FICO SCORE 8 INGREDIENTS section it lists Credit Mix as only Very Good, rather than Exceptional as all the other areas. Perhaps Transunion is more fickle to different types of credit, i.e. not having a mortgage. The Experian and Equifax scores both have Credit Mix as Exceptional.
@Thomas_ThumbBBS, You have a mortgage and the OP has an Auto loan at a fairly high B/L. Mortgages are not treated the same as Auto loans - IMO.
True and I agree that they're treated differently. I also know for certain that the presence of both on your CR is favorable to only one under FICO 8, as I lost points when I closed my auto loan while still having an open mortgage.
@AnonymousWithin the FICO SCORE 8 INGREDIENTS section it lists Credit Mix as only Very Good, rather than Exceptional as all the other areas. Perhaps Transunion is more fickle to different types of credit, i.e. not having a mortgage. The Experian and Equifax scores both have Credit Mix as Exceptional.
The fluff software that's likely giving you a "very good" instead of "exceptional" is likely doing so because you have 1 installment loan type present instead of 2+. That's my opinion anyway. It's important to know that you don't need to have two types of installment loans open though or be "exceptional" in this area to hit an 850 score. I only have a mortgage open and have hit an 850.
@Anonymous wrote:Within the FICO SCORE 8 INGREDIENTS section it lists Credit Mix as only Very Good, rather than Exceptional as all the other areas. Perhaps Transunion is more fickle to different types of credit, i.e. not having a mortgage. The Experian and Equifax scores both have Credit Mix as Exceptional.
In comparing your CRA reports are there any differences in # of accounts on file and/or accounts open vs closed among the three CRAs. Would like to try and pinpoint why your TU file rates differently.
Please note mix rating is from 3rd party software NOT the CRA. So, the mix criteria should be applied consistently across the CRAs. Given this is true means your EQ and EX reports contain something missing in your TU file..
@Anonymous wrote:
The fluff software that's likely giving you a "very good" instead of "exceptional" is likely doing so because you have 1 installment loan type present instead of 2+. That's my opinion anyway. It's important to know that you don't need to have two types of installment loans open though or be "exceptional" in this area to hit an 850 score. I only have a mortgage open and have hit an 850.
MyFICO's "fluff" shows only a "Very Good" for my Credit Mix, with both mortgages (1 open, 4 closed) AND car loans (2 open, 2 closed) reporting. But no student loans (ever) on my reports. I've always assumed the "fluff" was looking for a literal "one of each type" to fulfill their checklist. Clearly doesn't actually matter in practice...