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Started By
Message
Credit Scores are so Weird
Posted on 7/12/17 at 12:09 pm
Posted on 7/12/17 at 12:09 pm
so i was checking on my credit score (it's high but that's not the point this isn't a brag thread) after reading a story on FB yesterday. i haven't done it in a couple months and in the meantime i've taken care of one of my student loans. i figured it would be adjusted a bit. so i see my FICP score, it's gone up slightly, and my factors are different
previously my negative factors included too much revolving debt b/c of my SL but i suppose paying off that one account got my SL balances in line so they're small enough not to be a major issue. however this was a new "negative" factor
my last new card was opened last year (American Airlines card to get 30k free miles and like 25% off my flight to San Diego)
are they just scraping or is this a legit factor? i've never seen it before in my almost 20 years of having credit
previously my negative factors included too much revolving debt b/c of my SL but i suppose paying off that one account got my SL balances in line so they're small enough not to be a major issue. however this was a new "negative" factor
quote:
1. TIME SINCE MOST RECENT ACCOUNT OPENING IS TOO SHORT
People who recently opened a new credit account (such as a credit card or loan) are more likely to miss future payments than those who have not and are riskier to lenders.
my last new card was opened last year (American Airlines card to get 30k free miles and like 25% off my flight to San Diego)
are they just scraping or is this a legit factor? i've never seen it before in my almost 20 years of having credit
23
Posted on 7/12/17 at 12:11 pm to SlowFlowPro
If you use credit karma they make their money advertising credit cards for people.
Posted on 7/12/17 at 12:11 pm to SlowFlowPro
It is a negative factor. It doesn't mean it is a horrible thing.
It is just the only negative.
It is just the only negative.
Posted on 7/12/17 at 12:12 pm to SlowFlowPro
the entire concept of credit scores and what they are based on are weird
Posted on 7/12/17 at 12:13 pm to SlowFlowPro
They're a scam LINK
Posted on 7/12/17 at 12:16 pm to ThePoo
quote:
he entire concept of credit scores
a good thing
quote:
and what they are based on
agreed
Posted on 7/12/17 at 12:16 pm to SlowFlowPro
It's in the interest of creditors to know if someone applying has been applying frequently (recently) to other creditors. It means you're potentially opening yourself to more obligations.
It also means that if it has been a while since you applied for a new line of credit, it's likely a thought-out decision and not one out of desperation.
It also means that if it has been a while since you applied for a new line of credit, it's likely a thought-out decision and not one out of desperation.
This post was edited on 7/12/17 at 12:18 pm
Posted on 7/12/17 at 12:17 pm to rocket31
quote:
They're a scam LINK /
"scam" is a bit harsh i reckon, as for CS in general
that link isn't about credit scores but some marketing that may have violated the terrible dodd-frank law
and i get my FICO score for free with a CC i own. i didn't pay for the score today
Posted on 7/12/17 at 12:23 pm to SlowFlowPro
Credit scores are very fluid. Scores can be different for different products based on your credit history. For instance, if you apply for an unsecured loan at a bank you will get one score. If you then apply for a credit card at that same bank you could get a higher score and if you then applied for a mortgage you'd get a different score(from the same agency. mortgages pull from all three and take the middle.) The reason is credit scores differ based on product and who pulls them.
Posted on 7/12/17 at 12:23 pm to SlowFlowPro
quote:
I've taken care of one of my student loans
Now you will take a hit from the oldest loan retiring.
Posted on 7/12/17 at 12:47 pm to SlowFlowPro
I've heard there are no credit scores in Europe which leads me to believe that it's a business set up to help lenders make money.
Posted on 7/12/17 at 12:52 pm to SlowFlowPro
When you score is over 700 you actually see some pretty funny negative comments.
I recently paid off all but a single installment and had a huge score bump.
What does it say for negatives?
"Lack of recent installment loan information."
I recently paid off all but a single installment and had a huge score bump.
What does it say for negatives?
"Lack of recent installment loan information."
Posted on 7/12/17 at 12:55 pm to TigerMyth36
quote:
Now you will take a hit from the oldest loan retiring.
Yep. I got dinged for 30 points for paying off a loan.
You'd think I would get credit for paying my bills in a timely manner (and the now retired loan would stay on my history for a year or two), but paying your bills apparently makes you a deadbeat.
Posted on 7/12/17 at 12:55 pm to SlowFlowPro
It's a completely fricked up game. You can unwittingly have mediocre or even low credit without even doing anything wrong. Some things that result in a higher score are very counter intuitive and vice versa.
I used to be credit ignorant but spent much time studying the process and now have a high score from making some relatively minor moves and without even really paying down much.
I didn't think SL was revolving. I thought that was credit cards, LOCs, etc.
I used to be credit ignorant but spent much time studying the process and now have a high score from making some relatively minor moves and without even really paying down much.
quote:
too much revolving debt b/c of my SL
I didn't think SL was revolving. I thought that was credit cards, LOCs, etc.
Posted on 7/12/17 at 12:55 pm to SlowFlowPro
Credit scores are like voodoo math. Don't understand how the cc churners don't blow their scores out of the water but it works....so I kinda joined them
Posted on 7/12/17 at 12:58 pm to SlowFlowPro
quote:
TIME SINCE MOST RECENT ACCOUNT OPENING IS TOO SHORT
People who recently opened a new credit account (such as a credit card or loan) are more likely to miss future payments than those who have not and are riskier to lenders
What is confusing about this? They explain it pretty clearly.
While it may not apply to you, it is still a factor backed by data. You're making your payments and maintaining a low usage rate, which helps, but you're most recent card being a year ago hurts.
Posted on 7/12/17 at 1:03 pm to SlowFlowPro
my credit score sucks
i have zero debt and no defaults or lates, ive got 30 years of history
the reason my score sucks is i only have one credit account and thats my mortagage, no credit cards or car loans, etc
its stupid
i have zero debt and no defaults or lates, ive got 30 years of history
the reason my score sucks is i only have one credit account and thats my mortagage, no credit cards or car loans, etc
its stupid
Posted on 7/12/17 at 1:03 pm to fatboydave
Just have over 60k in available revolving and don't use more than 10% of it.
That maintains a high score.
Then pay your bills on time to keep it strong.
Never get a loan for less than a month's pay.
That maintains a high score.
Then pay your bills on time to keep it strong.
Never get a loan for less than a month's pay.
Posted on 7/12/17 at 1:24 pm to cgrand
quote:
my credit score sucks
i have zero debt and no defaults or lates, ive got 30 years of history
the reason my score sucks is i only have one credit account and thats my mortagage, no credit cards or car loans, etc
Define sucks. If you've got a mortgage and the rest of what you say is true, your score shouldn't suck.
Posted on 7/12/17 at 1:31 pm to SlowFlowPro
Every credit report that I have looked at (been in banking for a few years so its in the hundreds) has had 3 negative factors. Its just showing the 3 worst components of your credit history at that time, no matter how much they are deemed "bad".
Even people with 800+ credit scores have negative factors.
Even people with 800+ credit scores have negative factors.
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