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So my FICO8 is capped at 774 not even AZEO helps (was: Effect of one inquiry on FICO8 and FICO2)

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Valued Contributor

Re: Effect of one inquiry on FICO8 and FICO2

By the way, I can’t remember exactly the limit. I thought it was $35,000 but then I think somebody at $29K was excluded, but if you use a card with a CL under $25K, it should work fine for FICO 2.
New:
Under Recon:Should I?




Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+0,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 4 HP dings to add; will update again.
Message 41 of 47
Established Contributor

Re: Effect of one inquiry on FICO8 and FICO2

Yeah, I have been letting a couple of cards report small balances. One only has a $5k limit, and I let it report a $30-40 balance, so that's working. But I'm still stuck at 774 on FICO-8 for some mysterious reason. However, I gather FICO-2 is the mortgage score and it's doing well so I guess that's fine. FICO-8 is weird though.


Amex BCE $40k || BoA Travel $5k || FirstTech MC $5k || BECU PLoC $10k || Discover Miles $27.7k || CITI DC $27.5k || CHASE Amazon $12.5k || BoA Premium Rewards $31k || BoA Cash Rewards 26k // AU on DW's Costco Visa $12k FICO8 774
Last Inq 04/2018
Message 42 of 47
Valued Contributor

Re: Effect of one inquiry on FICO8 and FICO2

As long as it is a national bankcard, not retail, not CU, not over 27K?, not an AU, you should be good to just let one report, especially for best scores on FICO-2. I think optimal is 20% of revolvers reporting or less. Might be 25%, can't recall off the top of my head.
New:
Under Recon:Should I?




Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+0,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 4 HP dings to add; will update again.
Message 43 of 47
Established Contributor

Re: Effect of one inquiry on FICO8 and FICO2


@Birdman7 wrote:
By the way, I can’t remember exactly the limit. I thought it was $35,000 but then I think somebody at $29K was excluded, but if you use a card with a CL under $25K, it should work fine for FICO 2.

I was looking at this recently - the EX2 (Auto and Bankcard, anyway) threshold is definitely lower than the EQ5/TU4 threshold (assumed to be $35k) - I've verified that a $26k limit does count, but a $30k limit does not.  I haven't dialed it in more exactly than that (yet).

 

The reason codes end up looking really odd when testing this - you can get "There are no recent balances on your revolving and/or open-ended accounts." at the same time as "You've made heavy use of your available revolving credit.".

 

Due to MyFICO hiding reason codes when within 50 points of max, I've only been able to test EX2 Auto and EX2 Bankcard, but the base EX2 ("mortgage") version is likely using the same thresholds.

 

EQ8:850 TU8:849 EX8:847
EQ9:850 TU9:848 EX9:850
EQ5:809 TU4:791 EX2:806 - 2019-08-15
Message 44 of 47
Valued Contributor

Re: Effect of one inquiry on FICO8 and FICO2

Yes it was thought to be 35 until someone was excluded with a 29. Or a 27. That’s why I said if you are at 25K or less you should be good as long as it’s a national bank card.

Yes, it totally ignores it as far as AZEO and accounts with the balance therefore, I think. But yes it still goes towards utilization! Just don’t ask me why. LOL.
New:
Under Recon:Should I?




Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+0,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 4 HP dings to add; will update again.
Message 45 of 47
Valued Contributor

Re: Effect of one inquiry on FICO8 and FICO2

And inquiries or accounts under 12 months increases the signal strength on EX2 for the penalty for greater number of accounts with a balance it is believed.

iv thank you for the data point that 26K works on EX2.
New:
Under Recon:Should I?




Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+0,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 4 HP dings to add; will update again.
Message 46 of 47
Valued Contributor

Re: Effect of one inquiry on FICO8 and FICO2

And yes I totally concur that all versions of EX2 would most likely be using the same cut off amount.

One day we will dial it down find the exact cut off, but meanwhile we just have to use the shorter de-duplication window (14 day) and the lower cut off of EX2 (26K?) in optimizing for the mortgage scores.
New:
Under Recon:Should I?




Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+0,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 4 HP dings to add; will update again.
Message 47 of 47
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