This all adds up to one point....

[Lel]

Yesterday I received the Experian FICO score that was obtained by B of A when I applied for a HELOC. It listed a number of reasons why my score was not the maximum possible. These were the reasons I was given:

Amount owed on revolving accounts is too high
Length of time retail accounts have been established
Time since most recent bank/national account opening is too short
Too many inquiries last 12 months.

This all sounds bad, but apparently all these negative factors only caused a one point hit. How do I know this? Because the FICO score that was reported was 849.

[haulingthescoreup]

Dang, seriously? And it really, really was a FICO score? Maybe it was Experian's version of the credit-card-enhanced score (PFICO for the WaMu folks.)

DH has NO negative comments on all three of his FICO's, but his scores are "only" in the low 800's.

[Lel]

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@haulingthescoreup wrote:
Dang, seriously? And it really, really was a FICO score? Maybe it was Experian's version of the credit-card-enhanced score (PFICO for the WaMu folks.)

DH has NO negative comments on all three of his FICO's, but his scores are "only" in the low 800's.

---

Yes, it was a real FICO score from Experian. And yes, I do believe that it is a mortgage-enhanced FICO, because the same day that I applied for the HELOC, I pulled my Experian FICO score from this site. It was only 802.

[Anonymous]

Awesome!

I forget the different Experian FICO versions but I bet you are right about two different forumlas being at work.

[Lel]

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@haulingthescoreup wrote:
Dang, seriously? And it really, really was a FICO score? Maybe it was Experian's version of the credit-card-enhanced score (PFICO for the WaMu folks.)

DH has NO negative comments on all three of his FICO's, but his scores are "only" in the low 800's.

---

Oops, HTSU, I just re-read your post and you were speculating about whether the score pulled by EX was a credit-card enhanced FICO, not a mortgage-enhanced. I guess since HELOCs are a hybrid between a revolving account and a mortgage account, then either could apply.

Here's the irony of the high score that I got: I didn't get qualified for the HELOC. With the tightening of lending rules because of the credit market crisis, my LTV (just barely above 85%) was considered too high by B of A to give me the line needed to refi a higher rate loan.

[MattH]

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@Lel wrote:
Yesterday I received the Experian FICO score that was obtained by B of A when I applied for a HELOC. It listed a number of reasons why my score was not the maximum possible. These were the reasons I was given:

Amount owed on revolving accounts is too high
Length of time retail accounts have been established
Time since most recent bank/national account opening is too short
Too many inquiries last 12 months.

This all sounds bad, but apparently all these negative factors only caused a one point hit. How do I know this? Because the FICO score that was reported was 849.

---

That is very odd, my Experian 826 says "no actionable negative factors present with your score." On my other two, both just below 800, the only dings mentioned are total balance on my credit cards and number of accounts showing a balance. I dunno why basically the same profile looks different by 40 points at the other two CRAs. All three pulled on myfico.com fairly recently.

It does annoy me that the system does not distinguish revolvers from convenience users: my wife and I carry very little cash so we run a fair amount of money through our cards and pay in full every month. I suppose I could start making electronic payments on each card shortly before statement date in order to prevent a balance showing, but I gather at 780-plus a few more FICO score points would have no practical impact, and anyway we've no plans to apply for credit at the moment. My two most recent applications were for a mortgage refi in 2003 (30-year-fixed, 5.875% so I'm not gonna refi that anytime soon) and a car in 2004 (2000 Camry, recently paid off, still runs OK so maybe I'll start shopping again around 2009).

[Anonymous]

Unless you know you are going to be applying for credit soon there is no need to try to pay before the statement date with your credit profile. As you know, a 780 is going to get you any loan you want as long as your income and low debt service payments are there. I think for many of the high achievers its more about pride, but there is some minor piece of mind knowing you can slip up once and still get a great interest rate on loan products. If you have an 800+ and 1 30 day late you might be able to pull it off.

[Anonymous]

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@Lel wrote:
Yesterday I received the Experian FICO score that was obtained by B of A when I applied for a HELOC. It listed a number of reasons why my score was not the maximum possible. These were the reasons I was given:

Amount owed on revolving accounts is too high
Length of time retail accounts have been established
Time since most recent bank/national account opening is too short
Too many inquiries last 12 months.

This all sounds bad, but apparently all these negative factors only caused a one point hit. How do I know this? Because the FICO score that was reported was 849.

---

Would you mind telling these 4 things PLEASE. lol

Total number of accounts that you have both open/closed for the following:
1. Number of Credit cards total?
2. Number of Installments total? (non mortgage)
3. Number of Mortgages total? (any open mortgages now)
4. Average age?

Also do you know your Equifax score too?

Much thanks.

Message Edited by ilovepizza on 06-08-2008 01:36 PM

[Lel]

---

@Anonymous wrote:

Would you mind telling these 4 things PLEASE. lol

Total number of accounts that you have both open/closed for the following:
1. Number of Credit cards total?
2. Number of Installments total? (non mortgage)
3. Number of Mortgages total? (any open mortgages now)
4. Average age?

Also do you know your Equifax score too?

---

1. 9 open credit cards, 8 closed credit cards
2. 1 open installment student loan, consolidated from 4 individuals loans (which still persist on my credit report)
3. 2 mortgage accounts
4. Average account age: 9 years, oldest account 20.5 years
5. Equifax score score on 4/30 (same day): 802

[Anonymous]

That sounds about right. When I add up the missing points from my avg age I come up with 849 too. Being that your avg age is only 9 years you still have room to gain another point to hit 850 I am guessing. I am guessing based on what I learned that it is either 10 or 12 years to gain max age points. Your profile looks very similar to mine with your avg age being much higher than mine.

Interesting in that when I remove the points I suspect for avg age to match mine age I drop down to the score where I am now. I would agree that this profile very well could and would produce an 849 Classic score. I agree that it would be a mortgage Classic FICO score of 849. Very well done indeed.

Maybe next year when your profile turns 1 year older and inqs fall off and new account is aged 1 year, you might have another crack at a perfect 850. Don't know about your UTL because their might even currently be room for 1 more point. Super!!!

Message Edited by ilovepizza on 06-09-2008 03:47 PM