unexpected TU 04 (mort) / 08 diff

[Anonymous]

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@expatCanuck wrote:

Short account history (the newish ones, yeah, but my oldest is 20 years: I guess you're penalized for anything under 1 year -- and I have 3))

Yes, definitely a penalty under 1yr. 'Seeking credit', 'Many new accounts', 'Recently opened new account' are part of that.

And there is a slide from FICO (linked at the bottom of my signature) that shows 'Recency of new openings' as a factor in scorecard segmentation. That probably raises the weighting on several other factors, compared to no new accounts.

TU 4 may consider 'recent' to be anything under 2 years, like I saw with my reason statements at AoYRA 1yr 2mo, or it might only show up for rather new credit profiles.

[expatCanuck]

For S&G (and since my refi closing is today), I purchased a full report.  Made a point of being AZEO for today (and until funding).

It did not make a difference to the TU mortgage score -- still an outlier at 769.  Nor was there an impact to the other mortgage scores (EX 797, EQ 802).

The only other scores below 800 were the TU Bankcard (797) and Auto (785) '4' scores.

Reasonably certain that TU does NOT like new accounts within the past year.

Also -- the number 1 reason: 'You have too few or too many credit accounts."

Hmmm. One mortgage, one HELoan (which will disappear after the refi), one personal/consumer loan (from PenFed), and 14 CCs.  Too many credit cards, perhaps?  Or might it be the HELoan plus the consumer loan that rubs TU's algorithm the wrong way?

[Anonymous]

@Anonymous what have you noticed for the Experian and Equifax mortgage scores in regard to new accounts and the code falling off? Anything new?

[Anonymous]

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@Anonymous wrote:

@Anonymous what have you noticed for the Experian and Equifax mortgage scores in regard to new accounts and the code falling off? Anything new?

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EQ 5 never had anything related to 'Recently opened new account' - not even at AoYA 1mo after I got my first 2 cards.

EX 2 dropped 'Recently opened too many new accounts' right at AoYA 1yr 0mo.

Here's what it looked like in the switch from AoYA 11mo to AoYA 12mo (1yr 0mo):

FICO 5	EQ	724		724
[Change]	Short credit history, High revolving balances, Short revolving history, Seeking credit
	Short credit history, Too many accounts with balances, Seeking credit, Short revolving credit history
FICO 4	TU	717	+11	728
[Change]	Short credit history, No recent loan activity, Recently opened new credit account, High revolving balances
	Short credit history, Seeking credit, Short revolving credit history, Recently opened new credit account
FICO 2	EX	733	-22	711
[Change]	Short credit history, Short revolving credit history, Seeking credit, High revolving balances
	Short credit history, Too many accounts with balances, Seeking credit, Recently opened too many new credit accounts

I kept balances exactly the same between those 2 reports: 9% and 7% individual util (2 of 2 w/bal), 8% aggregate ($816)

And all of a sudden, at AoOA 2yr 0 / AoYA 1yr 0mo, reason statements about 'High Revolving Balances' start showing up. I had never seen those statements before. I switched into a different scorecard where the same balances triggered new reason statements.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

@Anonymous what have you noticed for the Experian and Equifax mortgage scores in regard to new accounts and the code falling off? Anything new?

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EQ 5 never had anything related to 'Recently opened new account' - not even at AoYA 1mo after I got my first 2 cards.

EX 2 dropped 'Recently opened too many new accounts' right at AoYA 1yr 0mo.

Here's what it looked like in the switch from AoYA 11mo to AoYA 12mo (1yr 0mo):

FICO 5	EQ	724		724
[Change]	Short credit history, High revolving balances, Short revolving history, Seeking credit
	Short credit history, Too many accounts with balances, Seeking credit, Short revolving credit history
FICO 4	TU	717	+11	728
[Change]	Short credit history, No recent loan activity, Recently opened new credit account, High revolving balances
	Short credit history, Seeking credit, Short revolving credit history, Recently opened new credit account
FICO 2	EX	733	-22	711
[Change]	Short credit history, Short revolving credit history, Seeking credit, High revolving balances
	Short credit history, Too many accounts with balances, Seeking credit, Recently opened too many new credit accounts

I kept balances exactly the same between those 2 reports: 9% and 7% individual util (2 of 2 w/bal), 8% aggregate ($816)

And all of a sudden, at AoOA 2yr 0 / AoYA 1yr 0mo, reason statements about 'High Revolving Balances' start showing up. I had never seen those statements before. I switched into a different scorecard where the same balances triggered new reason statements.

