@Anonymous wrote:When calculating UTI, do I only calculate my revolving credit? I've got two school loans sitting in instalment loans.... those aren't added to the UTI, right? Also, I just bought a house (hasn't hit the credit report yet), I don't use that in the UTI either, right?
If it helps, I just bought my first home, have two credit cards sitting in my wallet (that I obtained last month), have 2 more credit cards on thier way to my mailbox and sitting on 30 messages for two other credit cards, sitting on two baddies that I'm waiting to drop off, and am now gardening for awhile. I started credit repair last year and was able to really turn my scores around. My scores have dropped since applying for the credit cards this month. EQ was 716 now 704. TU no change. EX 733 now 711. I know once the inquiries drop off that will help raise my socres. I'm hoping I can babysit my UTI to raise those scores back up.
If I'm not mistaken, it's 4 separate components.
1. Overall credit card utilization (based on statement balance)
2. Per-card credit card utilization
3. Overall installment loan utilization
4. Per-loan installment loan utilization
Correction 5/21/16... I've recently learned that there is no per-loan installment utilization factor... just the overall utilization in installment loans.
@SouthJamaica wrote:
@Anonymous wrote:When calculating UTI, do I only calculate my revolving credit? I've got two school loans sitting in instalment loans.... those aren't added to the UTI, right? Also, I just bought a house (hasn't hit the credit report yet), I don't use that in the UTI either, right?
If it helps, I just bought my first home, have two credit cards sitting in my wallet (that I obtained last month), have 2 more credit cards on thier way to my mailbox and sitting on 30 messages for two other credit cards, sitting on two baddies that I'm waiting to drop off, and am now gardening for awhile. I started credit repair last year and was able to really turn my scores around. My scores have dropped since applying for the credit cards this month. EQ was 716 now 704. TU no change. EX 733 now 711. I know once the inquiries drop off that will help raise my socres. I'm hoping I can babysit my UTI to raise those scores back up.
If I'm not mistaken, it's 4 separate components.
1. Overall credit card utilization (based on statement balance)
2. Per-card credit card utilization
3. Overall installment loan utilization
4. Per-loan installment loan utilization
Two separate calculations, revolving and installment are distinct.
Revolving:
1) Aggregate utilization (usually statement balance but some lenders report end-of-month)
2) Per-card individual utilization
3) Number of tradelines reporting balances: this appears to be a straight percentage, >50% is a drop, and there seems to be one around 20% but don't think we've got that entirely nailed down when we're talking FICO 8. FICO 04 is different or my file is wonky.
Installment:
1) Aggregate utilization only; individual doesn't matter based on my data (identical score movements positive and negative during my testing).
@Anonymous: the mortgage and student loans are all lumped into the installment bucket, and unless you have a ton of money to kick to it (unlikely or you might've just paid cash for the house) there isn't a lot of gimmicks you can realistically do here; just manage your revolving utilization and never miss a payment and you'll be fine.
@Thomas_Thumb wrote:
@Revelate wrote:
@SouthJamaica wrote:
@Anonymous wrote:When calculating UTI, do I only calculate my revolving credit? I've got two school loans sitting in instalment loans.... those aren't added to the UTI, right? Also, I just bought a house (hasn't hit the credit report yet), I don't use that in the UTI either, right?
If it helps, I just bought my first home, have two credit cards sitting in my wallet (that I obtained last month), have 2 more credit cards on thier way to my mailbox and sitting on 30 messages for two other credit cards, sitting on two baddies that I'm waiting to drop off, and am now gardening for awhile. I started credit repair last year and was able to really turn my scores around. My scores have dropped since applying for the credit cards this month. EQ was 716 now 704. TU no change. EX 733 now 711. I know once the inquiries drop off that will help raise my socres. I'm hoping I can babysit my UTI to raise those scores back up.
If I'm not mistaken, it's 4 separate components.
1. Overall credit card utilization (based on statement balance)
2. Per-card credit card utilization
3. Overall installment loan utilization
4. Per-loan installment loan utilization
Two separate calculations, revolving and installment are distinct.
