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Score not capped at 790 with lates...

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Regular Contributor

Re: Score not capped at 790 with lates...


@AllZero wrote:

 

What about the open installment loans, do you know the aggregate / individual utilization %?

 


What does this mean?  Is this the total still amount owed on installment loans vs total amount of loans using their original loan amounts?  If so amount still owed is $9218 across all three loans.  Original amount owed across all three loans was $32868.   So $9218/$32868*100 = 28.05%.  Is this the number you are looking for?

Message 11 of 29
Super Contributor

Re: Score not capped at 790 with lates...

Yes, that's correct above.

 

Your installent loan utilization then is viewed by the Fico algorithm as being 29% (decimals always round up to the next whole number).

 

Taking your aggregate installment loan utilization down to 8.9% or less is when maximum score gain is seen.  Crossing that threshold for some can bring 15-20 Fico points.  You aren't far off.

Message 12 of 29
Regular Contributor

Re: Score not capped at 790 with lates...

I talked to Experian earlier today.  They said that my two lates should fall off this month per EE.  They said if the reports do not show the lates gone, then to give them a call so they can fix it.

Message 13 of 29
Frequent Contributor

Re: Score not capped at 790 with lates...


@BrutalBodyShots wrote:

@AllZero wrote:

Only one I found so far was a FICO 8, 785 with a 90 day.

 


Do you have a link to that thread?  I personally have not seen a 785 Fico 8 score with the presence of a major delinquency.  Minor yes, but not a major.  I've always understood the presence of a major to seemingly cap scores somewhere around the 770-775 range.  With a single 90 day on my report I could never get higher than a TU score of 768, for example and for the most part the rest of my profile was optimized (ideal utilization, age of accounts factors solid, few to no inquiries, etc).


I'll have to search it again. Once I find it, I'll post a link to it.

Message 14 of 29
Frequent Contributor

Re: Score not capped at 790 with lates...


@Cloudburst2000 wrote:

@AllZero wrote:

 

What about the open installment loans, do you know the aggregate / individual utilization %?

 


What does this mean?  Is this the total still amount owed on installment loans vs total amount of loans using their original loan amounts?  If so amount still owed is $9218 across all three loans.  Original amount owed across all three loans was $32868.   So $9218/$32868*100 = 28.05%.  Is this the number you are looking for?


Yes, that is correct. Thank you. I hope BrutalBodyShots was able to answer your question.

 

Installment loans such as student, auto, share secured loans react like a revolving credit cards. I think mortgage gets scored differently in regards to FICO.

 

When you cross thresholds (28.9%, 8.9%), you should receive points. This is true for aggregate (as mentioned by BBB) and individual accounts. I think individual is (+-) 5 points?

Message 15 of 29
Frequent Contributor

Re: Score not capped at 790 with lates...


@Cloudburst2000 wrote:

I talked to Experian earlier today.  They said that my two lates should fall off this month per EE.  They said if the reports do not show the lates gone, then to give them a call so they can fix it.


For sake of data points, it would be interesting to see how high you can score on a derogatory scorecard.

 

Personally, I would want to get rid of the derogatory as soon as possible and be on a clean scorecard. Good luck with the EE. I hope EX does it automatically.

Message 16 of 29
Frequent Contributor

Re: Score not capped at 790 with lates...


@BrutalBodyShots wrote:


Do you have a link to that thread?  I personally have not seen a 785 Fico 8 score with the presence of a major delinquency.  Minor yes, but not a major.  I've always understood the presence of a major to seemingly cap scores somewhere around the 770-775 range.  With a single 90 day on my report I could never get higher than a TU score of 768, for example and for the most part the rest of my profile was optimized (ideal utilization, age of accounts factors solid, few to no inquiries, etc).


800 FICO SCORE W / CREDIT CARDS AFTER DEROGATORIES DELEATED OFF CR

See message 2 and 5.

Message 17 of 29
Regular Contributor

Re: Score not capped at 790 with lates...


@AllZero wrote:

@BrutalBodyShots wrote:


Do you have a link to that thread?  I personally have not seen a 785 Fico 8 score with the presence of a major delinquency.  Minor yes, but not a major.  I've always understood the presence of a major to seemingly cap scores somewhere around the 770-775 range.  With a single 90 day on my report I could never get higher than a TU score of 768, for example and for the most part the rest of my profile was optimized (ideal utilization, age of accounts factors solid, few to no inquiries, etc).


800 FICO SCORE W / CREDIT CARDS AFTER DEROGATORIES DELEATED OFF CR

See message 2 and 5.


Hmmm...interesting.  We will never know but I still wonder if my scores may have been even higher if I hadn't just opened up my credit cards.  I have very good and/or excellent rating in all areas except for amount of new credit which is 'fair'.  How high could my score have been if this had been very good/excellent?  Guess we will never know nowSmiley Tongue

Message 18 of 29
Frequent Contributor

Re: Score not capped at 790 with lates...


@Cloudburst2000 wrote:


Hmmm...interesting.  We will never know but I still wonder if my scores may have been even higher if I hadn't just opened up my credit cards.  I have very good and/or excellent rating in all areas except for amount of new credit which is 'fair'.  How high could my score have been if this had been very good/excellent?  Guess we will never know nowSmiley Tongue


The Experian Boost definitely helped you. It was a smart choice to use it.

 

New credit only counts for 10% of the FICO scoring pie. On a thin profile, I think you will see a boost at 3 and 6 months. I think the new cards helped rather than hurt you in maximizing your potential scores.

Message 19 of 29
Super Contributor

Re: Score not capped at 790 with lates...


@AllZero wrote:

@BrutalBodyShots wrote:


Do you have a link to that thread?  I personally have not seen a 785 Fico 8 score with the presence of a major delinquency.  Minor yes, but not a major.  I've always understood the presence of a major to seemingly cap scores somewhere around the 770-775 range.  With a single 90 day on my report I could never get higher than a TU score of 768, for example and for the most part the rest of my profile was optimized (ideal utilization, age of accounts factors solid, few to no inquiries, etc).


800 FICO SCORE W / CREDIT CARDS AFTER DEROGATORIES DELEATED OFF CR

See message 2 and 5.


Not a solid enough refrence, IMO.  The first was just a reference of a reference, where the poster (Rev) recalled what he said was a "serious outlier" and guessed the score to be about 785.  It was not a link to a person who themself said that they had a 785.  The second was a 786 with the presence of a single 30-day late, not a single major delinquency (90-day or otherwise) which is completely different.  A single 30D (minor) doesn't result in someone being in the same scorecard as someone with a major present.

Message 20 of 29
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