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@Anonymous yes you did that's when you discovered the segmentation point for EX2! 😊

I find that so odd that EQ5 doesn't have any codes for new accounts. I wonder if that's limited limited to young profiles? Since you've been two years oldest account, you haven't had a revolver under 12 months have you? Has anyone ever seen one on EQ5? And when did that go away from TU4?

[Anonymous]

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@Anonymous wrote:

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I find that so odd that EQ5 doesn't have any codes for new accounts. I wonder if that's limited limited to young profiles? Since you've been two years oldest account, you haven't had a revolver under 12 months have you? Has anyone ever seen one on EQ5? And when did that go away from TU4?

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Well, this is strange. I went back and looked at the first 3B report that showed my Discover card and none of the mortgage scores have that 'Recently opened new account'!

I made it to AoOA 2yr 2mo / AoYRA 1yr 2mo before I applied for AMEX & Discover on Valentine's Day.

At that time, I had a 3B report from 02/10 and only TU 4 had 'Recently opened new account'. Just 2 cards and a closed loan.

Discover appears on the 03/10 3B report and no mortgage score has 'Recently opened new account'.

Amex appears on the 05/10 3B report and no mortgage score has that reason.

And it's not there on 5,4,2 every month thereafter, including this month - 10/14/2020 3B report.

I'm at AoOA 2yr 10mo / AoORA 1yr 10mo / AoYRA 8mo right now.

It may be possible that the 'Recently opened' reason has been at #5 or below on all 3 mortgage scores ever since I added Discover. Seems very unlikely, but I'll be watching closely to see if it ever comes back.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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I find that so odd that EQ5 doesn't have any codes for new accounts. I wonder if that's limited limited to young profiles? Since you've been two years oldest account, you haven't had a revolver under 12 months have you? Has anyone ever seen one on EQ5? And when did that go away from TU4?

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Well, this is strange. I went back and looked at the first 3B report that showed my Discover card and none of the mortgage scores have that 'Recently opened new account'!

I made it to AoOA 2yr 2mo / AoYRA 1yr 2mo before I applied for AMEX & Discover on Valentine's Day.

At that time, I had a 3B report from 02/10 and only TU 4 had 'Recently opened new account'. Just 2 cards and a closed loan.

Discover appears on the 03/10 3B report and no mortgage score has 'Recently opened new account'.

Amex appears on the 05/10 3B report and no mortgage score has that reason.

And it's not there on 5,4,2 every month thereafter, including this month - 10/14/2020 3B report.

I'm at AoOA 2yr 10mo / AoORA 1yr 10mo / AoYRA 8mo right now.

It may be possible that the 'Recently opened' reason has been at #5 or below on all 3 mortgage scores ever since I added Discover. Seems very unlikely, but I'll be watching closely to see if it ever comes back.

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@Anonymous so you're saying that since you've been over two years oldest account in a mature scorecard on the mortgage scores, they have not showed the new account reason code, but they did when you were in a young scorecard under two years oldest account?

not even the many new accounts from EX2?

[Anonymous]

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@Anonymous wrote:

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@Anonymous so you're saying that since you've been over two years oldest account in a mature scorecard on the mortgage scores, they have not showed the new account reason code, but they did when you were in a young scorecard under two years oldest account?

not even the many new accounts from EX2?

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At 2 years AoOA (1yr AoORA & AoYRA), EX 2 dropped it. EQ 5 never had it.

TU 4 kept it for an additional 2mos until my Discover card showed up and reset AoYRA to 1mo! That makes no sense, but no MTG score has had that reason ever since then.