Revolving:
1) Aggregate utilization (usually statement balance but some lenders report end-of-month)
2) Per-card individual utilization
3) Number of tradelines reporting balances: this appears to be a straight percentage, >50% is a drop, and there seems to be one around 20% but don't think we've got that entirely nailed down when we're talking FICO 8. FICO 04 is different or my file is wonky.
Installment:
1) Aggregate utilization only; individual doesn't matter based on my data (identical score movements positive and negative during my testing).
@ @Anonymous: the mortgage and student loans are all lumped into the installment bucket, and unless you have a ton of money to kick to it (unlikely or you might've just paid cash for the house) there isn't a lot of gimmicks you can realistically do here; just manage your revolving utilization and never miss a payment and you'll be fine.
I see the following when reviewing # cards reporting: 2 of 6 (33%) = 3 of 6 (50%) no score change, 4 of 6 (67%) => score drop; 4 of 6 (67%) = 5 of 6 (80%) no score change. I see a few points drop at 4 of 6 with Fico 08 enhanced and both Fico 04 Classic/Enhanced. The wild card is 6 of 6 due to AMEX. Still of the opinion that count (as opposed to strictly %) is looked at.
Thresholds for aggregate balance to installment loan ratio are likely 70% and 10% - IMO.
General Note: Some loans are not classified as installment loans.
Yeah my data lines up there too, 4/9 fine, 5/9 drop (above 50%) and I also got a 7/14 fine 8/14 drop this past month and that matches everyone else's too. Where I'm a little skeptical is my Beacon 5.0 hasn't moved at all going from 8/14 to 3/14, I thought you once suggested Beacon 5.0 was more sensitive or did I get that backwards?
@Thomas_Thumb wrote:
At the end of the day my Fico 08 has not changed in 2 years so I rely on Fico 04 or Fico enhanced versions to get some indication how my profile reacts to factors.
Fico 8: .......EQ 850 TU 850 EX 850 (3/2016)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2016)
What are the steps you propose to take to improve (increase) your Risk Factors to get away from that pesky Perfect Credit score?
Nobody wants a Perfect Credit Score 
@Revelate wrote:
@SouthJamaica wrote:
@Anonymous wrote:When calculating UTI, do I only calculate my revolving credit? I've got two school loans sitting in instalment loans.... those aren't added to the UTI, right? Also, I just bought a house (hasn't hit the credit report yet), I don't use that in the UTI either, right?
If it helps, I just bought my first home, have two credit cards sitting in my wallet (that I obtained last month), have 2 more credit cards on thier way to my mailbox and sitting on 30 messages for two other credit cards, sitting on two baddies that I'm waiting to drop off, and am now gardening for awhile. I started credit repair last year and was able to really turn my scores around. My scores have dropped since applying for the credit cards this month. EQ was 716 now 704. TU no change. EX 733 now 711. I know once the inquiries drop off that will help raise my socres. I'm hoping I can babysit my UTI to raise those scores back up.
If I'm not mistaken, it's 4 separate components.
1. Overall credit card utilization (based on statement balance)
2. Per-card credit card utilization
3. Overall installment loan utilization
4. Per-loan installment loan utilization
Two separate calculations, revolving and installment are distinct.
Revolving:
1) Aggregate utilization (usually statement balance but some lenders report end-of-month)
2) Per-card individual utilization
3) Number of tradelines reporting balances: this appears to be a straight percentage, >50% is a drop, and there seems to be one around 20% but don't think we've got that entirely nailed down when we're talking FICO 8. FICO 04 is different or my file is wonky.
Installment:
1) Aggregate utilization only; individual doesn't matter based on my data (identical score movements positive and negative during my testing).
@Anonymous: the mortgage and student loans are all lumped into the installment bucket, and unless you have a ton of money to kick to it (unlikely or you might've just paid cash for the house) there isn't a lot of gimmicks you can realistically do here; just manage your revolving utilization and never miss a payment and you'll be fine.
I stand corrected