How low will my scores go?

[Anonymous]

Gotcha, I'm not familiar with their product.

[Anonymous]

@Thomas_Thumb awesome information as always! we are very grateful for your data points and time!! Thank you!!

[Anonymous]

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@Anonymous wrote:

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@Thomas_Thumb wrote:

I believe SJ had some PLOCs before getting his first SSL. He can confirm. PLOCs are a different account type than a credit card or an SSL. Another complicating factor are CU cards which appear to be coded various ways.

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I think you're right about that, as you also wrote above "I believe there are sub categories for account differentiation purposes from a mix perspective".

Everything I found so far included some type of LOC. Caardvark's didn't list the types of accounts that were included in '9 open'. I would think a mortgage, auto, and 4 cards would do it, since the average number of cards for the population as a whole is around 4.

Going over all the reason statements for 6 different FICO credit models, I found differentiation among types of revolving and installment loans all over the place: No recent retail balances with No recent revolving (generally), Proportion of revolving HELOC balances to total revolving balances is too high, a bank/national vs retail and other revolving accounts differentiation, etc.

EX 8 doesn't have a reason statement singling out retail cards for nothing. Obviously, there is a characteristic/attribute pair for this specific type of account (and for HELOCs as well):

56

Amount owed on retail accounts

Your FICO® Score considers how much you owe on your retail credit accounts.

11

Amount owed on revolving accounts is too high

Your FICO® Score evaluates how much you owe on your revolving accounts, such as your credit cards.

64

Proportion of revolving HELOC balances to total revolving balances is too high

FICO® Scores evaluate the balances of revolving home equity line of credit (HELOC) accounts in relation to the total revolving balances on a person’s credit report. Your score was impacted because this proportion is too high.

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But these are all from the amount owed category. 

[Anonymous]

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@Anonymous wrote:

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@SouthJamaica wrote:

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@Anonymous wrote:

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Didn't @SouthJamaica confirm that an SSL alone with a certain number of revolving accounts was enough for 'Exceptional' on Credit Mix?

"Once I added my first installment loan, a reindeer games Alliant SSL loan, I moved up from "Very Good" in credit mix to "Exceptional", and have been there ever since." Permalink

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Yes but I had multiple types of revolving accounts: national credit cards, store cards, and personal lines of credit.

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That makes sense. I didn't find any posts where someone only had 1 installment and a number of regular bank-issued credit cards. The best I found was Saeren's with 1 closed installment, 1 PLOC, and a number of credit cards.

Until I find something else, I'm going to say it's a minimum of 3 account type/subtypes needed for an Exceptional Credit Mix rating.

(And just making this clear for someone new to this discussion: This rating doesn't prevent anyone from getting a FICO 8 850. We're just curious about the factors here.)

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@Anonymous do you have retail cards?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@SouthJamaica wrote:

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@Anonymous wrote:

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Didn't @SouthJamaica confirm that an SSL alone with a certain number of revolving accounts was enough for 'Exceptional' on Credit Mix?

"Once I added my first installment loan, a reindeer games Alliant SSL loan, I moved up from "Very Good" in credit mix to "Exceptional", and have been there ever since." Permalink

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Yes but I had multiple types of revolving accounts: national credit cards, store cards, and personal lines of credit.

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That makes sense. I didn't find any posts where someone only had 1 installment and a number of regular bank-issued credit cards. The best I found was Saeren's with 1 closed installment, 1 PLOC, and a number of credit cards.

Until I find something else, I'm going to say it's a minimum of 3 account type/subtypes needed for an Exceptional Credit Mix rating.

(And just making this clear for someone new to this discussion: This rating doesn't prevent anyone from getting a FICO 8 850. We're just curious about the factors here.)

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@Anonymous do you have retail cards?

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Amazon Store Card. Also have a closed B&H Payboo and a CareCredit card (not sure what CareCredit is counted as but it's not a major credit card and the financing offers are pretty typical of what would be expected from a store card). 

[Anonymous]

@Anonymous So under the alternative framework you would still have three types Revolving, retail, and loan. Or 4, if I CLOC is counted separately.

Hope you’ve been doing well by the way hope you had a good holiday.

[Anonymous]

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@Anonymous wrote:
@AnonymousSo under the alternative framework you would still have three types Revolving, retail, and loan. Or 4, if I CLOC is counted separately.

Hope you’ve been doing well by the way hope you had a good holiday.

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Yeah I've got the whole gamut of mix lol. 

Meh, this whole year needs a do over. 😂 Hope things have been going well for you too!

[Thomas_Thumb]

FWIW - Fico Resilience Index score has continued its downward trend from 48 (moderate) in April & October => 57 (still moderate) early November => 65 (sensitive) late November.

The drop in early November was primarily due to the increase in aggregate utilization from 3% to 11%. The late November drop was primarily due to the closure of my only open loan. The "No installment loan activity" red flag showed up - not present previously.

[Anonymous]

Looks like on your profile an aggregate utilization shift from 3% to 11% and closing your only loan is "worth" about the same when looking at resiliency.  Not sure that I agree with that, but it's not my algorithm

[Anonymous]

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@Thomas_Thumb wrote:

FWIW - Fico Resilience Index score has continued its downward trend from 48 (moderate) => 57 (still moderate) => 65 (sensitive).

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It seems like 'Current Aggregate Balance' makes up 70% of that score. It just doesn't matter how high the EQ 8 score is.

And we know for certain that derogatories (doesn't apply to you) aren't considered the same as regular FICO scores (via interview with a FICO VP), which is why we've seen people with a slew of them receive 'Resilient' ratings with a score under 40.