@cashnocredit wrote:
@Revelate wrote:
@cashnocredit wrote:
@Revelate wrote:
@cashnocredit wrote:For me there was a step at 4 y/o oldest credit. My scores peaked around 770 below 4 years, 785 from 4 years to 6 years, and 800-810 at 6 y/o. The jump points were exactly at the oldest account reaching 4 y then 6 y. I'm guessing there are bucket changes at those points.
That would tend to make sense; do know oldest account is counted; which model was this tracked on? EQ Beacon 5.0?
I do have a somewhat inexplicable non-trivial increase in my top purty FICO 8 score from where I was last year and it's not lost on me that my oldest tradeline crossed the 7 year mark even though my AAOA has stayed at 2 years. Either that or there is a line between 10/20% installment utilization, hard to say on an individual file.
It was on the MyFico EQ alerts which I set for maximum sensitivity. So it would have changed to FICO 8 just before the 6 y mark. I didn't see any real change going to FICO 8 with only one or two card reporting a balance. With all cards reporting a balance the earlier FICO would take a dump. FICO 8 also gets a hit but not as much. It seems to be about 10-15 points with all cards reporting a balance v just one with util at 5%..
I assume you mean from Beacon 5 to Beacon 9 in this case? IIRC by the time that switch happened you had a pretty file though I forget what your installment lines looked like at that point (or now) so I'm not surprised on that;
Beacon 5 and 9 for me were pretty much in lockstep for most of the past year until recently I got the large FICO 8 boost for my installment utilization changes. That besides the difference in derogatory weighting by age, and the not having open accounts of a given type currently (credit cards / revolving in particular) are really the only 3 major changes I've seen.
I generally refer to the CRA and FICO generations (04, 8) rather than the CRA specific FICO branding so yes, that would be EQ FICO 04 -> 8.
At the time I had a closed, paid mortgage but it only had 1.5 y of history. As far as i could tell the mortgage never made a difference when it was active but I had CAs and a PR (all paid) during that entire time. The mortgage was closed before I reached the 4 y/o mark. I have never had any other LOCs except CCs. Also all the negs dropped off or were removed (PR) prior to the 4 y transition.
I haven't tracked EQ FICO 04 at the same time as FICO 8 but when it transitioned I didn't seen any material difference except that FICO 8 is less sensitive when all or most of my accounts had smal balances.
It would be interesting to test your observations re installment reporting and initial paydown on a clean report but it wouldn't make sense for me to do now and would look strange to anyone looking at my credit files.
Heh, I did get an eyebrow raised by every LO I talked non-trivially to in the mortgage process, but other than that nobody said boo. My tax lien is my overarching bit so I can still afford to play reindeer games for the next few years but it's an easy explanation worst case... nomenclature aside I was just double-checking that you were discussing seeing (or not seeing) a change with the transition rather than something else. My mind has been fuzzy lately unfortunately.
My big test coming up is when the mortgage reports what my scores do; heard conflicting reports on that but that might just be the FICO 04 vs 8 confusion rearing it's head again as for Equifax installment lines absolutely behave differently with regards to scoring impact. Hoping it does nothing but knowing my luck, it'll reset my clock on that metric for the next 3.5ish years of a 15 year mortgage.
