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I just had a new account reported and large CLI from Nordstrom, all but 1 collection have been removed from my reports. My overall utilization is around 32% of my total credit limits. I'm still not understanding why my Fico 9 scores are so much lower, it's very frustrating.
I've made fairly large efforts to pay down debt and clean up my scores. Vantage still is reporting much higher at 667, 670, which I know to take with a grain of salt. I expected that my Fico 9's would go up as my overall profile has improved greatly but they're still sub 600.
any insight into this would be helpful -it's deflating to not seeing Fico 9 improve at all.
Once the last collection is gone that will help and getting below 28% util is the next step for increase. Once below 8% that will help even more. There must be other baddies besides the collections from the past you didt mention. Need to know how many cards you got. When were they obtained. Seeing that -17 on EQ FICO 8 something happended. You have a thin file? Need more info.
You're also comparing a classic FICO 8 to a Bankcard FICO 9. Bankcard scores are weighted differently than even the classic scores. To have a more accurate comparison, look at your classic FICO 9 score under "Other loans."
@FireMedic1 im not sure why EQ went down. I have no other baddies, 1 collection. There are some charged off accounts that have been PIF if maybe that's causing a dip. I wouldn't say my profile is thin, I have 25 accounts in good standing and 100% payment history, car loan and student loans all in perfect standing. Most of my credit cards are new within the last 3 years, AAoA is about 2.5 years.
thanks!
@OmarGB9 took a look, they're about the same even on other loans. I'm wondering if the new accounts and any inquiries are weighing much harder on my Fico 9.
What is the real differences in the two score models? I have looked over the post that is on this board and I don't know why two are so differently.
My FICO EX is 785 and my EX FICO 9 is 815 and so on with the other ones are basically the same big gap.
@OmarGB9 wrote:You're also comparing a classic FICO 8 to a Bankcard FICO 9. Bankcard scores are weighted differently than even the classic scores. To have a more accurate comparison, look at your classic FICO 9 score under "Other loans."
@anik28This above from @OmarGB9 . Thats MyFICO's page you snipped. Look at FICO 9. Plain 9. Not bankcard.
@Cory88To save time. Check out the Primer . Its exhaustive.
@anik28 wrote:I just had a new account reported and large CLI from Nordstrom, all but 1 collection have been removed from my reports. My overall utilization is around 32% of my total credit limits. I'm still not understanding why my Fico 9 scores are so much lower, it's very frustrating.
I've made fairly large efforts to pay down debt and clean up my scores. Vantage still is reporting much higher at 667, 670, which I know to take with a grain of salt. I expected that my Fico 9's would go up as my overall profile has improved greatly but they're still sub 600.
any insight into this would be helpful -it's deflating to not seeing Fico 9 improve at all.
1. As @OmarGB9 pointed out you're comparing Classic FICO 8 with Bankcard 9 rather than Classic FICO 9.
2. Here are some possible differences between FICO 8 and 9, maybe you'll spot some things:
-paid collections not counted in 9
-unpaid collections given more weight in 9
-medical collections given less weight in 9
-rental history counted in 9
-recent inquiries given less weight in 9
-average age of accounts given less weight in 9
-no. of accts reporting balance given more weight in 9
-premium for open as opposed to closed installment loans reduced in 9
-installment loan utilization percentage given more weight in 9
-9 more sensitive to revolving utilization
-9 has a separate clean scorecard for people with high revolving utilization