@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Anyway, from what I have seen regarding the "seeking credit" code is that it doesn't have anything to do with number of inquiries, but number of new accounts, which to me makes sense since not all new accounts require inquiries from that specific bureau. How many new accounts reporting would be a bit more concrete, even though there are exceptions with accounts not reporting to all 3 bureaus, but we have to consider they are only going off of info being reported to their bureau, so accounts and not inquiries would make more sense. Although inquiries do mean seeking credit so maybe there are 2 thresholds: inquiries and new accounts
I think it's all about inquiries. One can bank a bunch of new inquiries with no new accounts. They apply for a handful of CCs and get denied, apply for a couple of loans and get denied, go for HP CLIs on current CCs and get denied, etc. All of that is definitely credit seeking though and I would expect those attempts (HPs hitting the CR) to generate a credit seeking reason code on many files even if no new accounts are opened.
I guess the best way to "test" it would be to look at the negative reason codes provided once new inquiries hit but prior to new accounts showing up. Then revisit the negative codes again after the new account(s) report. My guess is that the credit seeking reason code is known to show up before any new accounts do, which IMO would verify that they're inquiry-related. Just my personal thought on the subject based on the wording of different reason codes; I have no personal testing on the subject of course.
I guess what I was saying is this negative reason code came up when SO had 1 inquiry for several months already and no new inquiries. 1 inquiry in total when the code presented itself and no more or less since the code went away and was replaced with "not seeking credit".
This code only came up at the opening of the 5th account and went away 2 months later. The code was replaced with "not seeking credit". SO still has the same, single (1) inquiry and it has not aged to 1 year.
This is what makes me think the code is not restricted only to inquiries.
The timing of when a negative reason code appears is not always dispositive. The front end software enables only 4 negative reason codes to appear, so others -- which would also be applicable -- are suppressed. The removal or downgrade of a higher-positioned negative reason code could, in and of itself, cause a suppressed code to suddenly emerge.
@Anonymous wrote:
@Anonymous wrote:
And we know what’s causing Experian’s technical issues now too, thanks to Cassie 😉I wasn't the first to suggest it.
(2016) Cisco says router bug could be result of ‘cosmic radiation’
It's very common in the IT industry to blame things on Cisco, gamma rays, and neutrinos - in that order.
To be fair I think I'd put "network" in that list instead of Cisco; pretty much regardless of whose fault it was and which vendor is underpinning the part of the network in question, it's a common complaint.
I can't even relate the laughable things I withnessed this week on this forum for various reasons, but I'm realizing that my willingness to take a pay cut has left me in a position that I'm starting to realize I'm not getting paid enough to put up with some of this shennigans. Oh well, big giant company has a freeze on promotions and raises right now (COVID, OK I get it) but if I'm still here when that's gone, yo, jefe, let's talk.
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Anyway, from what I have seen regarding the "seeking credit" code is that it doesn't have anything to do with number of inquiries, but number of new accounts, which to me makes sense since not all new accounts require inquiries from that specific bureau. How many new accounts reporting would be a bit more concrete, even though there are exceptions with accounts not reporting to all 3 bureaus, but we have to consider they are only going off of info being reported to their bureau, so accounts and not inquiries would make more sense. Although inquiries do mean seeking credit so maybe there are 2 thresholds: inquiries and new accounts
I think it's all about inquiries. One can bank a bunch of new inquiries with no new accounts. They apply for a handful of CCs and get denied, apply for a couple of loans and get denied, go for HP CLIs on current CCs and get denied, etc. All of that is definitely credit seeking though and I would expect those attempts (HPs hitting the CR) to generate a credit seeking reason code on many files even if no new accounts are opened.
I guess the best way to "test" it would be to look at the negative reason codes provided once new inquiries hit but prior to new accounts showing up. Then revisit the negative codes again after the new account(s) report. My guess is that the credit seeking reason code is known to show up before any new accounts do, which IMO would verify that they're inquiry-related. Just my personal thought on the subject based on the wording of different reason codes; I have no personal testing on the subject of course.
I guess what I was saying is this negative reason code came up when SO had 1 inquiry for several months already and no new inquiries. 1 inquiry in total when the code presented itself and no more or less since the code went away and was replaced with "not seeking credit".
This code only came up at the opening of the 5th account and went away 2 months later. The code was replaced with "not seeking credit". SO still has the same, single (1) inquiry and it has not aged to 1 year.
This is what makes me think the code is not restricted only to inquiries.
