What experian score model is myfico using?

[sumthin28]

Ok so I pulled my experian score today from myfico and its 617 ..8 days ago i did the check my rate at prosper and got this  Your FICO®08 credit score is a number that reflects the information in your consumer report. Your credit score can change, depending on how the information in your consumer report changes.

Your credit score: 633

Date: 5/16/2014

The FICO®08 credit score ranges from a low of 300 to a high of 850.

Key factors that adversely affected your credit score:
•Serious delinquency and public record or collection filed
•Proportion of loan balances to loan amounts is too high
•Length of time accounts have been established
The only difference in my report between then and now is a 325$ balance on a 500$ limit cc is reporting as zero balance..that is honestly the only difference in the reports..

I was gonna apply for a mortgage on tuesday now im freaking out because this is my middle score.. wth can someone help me understand this?

[DaveSignal]

It should be the same score, Experian/FICO Risk Model v08.  Is the card that you brought to $0 your only credit card?  If so, then you have no currently utilized revolving credit and could be a reason for the score drop.  I would let it report again next month with less than $50 balance.

Also check to make sure that none of your serious delinquencies or collections have recently reported any updates.  

[sumthin28]

its not my only card but all the thers are showing zero balances.. should I let one report a 25 doallar balance?.. that still seems like a steep drop just for no balances when the card was over 60% util before..I subscribe to the monitoring services and i can say with certainty this is the only report change in that time frame.. I do have a card that will report this week.. im gonna put 25 bucks in gas on it before it reports..thx fr the tip

[DaveSignal]

yes.  utilization is a huge factor of the FICO score (about 30%).  With all balances at $0, you are taking a big penalty through FICO, its almost as if you are getting scored as if you have no credit cards, because FICO grades it as though you are not actively using credit.  With total utilization less than 10%, you get the biggest utilization benefit.  Higher than that percentage, your score will start dropping again.  It also grades the percentage of cards that have balances.  A small percentage greater than 0 (ie: 1 card with a balance) will generate the highest score for this factor.

So if you leave a $25 balance, as you suggested, on a card with greater than $250 credit limit (while leaving your other cards at $0 balance), your score will increase.

[sumthin28]

Thank you very much for the fast replies. This is all great info that I probably should have already known lol, but thank you for sharing the knowledge. I at least feel hopeful now, I need that score to rever at least 5 points asap

[tieton]

Not to hijack, but does the scoring work the same way if credit cards are maxed? Or if credit card cards are being reported with the "Account in Dispute" or AID codes every month? Meaning, does it read as no currently utilized revolving credit with either of these two things? I'm trying to figure out why my balances and on-time payments are being reported every month, yet each one of the three bureaus shows "No revolving activity" in the section where it gives description of score factors. I don't even know if any of my scores are actually taking my CCs into account!

[-NewGuy-]

Are they all store cards or charge cards?

[Revelate]

---

@tieton wrote:

Not to hijack, but does the scoring work the same way if credit cards are maxed? Or if credit card cards are being reported with the "Account in Dispute" or AID codes every month? Meaning, does it read as no currently utilized revolving credit with either of these two things? I'm trying to figure out why my balances and on-time payments are being reported every month, yet each one of the three bureaus shows "No revolving activity" in the section where it gives description of score factors. I don't even know if any of my scores are actually taking my CCs into account!

---

Maxxed credit cards count.

Accounts in dispute can be completely discounted from FICO scoring: disputes do some wierd things to the scoring model but the typical outcome is while they have a dispute flag, they simply are ignored from a scoring perspective.

[tieton]

I just have two currently, and they are both Cap One. One was Orchard Bank previously and was transferred over to Cap One a year or so ago. The Orchard Bank/Cap One card is about 4.5 year's old, the other is just over two years old . . . 26 months.

[tieton]

Revelate, that is exactly what I was concerned about! And my suspicion.  I just paid my cards down to a total Util of 16% last week and it still says "No revolving activity," even after the reports have updated. I disputed both cards about a year ago, merely because the balances hadn't been updated or were reporting wrong for a couple of months. Since then the tradelines have tracked with that AID code in the comments. I tried to remedy this by writing Cap One a couple of weeks ago. They sent me a letter back saying that "The high balance has been verified, and that they will go ahead and add a Customer Disputes Information comments on the accounts. I just literally laughed outloud and shook my head. I wanted the flag or comments erased! I then emailed Cap One through my account, and got an email back saying all GW requests should be sent in writing and gave the address. LOL Not sure where to go from here. Contact Cap One in person or contact the bureaus to have the comments erased or otherwise unflagged?