No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@mowglidude 8.81% rounds to 9% though we just learned, so actually you aren’t yet under 9% per fico.
I’ll look forward to your dp first week of October, you mean? Btw, if you wanna read what we just learned from the experts, its stickied as the first post in UFS subforum.
@Anonymous wrote:@mowglidude 8.81% rounds to 9% though we just learned, so actually you aren’t yet under 9% per fico.
I’ll look forward to your dp first week of October, you mean? Btw, if you wanna read what we just learned from the experts, its stickied as the first post in UFS subforum.
Yes, I meant October. I'll look for that UFS subforum.
Just to add a DP
DW - Experian FICO 08
Without realizing it, we just paid down all 7 open CC accounts to zero. When that reported she went from 742 to 726
Then the account that I usually let report a small balance on which she is an AU on also reported zero balance - Her scored went from 726 to 712. The other two bureaus had similar but much less score changes.
She has two 6+ YO paid CO's, $60k in CL's and a paid to 7% SSL reporting.
We have seen this before but since she is pretty much clean now, the point drop was more drastic. EX always is the largest FICO 08 swing when everything reports as a zero balance. We try to have one AU account reporting a balance and another account or two showing a small balance.
@spiritcraft1 wrote:Just to add a DP
DW - Experian FICO 08
Without realizing it, we just paid down all 7 open CC accounts to zero. When that reported she went from 742 to 726
Then the account that I usually let report a small balance on which she is an AU on also reported zero balance - Her scored went from 726 to 712. The other two bureaus had similar but much less score changes.
She has two 6+ YO paid CO's, $60k in CL's and a paid to 7% SSL reporting.
We have seen this before but since she is pretty much clean now, the point drop was more drastic. EX always is the largest FICO 08 swing when everything reports as a zero balance. We try to have one AU account reporting a balance and another account or two showing a small balance.
@spiritcraft1 True enough the higher you are the harder you fall. How big were the drops previously?
@Anonymous wrote:
@spiritcraft1 wrote:Just to add a DP
DW - Experian FICO 08
Without realizing it, we just paid down all 7 open CC accounts to zero. When that reported she went from 742 to 726
Then the account that I usually let report a small balance on which she is an AU on also reported zero balance - Her scored went from 726 to 712. The other two bureaus had similar but much less score changes.
She has two 6+ YO paid CO's, $60k in CL's and a paid to 7% SSL reporting.
We have seen this before but since she is pretty much clean now, the point drop was more drastic. EX always is the largest FICO 08 swing when everything reports as a zero balance. We try to have one AU account reporting a balance and another account or two showing a small balance.
@spiritcraft1 True enough the higher you are the harder you fall. How big were the drops previously?
Actually with EX, still significant, perhaps 10 points with EQ and TU less in that order.. I still have many derogs, same age (nearing 7 years) and had about 10 points on EX, 6 or so on EQ and 2 on TU. Everything reported as zero for me as well.
In a few days, some small balances will report including one AU account for us and we will see what happens then. I imagine all points will be gained back if history holds. But the swings are big when you have a higher score and cleaner reports as in DW's case. On EX, her total was 40 points for all zero including AU accounts. That is huge.
I would not magnify ranges due to outliers. They are not "typical". Ranges for guideance should be based on nominal - IMO. This helps hold down unrealistic expectations. If someone sees more or less than nominal, so be it. Cause for the outlier could relate to an undisclosed/unrecognized contributing factor.
@Anonymous wrote:
40 points is huge. Do you know how many points were allocated to each metric? Maybe we should revise the parameters if we have an outlier data point.
I have no idea if this data is useful but it did happen with no other changes. All bureaus changed but not as drastically as EX.
Looking back it was 22 in total over a few days as all of her accounts reported zero balance. Most of her accounts report within a few days at the beginiing of the month)
The final 18 drop was in one day as my NFCU Go rewards reported a zero balance. She is an AU on that account.
Just prior, she was at a multi year high in terms of FICO 08 - 752
Again, she has just two 6.5 YO paid CO's and could be changing "buckets" or who knows what. I will report back in a week to see what happens when an AU and one of her accounts report a small balance.
@spiritcraft1 wrote:
@Anonymous wrote:
40 points is huge. Do you know how many points were allocated to each metric? Maybe we should revise the parameters if we have an outlier data point.I have no idea if this data is useful but it did happen with no other changes. All bureaus changed but not as drastically as EX.
Looking back it was 22 in total over a few days as all of her accounts reported zero balance. Most of her accounts report within a few days at the beginiing of the month)
The final 18 drop was in one day as my NFCU Go rewards reported a zero balance. She is an AU on that account.
Just prior, she was at a multi year high in terms of FICO 08 - 752
Again, she has just two 6.5 YO paid CO's and could be changing "buckets" or who knows what. I will report back in a week to see what happens when an AU and one of her accounts report a small balance.
@spiritcraft1 I'm pretty sure that your right, it is the AZ penalties. She will experience scorecard reassignment when those COs fall off at 7 years though. Sounds like she'll have a very nice score at the point.
@Thomas_Thumb Point taken.