The timing of when a negative reason code appears is not always dispositive. The front end software enables only 4 negative reason codes to appear, so others -- which would also be applicable -- are suppressed. The removal or downgrade of a higher-positioned negative reason code could, in and of itself, cause a suppressed code to suddenly emerge.
I understand that, for sure. Just interesting if it only applies to inquiries that a single inquiry caused it and only after the 5th account in 7 mo ths was added, then in the 9 month it was removed and I say removed because the positive reason code of "not seeking credit" appeared, unless you can have both, that is. After "credit seeking" disappeared, the same 4 negative reason codes were restored to what they basically have been for the last 8 months since I have been closely watching the reports.
I will just chalk it up to a 2 month anomaly/error. This was the only inquiry in the last 8 years with this bureau, so it still is strange that it even came up at all unless it had to do with number of new accounts in a certain period of time.
The highlight is the confusion. There is no such thing as a positive reason code: never has been, probably never will be.
Anything positive is just some random algorithm (not FICO) looking at your file and giving you the forum equivalent of kudos. That's it, they mean absolutely nothing when it comes to your actual score.
I really think the CMS providers did consumers a grave disservice apparently deliberately obfuscating the algorithms in this fashion; yes, to be fair, someone with an 800 score or whatever doesn't need to see "short credit history" or whatever which was the excuse they gave, but ultimately they bastardized it and the FICO 8 "reason codes" are frankly terrible pretty much everywhere. The good ones like the credit card ones typically don't sugarcoat it but they only give you the top two... the ones like myFICO and Experian and some others, blah. If you see positive comments, seriously, ignore it... or if you're like me, just roll your eyes at them. They are not useful other than as a green (typically) credit cheerleader.
The highlight is the confusion. There is no such thing as a positive reason code: never has been, probably never will be.
Anything positive is just some random algorithm (not FICO) looking at your file and giving you the forum equivalent of kudos. That's it, they mean absolutely nothing when it comes to your actual score.
I really think the CMS providers did consumers a grave disservice apparently deliberately obfuscating the algorithms in this fashion; yes, to be fair, someone with an 800 score or whatever doesn't need to see "short credit history" or whatever which was the excuse they gave, but ultimately they bastardized it and the FICO 8 "reason codes" are frankly terrible pretty much everywhere. The good ones like the credit card ones typically don't sugarcoat it but they only give you the top two... the ones like myFICO and Experian and some others, blah. If you see positive comments, seriously, ignore it... or if you're like me, just roll your eyes at them.
I guess I should have specified this was EQ and not EX, if that makes a difference
I cant seem to pull up the codes for previous scores/dates, but I will see what I can dig up. I still have hesitancy to believe 1 inquiry in 8 years from many months prior to the code popping up just randomly made it appear. Again, I am certain all of this is worthless and meaningless, but I like to think I am just trying to make sense of a small piece of credit reporting and this is the forum to do so, as so many others are here to do the same thing.
The above nwgative reason codes have been consistent since I started tracking and I understand when 1 thing is remedied the list shifts, but in this case the code popped up at the appearance of the 5th account in several months. It went away and the negative reason codes were restored once again to what they had been prior to "seeking credit" appeared, since I guess the same reasons existed, but for a moment "credit seeeking" was more negative than the other above listed reasons.
This is the last time I will bring this up as to not seem cyclical/redundant (or like I am beating a dead horse) and I will see if I can dig up the old scores woth the negative reason code of "seeking credit" amd what it says, specifically triggered it.
Thanks as always for your input! I always learn so much from our banter.
@Anonymous wrote:@Anonymous seeking credit is definitely inquiries and yeah with version 8, it's just hard to get good reason codes. Sometimes you can gain some insight by looking at the industry option reason codes.
@Anonymous There is a separate code for new accounts and there's a separate code for too many new accounts in a certain period of time (on EX2 anyway).
@Revelate question: we've always disregarded positive reason codes, but recently we found out that the MF interface, etc. was worked on by the same team that worked on the algorithm, so could some things mean something at MF, but not mean anything anywhere else? Thoughts?(@Anonymous )
Actually my understanding is a different team altogether is the algorithm designers.
1) Large organization
2) different pay scale
3) Different groups
4) I have found factual mistakes with their statements and they had to go ask others for correct information.
Color me extremely skeptical, the actual algorithms are tightly controlled IP the CMS is not.
LAHossBoss: it doesn't.
all positive comments are fluff and always have been unfortunately regardless of who is making the assertion they don't come from the FICO algorithm and are therefore not reference.