Hrm.
Citi card opened on 4/1/19 as listed on Experian (think actual open was 4/28), pulled report early this morning (7/1 ~12:30 am PDT) no change at all from 6/30. Top 8 scorecard, no deliquency, AAOA < 5 years, AOOA > 11 years, 20 open tradelines, 33 total... inquiries and 4 open accounts < 1 year, 2 specifically < 6 months.
Saw some people suggest that the 2nd day of the month was the shift, will see tomorrow, maybe just some idiosyncratic thing 3 months + 1 day?
I know I saw a gnarly drop when the Citi card reported but as further data showed it might be tied into the length of revolving history reason code (as myFICO reports it) but will see tomorrow one way of the other. I'm going to really hate it if breakpoints around this are profile specific, **bleep** it FICO!
@Anonymous wrote:
@Revelate wrote:Saw some people suggest that the 2nd day of the month was the shift, will see tomorrow, maybe just some idiosyncratic thing 3 months + 1 day?
I know I saw a gnarly drop when the Citi card reported but as further data showed it might be tied into the length of revolving history reason code (as myFICO reports it) but will see tomorrow one way of the other. I'm going to really hate it if breakpoints around this are profile specific, **bleep** it FICO!
I hope you see some points from it. I received the points on the 1st at both breakpoints: AoYA 3mo and AoYA 6mo. The 6mo jump happened on a weekend too - June 1st, Saturday.
And +1 for using the word 'gnarly', which I just heard a few days ago on TV because 'Fast Times at Ridgemont High' was showing on cable.
Laugh, yeah showing my age.
Nothing on 7/2 either, and I did see my AAOA breakpoint exactly on the 1st too which was why I was so surprised seeing people on the forums suggest it moved on the 2nd... and generally your datapoints seem way better than most reported here but trying to give everyone the benefit of the doubt, well you know how that goes.
Anyway appears to be nothing on EX at least, TU is the only other one I have good data for really and that's on a derogatory scorecard where AOYA isn't even a thing in my experience at least FICO 4/8, not sure on 9.
So quite possibly to Birdman's point it might just be the proposed new credit file scorecard, or it might be a pattern of accounts. I can't exactly explain why I lost more than 20 points for a new revolver when I had recent (<6 mo) installment loans opened but if it's just revolving as Birdman's prior data suggests, then I just haven't hit whatever breakpoint is needed.
Went from Jan 2017 to a new revolver in April 2019, so I was at 2 years and 3 months going to 1 month, plenty of room for breakpoints there just not at 3 months apparently on my profile/scorecard. I may wind up refinancing my mortgage which would reset installment AOYA to near zero when it reports, would be interesting then to track increases between the two and of course AAOA over the next few years.
Given that credit card benefits and probably soon rewards too appear to be in process of being scaled back, may have opened my last credit card for a while.
@Anonymous wrote:
@Revelate wrote:Given that credit card benefits and probably soon rewards too appear to be in process of being scaled back, may have opened my last credit card for a while.
It looks like the scaling back has been on their minds for quite a while now:
Capital One, Discover tighten credit limits, close dormant accounts
That's from October 2018, with a link inside to a Federal Reserve survey of loan officers from the second quarter of 2018 that also shows similar sentiment.
Things are still nice and cozy with my Citi Costco card though. They didn't cut nearly as many benefits from this card as the others.
Also, I just got a SP CLI of $2500 this morning on it. So now my total credit limit across 2 cards is $11,000, which is basically a Happy Meal without-the-toy to most people on here. lol
Hah yeah.
Most of the protections lost were things I never bothered with anyway so I wasn't worried about it, and the weakness in the subprime space has been seen since 2017 based on my Lending Club default rate which skyrocketed back then. Actually it's to the point now LC won't even lend to those people anymore haha, but I've already been pulling my money out over the last two years now anyway.
I think there's a chance though as interest rates continue to fall and alternative payment methods start making more inroads (the various Fintech plays) that the straight rewards programs will get cut and since I'm near the top of the pyramid for what I could rationally use now, seems like going down is inevitable in which case, no need for more accounts other than maybe testing purposes and I'm far more likely to open up an installment loan to do that rather than a bunch of revolvers which don't really move the needle meaningfully for me either numbers or percentage wise.