@bigman023 wrote:
I was one of those who shared the opinion that opting out does nothing for your FICO. Tuesday, I completed the opt-out process. Last night (Thursday) I got a SW alert saying my score increased 5 points. It had no reason. So now I am a believer. My score is low, so now I think FICO gives lower scores a little boost when they opt out. It's just 5 points. But Ill take it!
Are you sure something else didn't change on your EQ report?
@bigman023 wrote:
According to SW, nothing changed.. However, I check my Ex FAKO today and saw that on of my CC's reported a higher balance. The last time I pulled this FAKO was June 1. The balance increase caused my FAKO to drop 12 points. This same CC reports to EQ as well. It's enough to convince me that FICO gives sub-par scores a little boost when they opt out.
I'm in agreement with Tuscani, opting out has no impact on FICO scores. A five point change in FICO scores could be from anything. It can be very hard to determine why scores change because FICO scoring just has too many moving parts.
@haulingthescoreup wrote:It's a set scoring formula; well, one set scoring formula for each bureau. It uses known elements to weigh credit risk. (We know the elements; we just don't know the exact impact of each one in individual circumstances.) Whether or not one is opted-out isn't an element.
A link to the FICO scoring reason codes is stickied at the top of this board. These are the factors that can influence your scores. If something doesn't appear on the list, it can't affect your scores, because it isn't crunched by the formula.
There are times that I've had to print out the before-and-after score reports and go through them with a highlighter to find what changed. It's often something that you don't necessarily notice, especially an account and/ or baddie getting older.
Sometimes you can look at a report a hundred times and not notice something larger than life. I just noticed a few months ago that Experian was listing a closed auto loan from Cap One twice. The date opened and closed is the same the amounts are slightly different. I know I did not take out two car loans in the same month in 2002. I am not complaining though since it helps my AAofA. Not that I can pull the score anymore.
