@Revelate wrote:
@Dalmus wrote:
@Revelate wrote:
@Dalmus wrote:
The reasons are straight from MyFico's dashboard when I delve into the TU scores, not from CK.
I should have been more clear about the 3B... I'm on the MF monitoring plan that allows me one 3B per year.Dashboard, or are we talking actual FICO reason codes (listed with the scores)?
The first are just product idiosyncracies and don't mean much more (if any) than the CK info if I'm being honest about it; reason codes though are reference.
Good distinction.
I'm talking about looking at the "plain English" reasons listed with score alerts. For example, on 5/2 I got a score alert that said "Your FICO score has increased from 726 to 732." I click on that alert, and the descriptions I gave above are listed under that update.
I guess I never knew that I could get the actual reason codes from MyFico... Where do I go to see those? Or is that something that's under the new format?
Actually those are reason codes assuming we're talking Transunion alerts. You have a short credit history is a standard one, not enough credit cards though, that's passing strange if that's where you're seeing them. Would be interested to see a cut and paste of the 4 reason codes personally.
You generally get the reason codes with the full report, but there's some interpretation around them on the FICO 8 side which is a little unfortunate, but the additional scores / score versions will all have full and unmodified reason codes with them.
So this is interesting... The verbal descriptions are different on the MyFico mobile app than they are on the desktop web version:
Web:
Mobile:
Is that Android? I don't see those on my IOS client.
The mobile version ones look like interpretation and a strange one at that, your web ones look pretty standard though there's some translation differences it should match back to the same numerical reason code.
@Anonymous wrote:Thanks to R for chiming in. I felt certain that the "Too few credit cards" reason code was bogus. Not simply because it was clearly inapplicable in our OP's case, but because I had myself never heard of anyone getting this code.
Revelate, have you ever heard of anyone getting this particular reason? Even a person with (say) two credit cards? There's no question that if a person did only have two cards then it would have a damaging effect on his score -- but I just haven't ever heard of an official reason code being given for it. It always seemed like that that fact was more off-the-record knowledge that the people here had.
Regardless it is clear that this bug in the MF android alerts is harmful to customers. Our OP knew the code had to be in his case BS, because he already had 20 cards. But if somebody had four cards, he could easily assume (based on the reason statement) that he really did not have enough, and therefore start opening more and more cards in an attempt to improve his score.
I haven't seen reason codes but I know you are dinged heavily on FICO 8 for having no credit cards or more precisely revolvers in FICO 8 (FICO 9 looks like you may really need to have a credit card specifically).
Also there were reports of "too many credit cards" but this was 2-3 years ago and I never saw a copy/paste of reason codes.
I'd report this personally as I think it's a bug, Product Feeback