Interesting tidbits re: FICO scores

Discussion in 'Credit Talk' started by DemPooches, Sep 21, 2003.

  1. DemPooches

    DemPooches Well-Known Member

    Over the past few days we had some specific changes in a CR that gave a little insight into the scoring model(s) applied to us at this point.
    ____________________________________________

    9/19 - EQ FICO 736 - 5 accounts with balances. (Mortgage, auto, equity line, 2 Amex open accounts. Revolving utilization 0% except equity line which has never scored like other revolving debt - No negs)
    3 inquiries

    Negative factors -
    The length of time your accounts have been established is relatively short

    The amount owed on your accounts is too high
    ____________________________________________

    9/20 - EQ FICO 718 - 6 accounts with balances. Citi account with $25K credit line reports a $59 balance. Still 3 inquiries. No other changes.

    Negative factors -
    You have recently been seeking credit or other services, as reflected by the number of inquiries posted on your credit file in the last 12 months

    The length of time your accounts have been established is relatively short
    ____________________________________________

    9/21 - EQ FICO 736 - 6 accounts with balances. 1 Inquiry. No other changes.

    Negative factors -
    The length of time your accounts have been established is relatively short

    The amount owed on your accounts is too high
    ____________________________________________


    There appears to be a relationship between inquiries and the number of accounts with balances. Unfortunately, the one piece I wasn't able to get was whether that change happened at 2 inquiries or 3 because they both dropped off in between FICO pulls.

    I do know 5 accounts with balances was a "magic number" for us when having 3-6 inquiries because there had been no other score movement until now, and we got the same 18 point bump a couple of months ago when the accounts with balances went from 6 to 5.

    All of this is just FWIW. Needless to say we detest the whole FICO system, but to build large amounts of biz credit as we have over the past year, we have no choice but to try to figure out what impacts us and how.

    Hope this helps someone else tweak their scores.

    DemPooches
     
  2. texan

    texan Well-Known Member

    Fico Scores: There is no rhyme or reason to this madness.

    Corporations and politicians with no backone playing games with the lives of the common people. It's us vs. them! And there guns are bigger than ours.

    Good luck.
     

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