@Anonymous wrote:
I was notified my TU score increased 2 points as of 5/31. TU had decreased 1 point on 5/23 when my new Wal-Mart CC reported. I am not seeing what generated this particular score change.
What I'm wondering about is the details when I open TU score change. It says I have too many credit cards (negative arrow indicator). My TU has 3 total credit cards. Shouldn't having 3 open, positive credit cards reporting be a positive in fico scoring?
This is TU from MF? When you get a "Your score changed" when you look in the alerts in the web interface you actually get all 4 reason codes. Cut and paste those instead of relying on the interpretation as I'm deeply skeptical of 3 cards being too many.
@Anonymous wrote:
I was notified my TU score increased 2 points as of 5/31. TU had decreased 1 point on 5/23 when my new Wal-Mart CC reported. I am not seeing what generated this particular score change.
What I'm wondering about is the details when I open TU score change. It says I have too many credit cards (negative arrow indicator). My TU has 3 total credit cards. Shouldn't having 3 open, positive credit cards reporting be a positive in fico scoring?
1. Changes of 2 points and 1 point are too small; they are meaningless.
2. MyFICO never tells you why a score changed. It's very confusing, but the MyFICO alerts don't provide reasons for a score change.
There are certain events, such as a balance change, which trigger MyFICO alerts.
If there happens to be any difference between your present score at that particular bureau,
and the previous score reported to you from that bureau, the score change is tacked on to the alert.
There is not necessarily any connection at all between the score change and the alert substance.
@Anonymous wrote:
@Revelate
4 factors on Myfico web:
Serious delinquency
Too few accounts currently paid as agreed
Number of accounts with delinquency
Lack of recent installment loan information
My cap1 hasn't reported my first payment status (reported statement balance in May, due date 6/6)
My walmart card hasn't generated a statement balance to report or a due date
The JCP card reports 0 balance every month (unused)
Looking at the factors on the web, it seems everything for the score change is negative.
You'll never get a positive reason code, they describe what's wrong with your file by design. All the positives shown on MF and elsewhere are just their interpretation, not actually intrinsic to the algorithm. If you compare those vs. the last TU notification you can sometimes see differences which can give insight as to what changed, but a couple points in the margin as SJ said isn't a big deal.
Get a couple of those balances reporting and then see as Synchrony cards traditionally don't even report if there's no statement... when was the last time that JCP card had a balance and what is the date of last update? It might be a good "inactive" test case that we've been looking for haha. Too few accounts currently paid as agreed is a sticky one as it may be 1) not enough tradelines, or in your case likely 2) too many tradelines with lates and not enough good ones, though one would think that first part would be covered in "number of accounts with deliquency". It could be a ratio of good vs. deliquent lines, we just don't have enough data around that and some clean files pull that reason code too.
Lack of recent installment loan information, if you're not buying a home or auto in the near future since it doesn't sound like you have open installment loans, use the share secured loan trick for a quick win.
@Anonymous wrote:
JCP:
Date of last payment was 9/2014
Last reported: 5/25/2017
The JCP appears to be the only thing reporting that's positive, but it's just a 0 balance each month. I'm curious to see if my scores jump after my TU shows my payment for the cap1 and then the walmart. The cap1 reported a small balance in May (which I've already paid, just waiting for them to report that I paid on time). I'm thinking my Wal-Mart won't have a due date until July and won't get the positive effects from paying that on time until later that month.
The 3 credit cards being too many is still odd to me.
I suspect that's frankly broken, and for a fact that's not what the reason codes say regarding your score and those are the important things.
Would you mind taking a screencapture of the interface where you see that and post the image here please? If it's hosed as I think I'll inform product support.