Ok well if it's 3 years then that couldn't be the issue. I have a late payment that's currently 3+ years old on exp and trans, equifax is no late payments.
I have done some research and it does appear that even tho charge cards do not affect util, the outstanding debt does still affect your score. Just not as much as it would if your util was also high.
because my total credit limits combined between all cards is still low. A $2500 debt is substantial.
as a data point. When I let my cap 1 card report 66% a couple months ago. It brought my aggregate to 25%. And that dropped my score 70 points.
so, it does make sense that $2500 ( much larger debt) could impact my score 70 points as well. Had it been a regular credit card, it would have brought my aggregate util to almost 50%. Which could have dropped my score close to 100 points. But since it was a charge card my util stayed at 1%, so the drop wasn't so steep. That's the only other scenario that makes sense
@Patient957 wrote:I think Fico 8 scorecard reassignment is believed to occur at AoOA = 3 yrs for clean profiles. And, yes people do report a score drop of 20-30 points I believe. You're on a clean profile, correct?
Can't speak for OP regarding clean or dirty, but I can say it either doesn't reassign on a dirty profile (likely) or if it does there's no score drop. I'm on a dirty profile with the not so common situation of a 7yr old BK7 reporting but an AoOA and AoORA only a few months past 3yrs. When I hit 3yrs (my AoOA and AoORA are identital since I only have revolvers on my report), there was no change , leading me to believe that for FICO 8 and FICO 9 there's no reassignment.
@Thomas_ThumbThanks, that explains why nothing happened at 3yrs. Meanwhile I've got 2yrs 9months till I hit 10yrs on the BK7 and have a clean file.
Can anyone tell me if a profile with a 30 day late over 2 years old is still considered dirty?
I thought I read somewhere that a profile is only considered dirty if
1) has a 90 day late or worse
2) has a 30/60 day late under 2 years old (once the late ages over 2 years, the profile is then clean, unless it's a serious delinquency which always remains dirty until the late ages off)
If that is true, that would make an account with a 30 day late that's over 2 years old "clean"
but I've also seen people say that any late makes a profile dirty, no matter of age or seriousness
@Patient957 @Zoostation1 @Thomas_Thumb @JoeRockhead @Jnbmom
well i have a bit of a mini update, my gold card re reported, and to try to figure this out, i let it report as a $0 balance. Leaving just my capital one card reporting a balance at this time. So far experian has updated with the new balance.
- experian lost 45 points and it hasnt gained back anything even after the new $0 balance report. Its very confusing because it lost the 45 points at the exact time amex reported the 2500 balance. So, if the $2500 amex balance wasnt the reason for the point loss, what was? I have looked at my reports 4 times and the only differences i was able to find were.
1) obviously the $2500 amex balance, which we have already determined was not the reason for the point loss.
2) average age of accounts went from 2 years 5 months to 2 years 1 month
3) age of oldest account went from 7 years 5 months to 7 years 6 months
4) age of youngest account went from 5 months to 3 months.
5) most recent late payment went from 3 years 11 months to 4 years
- Transunion was by far the biggest point loss, it lost 78 points, and im interested to see what happens when TU updates with the $0 balance.
Equifax is a little tricky as its my only bureau that doesnt have the 30 day late, and as a result its also very young. average age of accounts is only 8 months instead of 2 years. and Oldest is only 18 months instead of 7 1/2 years. So its probably going to react very differently compared to the other 2.
here's the thing,
to future confuse things, my vantage scores all went up 20-30 points. So whatever caused my score to drop 78 points was unique to fico. If it was utilization related or related to a late payment it would have also caused vantage to drop. But that wasn't the cause.
after going over my reports before and after many times, researching every possible reason I could think of. nothing concrete has come of any of it. I couldn't find anything that would even come close to explaining such a large drop.
my age metrics were barely changed. even with a very substantial change in age metrics it would be a large drop considering it's only 15% of your score.
after the card went back to reporting $0 balance the scores didn't go back. So it must be something to do with the Amex itself reporting. But it barely changed much if anything. And I didn't cross over any thresholds, definitely none that would explain 78 points.. I am lost.
part 1
Fico 8 TU
dropped from 758 to 680
Vantage TU
Rose from 704 to 729
fico exp
dropped from 725 to 685
fico equifax
dropped from 754 to 723 (keep in mind the age metrics are different for equifax since it's missing my oldest account)
Vantage TU and Experian
both rose as well between 25-30 points
To refresh memories the only changes I could find were:
average age dropped from 2 years 3 months to 2 years 1 month (so it didnt drop below 2 years or any other noticeable threshold)
newest account age dropped from 5 months to 4 months (so it didn't drop below the 3 month threshold which would have been worth about 10 points on my profile)
and age of oldest account crossed over the 7 1/2 year threshold. Going from 7 years 5 months to 7 years 6 months.
- also I don't think this is a fico scoring factor because I've never seen anything about it but it was something I thought of, with the addition of the Amex, 3/5 of my accounts are now under 1 year old. So more than half. But again, I don't even think that's a thing and even if it was I can't imagine that would've been worth many points?