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Score 8 change for TU (+25) & EX (+40) and no movement for EQ in 6 weeks?

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Anonymous
Not applicable

Score 8 change for TU (+25) & EX (+40) and no movement for EQ in 6 weeks?

I have been reading and learning from these boards (HUGE THANKS) over the past few months, this is my first post. Taking advice from the many posts, I have reduced my UTIL on 4 revolving accounts reporting from over 90% (1 was at 99%) to all less than 66% in December '18.  After almost 6 weeks, I have seen major movement from TU going from 678 to 703, and EX from 666 to 706. however EQ has not moved a single point based on MYFIO subscription daily updates . . . 

 

I am wanting to finance a house in February.  Last fall my middle Score 5 was in the tank at 654 (EX) so I am hoping the increase in my Score 8 due to the reduction in UTIL will also be reflected in my Score 5 when I pull it at the end of the month.

 

1)  EQ reporting not changed. Based on the postings I have been reading, should I really care as long as the other two move up in my Score 5 since I think I understand the Score 5 uses the middle score and EQ was the already the lowest ?

 

2) Any estimated movment of my Score 5 improvements based on U (+25) & EX (+40) would be very appreciated! I am trying to manage my expectations when I pull the Score 5 at the end of the month.

 

Thanks again to everyone taking their time to educate the rest of us willing to learn.

 

 

4 REPLIES 4
Anonymous
Not applicable

Re: Score 8 change for TU (+25) & EX (+40) and no movement for EQ in 6 weeks?

Congratulations Fred! Persistence is the key my man! Bravo 👏
Message 2 of 5
SouthJamaica
Mega Contributor

Re: Score 8 change for TU (+25) & EX (+40) and no movement for EQ in 6 weeks?


@Anonymous wrote:

I have been reading and learning from these boards (HUGE THANKS) over the past few months, this is my first post. Taking advice from the many posts, I have reduced my UTIL on 4 revolving accounts reporting from over 90% (1 was at 99%) to all less than 66% in December '18.  After almost 6 weeks, I have seen major movement from TU going from 678 to 703, and EX from 666 to 706. however EQ has not moved a single point based on MYFIO subscription daily updates . . . 

 

I am wanting to finance a house in February.  Last fall my middle Score 5 was in the tank at 654 (EX) so I am hoping the increase in my Score 8 due to the reduction in UTIL will also be reflected in my Score 5 when I pull it at the end of the month.

 

1)  EQ reporting not changed. Based on the postings I have been reading, should I really care as long as the other two move up in my Score 5 since I think I understand the Score 5 uses the middle score and EQ was the already the lowest ?

 

2) Any estimated movment of my Score 5 improvements based on U (+25) & EX (+40) would be very appreciated! I am trying to manage my expectations when I pull the Score 5 at the end of the month.

 

Thanks again to everyone taking their time to educate the rest of us willing to learn.

 

 


Since you want to apply for a mortgage so soon you really need to be getting your MyFICO full reports so you can know what your 3 mortgage scores are.

 

Yes you should be concerned about all 3 mortgage scores.

 

The best things you can do for your mortgage scores are (a) reduce the number of accounts reporting balances, and (b) refrain from any kind of credit application.

 

Your overall utilization has much lower impact on your mortgage scores than on your FICO 8 score. In my case my TU FICO 4 moves slightly, and the EX FICO 2 and EQ FICO 5 do not respond at all to overall utilization.

 

In my opinion, your high utilization is going to impact your debt-to-income ratio which will impact what kind of mortgage you are going to get, so that you should really postpone the mortgage application until you have your present debt more in hand.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 5
Anonymous
Not applicable

Re: Score 8 change for TU (+25) & EX (+40) and no movement for EQ in 6 weeks?

Great job, Fred! That's impressive progress!

 

SouthJamaica is right in focusing not just on the scores but on other factors as well, in this case debt-to-income ratio. Of course, it makes a huge difference whether that 66% is 66% of four $250-limit store cards or 66% of four $10,000-limit credit cards. I suspect it's somewhere in the middle, but maybe toward the lower end given that you were able to put a big dent in them fairly quickly.

 

As to estimated credit score movement, all I ever know even with my own scores is vaguely what direction they're heading. There are just so many variables.

 

The best thing to do is to pretty much keep doing what you've been doing. Except now pick the lowest balance card and dump everything you can afford into it until it's at zero (while making minimum payments on the others). Then start again with the next lowest balance. That is likely to produce more score movement than paying them all down evenly.

Message 4 of 5
Anonymous
Not applicable

Re: Score 8 change for TU (+25) & EX (+40) and no movement for EQ in 6 weeks?

Thank you for your reply and information. I am planning to pull my monthly Score 5 after the end of the month when I know the last of the 4 revolving acounts reports in January.

 

I am hoping for at least a 7 point move and a 16 point move in my Score 5 would be great, but based on your experience and other posts, I am really trying to not get too excited based on the Score 8 jumps.

Message 5 of 5
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