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I've made some previous posts regarding how AZEO vs not and balance changes (all 10% util or less) have affected my scores and when I got my monthly update today I was suprised to see how FICO 10 and 10T reacted differently to my adding another inquiry this month from opening my 3rd card (card not reporting yet just the inquiry) while my balance reporting was slightly lower going from 2% to 1% on my AZEO card
That additional inquiry hit 2 of my FICO 10 scores while my 2 of my 10T scores rose.
Anecdotally it appears that inquiries are weighted less relative to balances in 10T than in 10. And although no one's using 10T yet so it doesn't really matter, I find it amusing that my EQ 10T score is my only score from any of the 8, 9, or 10 suites that has hit 700. FWIW the inquiry made almost no difference in my 8 scores (EX lost one point for the 3rd hard pull and that was all). This may or may not be useful information for people but I find it interesting nonetheless.
I guess you don't really lose (any??) points for opening new accounts if your profile is "dirty"?
I wish I learned that earlier. I'm dirty from a 60 day late from a few years ago and should have been smashing those apply buttons. Got 3 cards in a month earlier this year and my score barely dropped at the time.
@RedKaos wrote:I guess you don't really lose (any??) points for opening new accounts if your profile is "dirty"?
I wish I learned that earlier. I'm dirty from a 60 day late from a few years ago and should have been smashing those apply buttons. Got 3 cards in a month earlier this year and my score barely dropped at the time.
In my case my October 3B pull had the inquiry (all 3 since it was Capital One and nothing was frozen) for the new card but it wasn't reporting yet. This go around the new card reported at 7.7%, while my other 2 existing cards reported at 0% and my 10 and 10T scores tanked. 10 seems to be the harshest model for my profile. My profile is dirty from a BK7 that was discharged just over 4yrs 8mo ago.
my 10/10t are so low because of all the new account activity - while i see the benefit to focus on a trending 24 month period, unfortuantely i feel like a few new accounts significantly lower these scores. honestly my brain hurts trying to keep up with all the new fico scoring models - by the end of next year itll be fico 11
I'm generally liking 10T more than 10 as I seem to have signficantly higher ceiling with it and it isn't quite as punishing if you have a new inquiry. I sometimes wonder why I've gotten so deep into this stuff but it's keeping me interested.
Yeah, Fico 10 is a strange bird. They're my highest by about 10-15 points, however there's a thread over in the News section that mentions that they are going to be used for mortgage apps soon in addition to 5, 4, and 2. So there's that... which I see as pretty huge if it happens.
Yep 5, 4, and 2 are being replaced with both 10T and VantageScore 4.0 (regular 10 is not going to be part of this). I'm trying to get my limits higher on my cards so I won't have to pay as close of attention to the balance on my AZEO card to keep my 10T looking decent if I get to a position where buying is feasible. Im not thrilled about VS4.0 being used primarily because closed accounts stop reporting immediately and I find that problematic. It encourages people to keep open accounts they shouldn't imo. Also, considering how spastic Synchrony seems to be (they're the only lender I know of that was already using VS4.0 in credit decisions), that doesn't seem to bode well imo.