MYFICO Very Quirky

[kdbph]

Greetings Everyone,

Just wondering: I recieved a fico email alert. My score had decreased by -18 points (EQ), because an account (Verizon) is currently under re-investigation. Here are their reasons for decrease:

You have a public record or collection in addition to a serious delinquency on your credit report. (True) collections 4, but No Public records

You’ve recently missed a payment or the date of your most recent payment is unknown. (No missed payments)

You've made heavy use of your available revolving credit. (Paid off all cc's under 7% util

You have balances on accounts that are past due (All accounts Current)

Question why would I lose 18 points, is it because the scorewatch notices that EQ is investigating an account????

Kelly

[willingtocope]

IMO, don't sweat an 18 point swing. FICO scoring is a black art. It is possible that the reinvestigation cost you some points. Its also possible that the good things you've done over the last month or two has moved you up a category...instead of being at the top of the "deadbeat" category, you're now at the bottom of the "not quite a deadbeat" category.

There is NO logic that we can control that relates to FICO scoring. The score you see through myfico IS NOT the score that anyone who is thinking about lending you money will see.

[Magdalen77]

Greetings Everyone,

Just wondering: I recieved a fico email alert. My score had decreased by -18 points (EQ), because an account (Verizon) is currently under re-investigation. Here are their reasons for decrease:

You have a public record or collection in addition to a serious delinquency on your credit report. (True) collections 4, but No Public records

You’ve recently missed a payment or the date of your most recent payment is unknown. (No missed payments)

You've made heavy use of your available revolving credit. (Paid off all cc's under 7% util

You have balances on accounts that are past due (All accounts Current)

Question why would I lose 18 points, is it because the scorewatch notices that EQ is investigating an account????

Kelly

I think that may be the case. I have EQ re-investigating an account and I got an alert that my score decreased from 646 to 637. The alert freaked me out because I thought the creditor was up to something.

[Magdalen77]

IMO, don't sweat an 18 point swing. FICO scoring is a black art. It is possible that the reinvestigation cost you some points. Its also possible that the good things you've done over the last month or two has moved you up a category...instead of being at the top of the "deadbeat" category, you're now at the bottom of the "not quite a deadbeat" category.

I like that interpretation better than my angst.

[brokeinok]

The score you see through myfico IS NOT the score that anyone who is thinking about lending you money will see.

Then what is the point of a myfico score in the first place???

[willingtocope]

Then what is the point of a myfico score in the first place???

Exactly.

You can look at it as a general measure of your credit health...but...don't make decesions based on what it says.

In terms of what you can see: below 500 means you've got some major problems; between 500 and 600 means you might be able to improve without BK; between 600 and 700 means you're better than most, and might even be able to get a mortgage; over 700 means you can probably get much more credit than you should. Trying to cut it any closer than that is like looking at the national weather on television and trying to decide if you need your umbrella.

[Ahntara]

"...the point of a myfico score..."

The point is that it's a PRODUCT that gets SOLD to you by the question "What's your credit score?". Marketing has created an artificial need AND an alternative income stream for Fair Isaac.

[Ahntara]

*duplicate post*

[kdbph]

IMO, don't sweat an 18 point swing. FICO scoring is a black art. It is possible that the reinvestigation cost you some points. Its also possible that the good things you've done over the last month or two has moved you up a category...instead of being at the top of the "deadbeat" category, you're now at the bottom of the "not quite a deadbeat" category.

There is NO logic that we can control that relates to FICO scoring. The score you see through myfico IS NOT the score that anyone who is thinking about lending you money will see.

Funny, I like your analogy. You know that we all get caught up in this madness, and even 18 points kills me!! I want to correct my bad stuff via paying on time and in full.

Thanks for the insight!! But tell me do cc co's look at fico or faco???

KElly

[Ahntara]

"...fico or faco?"

Neither. Most lenders have scoring programs which are skewed to their own segment of the financial industry. These scores are not available to the consumer.