Thomas - First, I have good rental history, but don't see a side note as one of the "what's helping your score" items.
So since it's saying "too many accounts with balances" and the only ones I have with balances are the student loans and 1 CC would it be best to try to consolidate the student loans into 1 loan? But if I do that won't it report as a new account and drag me down too?
CGID - Hmm, I was thinking they were referring to variance within the same scoring model because I mentioned this was done via CCT which is why I said if all reports show the exact same information there should be very little Score variance.
If I could pay down the CC right now I would but it's on a 2.99% BT from NFCU and it's about 10k. I plan to have that paid in full by Feb 2018, and it should drop me under 30% UT before the summer is over.
It's just hard because I've been rebuilding and working my butt off to get even to 670. This time last year my scores were in the low 500's.
Also, as far as Payment History there are no late's, even the CO there is no late payment history. Somehow I got the creditor to remove the actual history of the lates but it still shows on my report as a CO just no late payments.
So since it's saying "too many accounts with balances" and the only ones I have with balances are the student loans and 1 CC would it be best to try to consolidate the student loans into 1 loan? But if I do that won't it report as a new account and drag me down too?
CGID - Hmm, I was thinking they were referring to variance within the same scoring model because I mentioned this was done via CCT which is why I said if all reports show the exact same information there should be very little Score variance.
If I could pay down the CC right now I would but it's on a 2.99% BT from NFCU and it's about 10k. I plan to have that paid in full by Feb 2018, and it should drop me under 30% UT before the summer is over.
It's just hard because I've been rebuilding and working my butt off to get even to 670. This time last year my scores were in the low 500's.
Also, as far as Payment History there are no late's, even the CO there is no late payment history. Somehow I got the creditor to remove the actual history of the lates but it still shows on my report as a CO just no late payments.
@Anonymous wrote:
Thomas - First, I have good rental history, but don't see a side note as one of the "what's helping your score" items.
So since it's saying "too many accounts with balances" and the only ones I have with balances are the student loans and 1 CC would it be best to try to consolidate the student loans into 1 loan? But if I do that won't it report as a new account and drag me down too?
CGID - Hmm, I was thinking they were referring to variance within the same scoring model because I mentioned this was done via CCT which is why I said if all reports show the exact same information there should be very little Score variance.
If I could pay down the CC right now I would but it's on a 2.99% BT from NFCU and it's about 10k. I plan to have that paid in full by Feb 2018, and it should drop me under 30% UT before the summer is over.
It's just hard because I've been rebuilding and working my butt off to get even to 670. This time last year my scores were in the low 500's.
Also, as far as Payment History there are no late's, even the CO there is no late payment history. Somehow I got the creditor to remove the actual history of the lates but it still shows on my report as a CO just no late payments.
Ignore the what's helping your score, it has absolutely no bearing on the actual algorithm whatsoever.
Focus on getting the utilization down as that > everything else if we're just talking scores, and you aren't in a horrible place now anyway FICO wise.
I'm not sold on too many accounts with balances being a major ding nor am I sold on the fact that installment accounts count as at least on my dirty file no matter how many installment accounts I had open, I always got breakpoints on FICO 8 at 1/3 (EQ) and 1/2 (all 3) revolvers reporting a balance and never saw any variation based on installment lines; get a few more open credit cards if you're building (total of 3 min, or 4 based on my data if you care about a handful of points on EQ, for me was literally 3 points /yawn), as 1 is too few for max scoring purposes. That said I never got those reason codes either but maybe I will on a cleaner file.
It needs more testing but before running out to consolidate the SL's (which you shouldn't do unless it's a financial benefit as it certainly isn't a FICO one) build your file slightly thicker with additional credit cards and see what you get; yes they're new accounts, but 1 is not where you want to be even mid term and it's better to just get them now and get them aging.
@Anonymous wrote:
CGID - Not at all. I've been talking about FICO 8 and 9. That statement was only in response to them saying it's common to vary.
Anyways, I just don't see how anything could be weighted so heavily and negatively that it's dropping my score an additional 50 points. Is FICO 9 still be tweaked or is this the version that will remain?
Revelate - I have about 9 CC's (5 of them being store cards) but only 1 of them has a balance the rest get used but PIF right away so it doesn't report a balance. Sorry if I didn't mention that.
Fico 9 is stable as a model. Other Fico models are always under development and those are tweakede continually until after "official" rollout. Fico 9 was officially rolled out in late 2015 and became available to consumers in 2/2016 as I recall.
It can be and that has been documented. If you only have one derogatory (a charge off - collection) it can cost 50 to 100 points especially if your file is otherwise clean. This is commonly seen on profiles having 2 clean CRA reports and the 3rd having a public record. The one with the public record may show a Fico score 100 points less than the others. A substantial score differential can also arise between Fico models (Fico 04/Fico 8/Fico 9) if one model counts the collection while the other does not.
Personally, I think the # of open loans you have could be impacting your score. That negative reason code/statement has been around since Fico 98. The wording in the Experian table adds some clarity to the the fact that open accounts with balances is NOT limited to revolving accounts. It's just that remolving accounts are relatively easy to manipulate to show a zero balance (relative to an installment loan).
I gather from you posts that you currently have 5 loans with balances but had 12 to 14 a couple years ago - is that correct? If most of the remaining loans will be paid off in the next couple years, not much value in consolidating at this time - IMO.
TT, the problem with those reason code guides is it's not explicit.
On that EX one I'm fairly confident some are NextGen only, and the TU one has a mishmash of 98/04 ones and those aren't 1:1. Likewise I know FICO 8 / 9 aren't 1:1, there's no guaruntee on one algorithm's behavior based on a prior one though I agree in large parts it *should* be the same... and some is absurd, PLOC's and CC's are different in FICO 9? What was the chance of teasing that out? Also not all reason codes exist on all scorecards.
I think we need to try to do a documentation project as ABCD I think suggested, anyone getting reason codes (and MF translates them which makes it a little more challenging) post them and some basic derogatory and maybe number and type of tradelines (open/closed status too, sigh it's a lot of work) for every model we have access to. Anyone pulling 1B or 3B reports or with one of the modern subscriptions can help certainly, we'd have to look into other sites in terms of what they offer too and see if it can be translated or similar... I know that documentation is published, I'm less convinced it's specific or complete enough in all cases.