@tj11569 wrote:Apparently, based on several sources, my FICO score is based (approximately) on these factors, and in these percentages:
Total Accounts: 10%
Length of Credit: 15%
Inquiries: 10%
Revolving Utilization: 30%
Payment History: 35%
I've seen statements to that effect, but I don't necessarily believe it. There are dozens of FICO scores,
and as many algorithms.
And, according to several other sources, the optimal values for these criteria are:
Total Accounts: 5 or more
Length of Credit: 8 to 11 years
Inquiries: 0
Revolving Utilization: less than 30%
Payment History: no missed payments or deliquencies
This is baloney. There's no optimal number of accounts. Length of credit takes into account multiple factors, such as Age of Oldest Account (> 8 years is optimal) and Average Age of Accounts (> 8 years is optimal). Revolving utilization of 30% is not good, you can be losing 100 points with 30% aggregate utilization; optimal is below 6%.
My current credit score is 699.
What "credit score"? There are 28 different FICO scores and there are also non-FICO scores.
It was 790 a few months ago.
Again, what score?
I was worried about identify theft, but that does not appear to have happened. Nothing has changed between then and now. I have 11 total accounts, I have 10.5 years of credit, I have no inquiries, I utilize less than 15% of my credit, and I have no missed payments or deliquencies. Why would my score drop nearly 100 points when none of the things that are supposed to affect my score have changed?
How can we possibly answer that question without knowing (a) which scores you're talking about and (b) what changed in your report from when the score was 790 to when the score became 699?
The factors that determine my credit acore appear to be either secret or arbitrary.
The factors are indeed secret, but we are always becoming better and better at making good guesses. They aren't arbitrary, although I think in some cases they are misguided.
Or am I missing something?
Yes you're missing a lot. In the first place you're working on incorrect assumptions. In the second place you can't figure this out without knowing which scores you're talking about and what data changed in your credit reports.
Have you pulled all 3 of your reports?
Do you have any individual credit card accounts with high utilization?
@tj11569, just to underscore what @SouthJamaica repeatedly asked, I'll repeat it again, where are you getting your scores from?
What scores?
What source?
100 points is A LOT for no missed payments.
