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Score low and risk high apparently....

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donkort
Valued Contributor

Re: Score low and risk high apparently....

I had one 30-day late in 13 years.....and no other derogatories.....and my score stayed in the 660-680 range throughout that time.  Because of my high utilization.  My score was probably higher because of the length of time I've been using credit.  My auto scores were in the 630s/640s, even though I went through two three-year leases with all on-time payments.

 

My 30-day late (reported only to TransUnion) caused my TransUnion score to go down to about 615 briefly.

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 11 of 33
thornback
Senior Contributor

Re: Score low and risk high apparently....


@KeithW wrote:

No other derogatory items. If my score was 840, or whatever perfect is, even if the util. Makes up 30% and was as bad as possible, that shouldn't be able to drop it this much. I am no math whiz, but I know this doesn't add up. 


That single 30-day late could be costing you 30-60 points (depends on profile).  It's true once it ages past the 2 year mark you start regaining some of those points but it will continue to hold your scores down til it drops completely.

 

Your aggregate utilization being 75% is a real score killer (but fixable).   If we generally see an average of ~10 points lost per utilization threshold crossed (9%, 29%, 49%, 69%, 89%) then you're looking at least 40 points lost from high aggregate utilization alone; I wouldn't hesitate to suggest it's more -- and that's not including additional scoring penalties from high individual card utilization.  

 

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 12 of 33
KeithW
Frequent Contributor

Re: Score low and risk high apparently....

Thorn,

 

I am going to get my utilization down in the 60s soon and see if that makes a difference. I wish I could get the 30-day off, but Ford Credit has told me no, even though I have bought my last two vehicles through them at $55K a pop.

EQ671 TU673 EX662
Message 13 of 33
AllZero
Mega Contributor

Re: Score low and risk high apparently....

Message 14 of 33
Anonymous
Not applicable

Re: Score low and risk high apparently....

I just checked mine and apparently I’m 13% risk. 

 

Not sure where that percentage comes from and its accuracy 

Message 15 of 33
donkort
Valued Contributor

Re: Score low and risk high apparently....

It means your score is between 650 and 699.

 

Once you get to 700, it becomes a 6% risk.

You have "good" FICO 8 scores.

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 16 of 33
Anonymous
Not applicable

Re: Score low and risk high apparently....

Ok thanks. I just checked and my Equifax is saying 6%. Where as TU and Ex 13

Message 17 of 33
KeithW
Frequent Contributor

Re: Score low and risk high apparently....

I suppose there would be good and bad, but I have always been kind of irked that the mere fact that I have never filed bankruptcy or not paid a justified debt doesn't do anything positive for me. All is based on some FICO numbers. The only possible exception was years ago when I got my BOA card. I had a score a little lower than now, low 600s I think and when I applied for the card I had a guy call me and he asked a bunch of questions and asked about bankruptcy and if I had been sued over a debt. After talking with me he approved me for a $7K credit limit card.

EQ671 TU673 EX662
Message 18 of 33
AllZero
Mega Contributor

Re: Score low and risk high apparently....


@KeithW wrote:

I suppose there would be good and bad, but I have always been kind of irked that the mere fact that I have never filed bankruptcy or not paid a justified debt doesn't do anything positive for me. All is based on some FICO numbers. The only possible exception was years ago when I got my BOA card. I had a score a little lower than now, low 600s I think and when I applied for the card I had a guy call me and he asked a bunch of questions and asked about bankruptcy and if I had been sued over a debt. After talking with me he approved me for a $7K credit limit card.


Once you understand FICO scoring a little bit more, you can use it in your favor. When seeking credit, it's best to pretty up your FICO scores. e.g. Do AZEO All Zero Except One card reporting a small balance $5-$10. If not credit seeking, then go on with your standard payment methods that work well for you.

Message 19 of 33
Anonymous
Not applicable

Re: Score low and risk high apparently....


@donkort wrote:

Take heart.....credit cards aren't rushing to have me as a client, either......


I'm in the 800 club and I don't get any credit card pre-approvals or solicitations either. My wife is also in the 800 club and she gets tons of them. There is no rhyme or reason to it, and NO, I have not opted out of anything nor do I have any blocks or holds on my credit files.

Message 20 of 33
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