@ctxinfl wrote:
@NRB525 wrote:
@ctxinfl wrote:Random is a better explanation than the current scoring methodology. You can make all the excuses for MyFico that you want, though any algorithm that does not result in a score increase when dropping credit card utilization from 60% to 2% isn't logical. This little three digit score has too much power over our lives for it to have the ability for that manner of ridiculous result.
Just because MyFico works on an algorithm doesn't mean it is a good algorithm. If it was perfect they wouldn't tweak it on occassion.
Please share what your MyFICO scores were/are. Thanks.
My score is reported at 648. Why does that matter? If I go on a spending binge today driving up the utilization to 70% my score will drop like a rock. It follows that I should see at least a marginal increase when dropping utilization from 60% to 2%.
The current score matters as a starting point to understand what might be affecting the next movements. If you had a mid-500's score, that would indicate some derogs and those would be more likely to hold down the score. At mid-600's, my next question is how large are your credit lines? And how long have you had your cards? Can you list out each of your cards, the CL and when they were opened? There are multiple factors to consider in reviewing any score change, and while we can't directly explain each FICO move, it is a scoring algorithm that has certain tendencies.
Part of the fun of MyFICO is trying to suss out the details of these score changes (or non-changes) to see what else is in the poster's file, what else may be contributing to change or limiting changes.
MyFico scoring has been off for a some time now and I'm not understanding why people in this forum feel as if they have to get upset with posters when they talk about it. It's true there are plenty of things to be learned here, things that are offered freely.....but understand that this forum also provides products and these products come at a cost. When we purchase these products we expect the products to operate efficiently and when they don't, we as consumers have a right to discuss it just like we do about everything else here; credit cards, collections, auto loans, personal loans, etc. However, as soon as someone decides to bring up the fact that the MyFico scoring system is incorrect, then they are immediately bashed and I'm not understanding why.......
I have been keeping track of my scores for over a year now and have found plenty of discrepancies and I'm hoping that eventually MyFico (the only real and true scoring system as it's stated) will eventually iron out all the kinks. Until then, as a person that purchases the products both in the past and future, I have the right to question some things and I would hope that MyFico would use some of the feedback to tweek their database and make changes. We have to remember that credit card companies, banks and lenders rely on MyFico and we want the information to be correct.
There is nothing wrong with the Fico algorithim its always working correctly we just dont know all the variables that cause scores to rise or fall and we never will. If we all knew how it worked it would be useless to a creditor as everyone would be gaming the system. If you are referring to the my Fico scorewatch then all complaints on it not working properly should be reported to the product Feedback forum.
@racer-x wrote:
@gdale6 wrote:There is nothing wrong with the Fico algorithim its always working correctly we just dont know all the variables that cause scores to rise or fall and we never will. If we all knew how it worked it would be useless to a creditor as everyone would be gaming the system. If you are referring to the my Fico scorewatch then all complaints on it not working properly should be reported to the technical help forum.
gdale - By the powers given to me by Sir myFicoangelo, you are hereby sworn in as the "Union Credit Monitoring Steward of Technical Operations of myFICO." UCMSTOMF for short.
Congratulations.....but unfortunately.....
YOU'RE FIRED !
Nothing wrong with gdale's comment.
Most of the flustered posters in this part of the forum have what they think is one change, one reason that has an unexplained change in their FICO score. When we get more details, there is usually something that comes out that makes more sense to trigger that change, not necessarily the first item noted. The "trigger" of the recalculation just picks up a bunch of other changes in the last several weeks.
@ctxinfl wrote:I have one card with a credit line of $12,500. Opened about five years ago.
What else is in your file? We have the following now:
1 card of ~5years age, now $12,500 CL. No other trade lines? Ever? Lates in the past? Student loans paid off? Loans paid off in the past? Just one credit card ever?
The reason for the questions is, mid-600's with 5 years of good credit history is a little odd. If something negative is still holding your score back, then utilization perfection can only go so far to improve your score. Utilization effects, all score changes really, work within a band defined by how good the payment history is. If there are derogs, that drags the possible band lower. If no derogs, multiple good-history trade lines and a long history, that raises the bands.
It is also possible that if you really only ever had the one card, this is an example where more credit cards could help improve the score, more tradeline history.
When utilization went from 90% ($11,250) to 60% ($7,500) which month was that?
When utilization went from 60% ($7,500) to 2% ($250) which month was that?
