@Anonymous wrote:
@Anonymous wrote:Data point is a piece of information that helps us judge how a credit score would be affected. For instance, when an inquiry hits 1 year, it will no longer affect your score and will raise your score X amount. When a 30 day late reaches 2 years, you can expect a score increase of X.
So how will you know when you have reached a "data point"? Is this some of document with a summary that is sent to your mail or email?
I've searched for data point and credit score but received nothing relevant.
Okay, I've found an article by Nerdwallet titled, " What are the Minimum Data Points to Establish a FICO score." They explain that in order to earn 1 data point a consumer must have a single account opened for 6 months.
Still, there aren't that many data point articles that exist.
It's not meant to be taken quite so literally.
Think of it as a scenario that we can describe fairly closely, and given that scenario, that sequence of events, some score change in FICO seems to have happened.
Since none of us has any direct insight into how FICO actually scores any of this, we do a lot of entrail reading to try to derive... data points.
If a card goes from reporting 2% utilization to 50% utilization, that moment it hits the reports and changes score, would be a data point.
Ageing of accounts or inquiries, on the other hand, is a much less definite timing thing. Do they measure it at the first of the month, regardless of what day of the month the INQ or account first was reported? actual day of the month? It gets to be quite a guestimate.
20 points is a large jump, so something significant happened, or perhaps disappeared, so trying to figure that out can be difficult, with or without a specific alert, since the alert might not be the trigger either.
