Around the middle of last year, I took out a mortgage. My perfect 850's which I had been maintaining for over 3 straight years expectedly took a hit of around 30-35 points across all 3 CRB's. I was sad to see my hat-trick come to an end, and wasn't planning on seeing a return to 850 for several more years when my balance was paid down under 9%. However to my surprise, by the end of the year my scores all fully recovered back to perfection.
Fast forward to this August. I decided to purchase a new car and put down around 35% on a 72 month loan. As my scores dropped in 2020 with the mortgage reporting, I fully expected to take a similar 30-35 point hit. To my pleasant surprise when the loan reported a month later, my 850's came away unscathed. Not only was there no inquiry hit, but the new auto loan appears to have been overlooked by FICO.
So far I've only checked TU and EX, but I'm assuming EQ is also at 850. I wonder if after a certain age of history (25 years in my case), FICO might ignore new accounts if the report is already at 850? There has to be some factor at play, because under normal
circumstances my score should have dropped with the loan reporting.
Very interesting! Thanks for sharing
I bet whenever you walk into a place that you need financing you fill out that app with no doubt in mind about getting approved lol unlike the rest of us that got sweat running down our forehead 😅
