My Fico9s are lower also at 12% utilization.
GL OP!
I was wondering the same thing as my EQ FICO 9 Score is 34 points lower than FICO 8 Score -but- I have one paid CO remaining until 12/2022. That's the only adverse item on my EQ report -and- TU/EX = 100% clean . . . I don't know their FICO 9 Scores.
NOTE: My utilization is 4%.
@babygirl1256 wrote:I was wondering the same thing as my EQ FICO 9 Score is 34 points lower than FICO 8 Score -but- I have one paid CO remaining until 12/2022. That's the only adverse item on my EQ report -and- TU/EX = 100% clean . . . I don't know their FICO 9 Scores.
Interesting. My understanding of FICO 9 is that paid charge-offs don't count for scoring purposes. Is the CO paid as agreed or did you do a settlement? Believe paying less than full balance could hit you harder than on FICO 8
*** Not to sidetrack the OP's posting*** but . . . I paid the full amount of $429.07 and I never bothered to try and offer a settlement at all. I thought that FICO 9 "medical" COs didn't count -but- I am not sure. My EQ FICO 9 Score is 762 and my EQ FICO 8 Score is 796. When I Googled it stated that 762 was an ok score . . . so I didn't worry about it. I'm still sorta confused as to the calculation. No other derogs.
@Gallager2014 wrote:My FICO9 score has always been lower than my FICO8. Can anyone offer any glimpse as to why that might be? Current scores are:
FICO9: 738/747/740
FICO8: 776/766/772
No derogs, 34% aggregate usage, highest balance is 74%, balance reporting on 3/9 revolving accounts. Newest account is 3 months old (refi'd a student loan), oldest account is 15 years, 11 months old.
You have high utilization.
IMHO FICO 9 is less tolerant of high utilization, and that is why your FICO 9's are lower than your 8's.
For about 5 years I had very low utilization. My FICO 9's were always much higher than my 8's. Then, starting last March, my utilization started creeping up. Then FICO 8 and 9 reversed. My 8's are now higher than my 9's.
Hmmm, this thread is kind of bending my brain as my FICO 8 scores are the ones which are always lagging my FICO 9 scores, and by "lagging" I mean by an average of 40 points. My datapoints are as follows:
- 679/702 EQ 8/9
- 656/691 EX 8/9
- 687/749 TU 8/9
History:
- February 2015: Filed for Chapter 13
- March 2020: Chapter 13 Discharged
- April 2020: Opened CapitolOne secured credit card with $1,000 limit (closed it 6.5 weeks later)
- June 2020: Opened TDCash secured credit card with $5,000 limit (graduated to unsecured six months later)
- December 2020: Opened CapitolOne Quicksilver credit card with a $3,000 limit (since CLIed to $3,300)
- March 2021: Opened PenFed Platinum Rewards credit card with a $6,000 limit
- April 2021: Opened PenFed SSL for $3,000 (current balance: ~$1,500)
Since my discharge every card has been paid in full each month prior to the due date, however a few late charges typically trickle in between due date and statement date, so my cards typically report small balances each month.
So, to bring this conversation full circle, I'm not sure why my FICO 9 scores are so much higher than my FICO 8 scores. I don't know, maybe my scores will balance out next January when my Chapter 13 drops off my reports.
EDIT: I just saw @SouthJamaica's post which was apparently written and posted while I was writing mine; utilization makes sense, my normal utilization is pretty close to 0% each month.
