@Anonymous wrote:
@SirMiloActually I was misthinking, (if that’s a word) It’s a closed loan, so it dropping off should only affect ages and credit mix since you have no other loans. (I was thinking it was open and you would be losing the bonus points for having low aggregate installment utilization.) Since you have an older account, I don’t see its dropping causing as many points lost as I predicted earlier had it been open.
Now I’m wondering if there are any other differences between your Experian report and the others that are contributing to that 40 point variance. If you don’t mind could you give us all of your profile statistics and have you pulled your reports from ACR? Their free weekly until I think April 2021. If not, do so.
I pulled all reports recently through ACR although one wasn't available online. I'm pretty sure that was EQ but I can see my report direct through the EQ site.
You have no sort of derogatories or delinquencies. You have 1 closed mortgage, 5 revolvers and 1 loan on TransUnion and Equifax, with one revolver closed. And at Experian you have 5 revolvers with 1 closed. You have no accounts younger than 12 months old. Correct?
No derogs or delinquencies. I have one closed mortgage reporting on TU/EQ but not Experian. I have 4 open revolvers and 1 closed revolver with the same opening dates/ balances/ limits/ utilizations showing across all 3 bureaus. Two of the revolvers are currently showing just under 12 months old on all 3 bureaus.
I remember you said Experian had 2 more inquiries, but what’s the total inquiry count at each bureau? Which card have you not used in the longest and how long has it been?
According to mF 3B pull from 3 days ago, no inquiries are showing for EQ or TU while 2 appear under Experian from just over 11 months ago. I never let any card I have sit for more than a month at most. More often than not, they all see some type of spend every month although they may not post with balances since I have been paying on them multiple times a month. I would have to dig deeper to figure out specifics on previously posted balances.
So you should be in a clean/thin/mature/new accounts scorecard, I believe. As a matter fact, you can watch for points on 1 October from scorecard reassignment to a "Clean/thin/mature/no new accounts” scorecard.
I expect that I will see a change from that. I realize that simulators aren't to be taken seriously (and I don't) but mine is currently showing that if I make payments on time for 1 month, my scores will jump between 15 and 35 points with Experian getting the highest boost. Again, I have no expectations to see these numbers materialize but I suspect that the boost is from the inquiries that will become non-scoreable and no longer having an account under 12 months of age.
The scores you have posted, you said were from AZEO? With what % utilization? Was the utilization across bureaus and the number/percentage of accounts/revolvers with a balance the same across bureaus? What were your total revolving balances when the scores were pulled?
The scores indicate that I posted a balance of $599 on my AmEx last month. Utilization showed as 6% (correct util) on AmEx and all other cards posted a $0 balance across all 3 bureaus.
AoOIA, AAoIA, AAoA, & mix will all be reduced and score penalized upon the closed mortgage dropping. We really don’t have an idea of exactly how much because no one‘s really been tracking aging metrics with regard to loans. Their existence, I believe, was only recently made known broadly throughout the forum by the Primer, except for a few people probably. Nevertheless, to borrow a phrase from BBS, revolving metrics are King to installment metrics.
Your 1st sentence is the only variable at play between the bureaus at this time, with the exception of the 2 inquiries also showing on Experian that aren't present on TU and EQ.
So if you go get an SSL, which was suggested by @NRB525 , myself, and @Slabenstein , it will counter the mix metric loss. It will not, however, counter the losses from installment ages and will slightly reduce your AAOA.
For the limited cost of an SSL, I think that's the smart play in this situation.
However if you get and pay the proposed SSL down to 9% B/L, you’ll get a nice bonus on 8 & 9 from having low installment utilization, which may make up for the loss from aging. You don’t have to pay it down to 9% right now; you can wait until you need a score boost, but if you wait, you’ll be paying more interest in the meantime, so you could just pay it down to 9% get your score boost and then put it on auto pay for $5 a month or whatever.
I think paying it down to 9% would likely be the way I would want to approach an SSL. Is there any additional benefit to be had if I were to get an SSL for a larger amount since I would pay down to 9%, regardless of the loan amount, within a month or 2 of opening?
You have everything to gain and nothing to lose, except a couple dollars in interest, if you go get an SSL and properly execute the SSLT. Just remember, it must be at an institution that does not advance the maturity date when you make extra payments.
Much like my very temporary 3B sub, if I feel that I have received something of value for a small fee, it's worth it to me. If I were going to be paying $500 in interest for an SSL, it wouldn't even be a consideration for the return. I will check into the primer and SSL threads to see if I can find a place that doesn't have a habit of advancing the maturity date. Thanks for pointing that out!
And while it’s hard to predict the score loss it’ll definitely be more in a thin scorecard. It’s possible it could be in the neighborhood that I predicted earlier, but I don’t really think so.
If we can determine whether there are any other differences among your reports other than the mortgage at Experian, we’ll have more insight.
The only differences are shown above.
Do you recall how many points you lost when the mortgage was removed from Experian? Or were you paying attention at that time?
I haven't a clue about the drop on Experian for the mortgage falling off. All of this paying attention to my credit scores transpired earlier this year and I had never even looked at my credit scores unless it came from a creditor who sent the info with an approved card.
Additionally the SSL will continue to help you up to 10 years and maybe more after it matures, so this is actually potentially a 15 year solution in part.
Again, I just want to be confident that if something happens and I need to secure additional funds, that option will be available to me at reasonable rates.
