@mortgageman1982 wrote:I know quite a bit about the algorithms and scoring but I did have a few questions in order to possibly understand scorecards/buckets even further. Trying to boost my score as I've gone through a time that my credit has taken a massive hit. Does an AU revolving line count as a revolving for your credit mix/thickness of file?
I ask because I have a mortgage, two installments but all three of my trade lines have been closed (so that I could liquidate with lower interest etc). Would I need to open new credit up to demonstrate I have active revolving?
Credit mix takes into account closed accounts as well as open accounts.
This is purely from a computer/FICO recognition standpoint - not any type of human element. I'd hate to be taking a hit because I personally don't have active revolving - but I know the active mortgage and two installments are generally a good thing. In addition to that can I confirm that a closed account with a balance is still 'closed'?
A closed account with a balance is still closed. It is also a very bad thing to have, because the balance is being counted in your utilization but the limit is not. In some cases, it's even treated as a maxed out card.
Case in point the utilization is still there as I am paying it off - but it's not an open card that I can utilize any longer. I only ask because it's not as if it's a $0 balance that obviously would be seen that way - I didn't know that since there was a balance if that changed anything.
Does the AooA take AU's into consideration? And is AooA purely dealing with active credit or all credit over time? I mean I have closed out cards and paid off mortgages and installments from 10-20 years ago when I was younger.
AoOA takes into account closed accounts so long as they are still being reported in your credit reports. I don't know if an AU account can be considered your oldest account; somehow I doubt it.
I would appreciate any feedback anybody has. I want to hit all the details I can to ensure I'm not missing anything. The rest is obvious to me.
@mortgageman1982 wrote:I know quite a bit about the algorithms and scoring but I did have a few questions in order to possibly understand scorecards/buckets even further. Trying to boost my score as I've gone through a time that my credit has taken a massive hit. Does an AU revolving line count as a revolving for your credit mix/thickness of file?
I ask because I have a mortgage, two installments but all three of my trade lines have been closed (so that I could liquidate with lower interest etc). Did you take out a HELOC? You "have" then say "closed". Which one.
Would I need to open new credit up to demonstrate I have active revolving? This is purely from a computer/FICO recognition standpoint - not any type of human element.
I'd hate to be taking a hit because I personally don't have active revolving - but I know the active mortgage and two installments are generally a good thing. In addition to that can I confirm that a closed account with a balance is still 'closed'? Case in point the utilization is still there as I am paying it off - but it's not an open card that I can utilize any longer.
Who closed it? You or a charge off.
Yes you need some revolving accounts on your own.
I only ask because it's not as if it's a $0 balance that obviously would be seen that way - I didn't know that since there was a balance if that changed anything.
Does the AooA take AU's into consideration? And is AooA purely dealing with active credit or all credit over time? I mean I have closed out cards and paid off mortgages and installments from 10-20 years ago when I was younger.
I would appreciate any feedback anybody has. I want to hit all the details I can to ensure I'm not missing anything. The rest is obvious to me.
Need some more info to come to a conclusion.
