No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
My FICO 5 score is 70 points less than my 8. Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc). Thanks!
@wvasweetness wrote:My FICO 5 score is 70 points less than my 8. Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc). Thanks!
I'm not sure if we know all there is that goes into the secret recipe for EQ5 scoring.
https://www.myfico.com/credit-education/credit-scores/fico-score-versions
How does your profile look like?
Are you at AZEO now?
How is your reported individual and aggregate utilization?
What MMS are you trying to achieve?
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20
@wvasweetness wrote:My FICO 5 score is 70 points less than my 8. Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc). Thanks!
My feeling is that it loves zero balances, and abhors new inquiries and accounts
Will need to hear back from the OP with profile details in order to provide solid recommendations.
From my own personal experience because I am buying a house. I have noticed the old fico scores will crush you if you have new accounts and INQs. While rebuilding my scores, my Fico 8 has been pretty steady, while the old fico goes wild. I have noticed that if I just do nothing and let it age, the old scores love it.
I got 19 points this morning on my EX 02 from going from 49 to 48 util and losing an INQ, my Fico 8 didnt move. Id bet real money, my old ficos are about to be higher then my fico 8 here shortly as I get my util down.
@SouthJamaica wrote:
@wvasweetness wrote:My FICO 5 score is 70 points less than my 8. Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc). Thanks!
My feeling is that it loves zero balances, and abhors new inquiries and accounts
I'll add to that by saying that mortgage scores start losing their s**t when aggregate revolving balances top $10k, and really suffer over $20k.
Mortgage scores also more strongly prefer fewer accounts with reporting balances.
My FICO 8's have run 800+ consistently for 4+ years now. My mortgage scores run 720-760. When I'm next in the market for a mortgage, I'll payoff my revolvers to a $5k cap, and position myself as inquiry free for no less than 6mo (pref 1 year).