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FICO Score Increase

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dragontears
Senior Contributor

Re: FICO Score Increase


@BMW_328i wrote:
TU also gave me like 13 points or so when it first reported current. IDK. Looks like I have to be a Harvard grad to understand these algorithms.

Well they were written by people with advanced degrees and purposely made hard to figure out (how would FICO be able to sell its algorithm use if it was easy to reverse engineer?).

 

In the end, there will be some things that we can't figure out because it is part of the trade secret and not published anywhere. But all data points are useful in trying to figure out as much as possible. 

Message 11 of 12
Anonymous
Not applicable

Re: FICO Score Increase


@BMW_328i wrote:
TU also gave me like 13 points or so when it first reported current. IDK. Looks like I have to be a Harvard grad to understand these algorithms.


@BMW_328i A collection is classified as a PR, for purposes of the algorithm.

 

The most recent derog turning 2 months old did not likely yield any points, but look for some at 6 months. 

 

Yes, anytime an account goes delinquent, penalties are imposed via the payment history category in at least 3 separate Scoring Factors:

 

1. amount past due on delinquent accounts,

2. the delinquency designator itself: 30, 60, etc.. and

3. a multiple delinquency penalty, if you have multiple accounts with delinquencies.

 

so yes when you paid that account and brought it current, you received an increase by reducing the 'amount past due' Scoring Factor Penalty and possibly some points due to reducing utilization in the amounts owed category. 

if the card that turned one year old is your oldest credit card and you have no other older credit cards on your credit report that are closed, I have no doubt you just gave us a nice data point for age of oldest revolving account turning 12 months old. 

Message 12 of 12
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