my credit score :-(

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icfrugal1
Posts: 2552
Joined: Fri Aug 28, 2015 12:54 am

my credit score :-(

Post by icfrugal1 »

How is your credit score?

This last month or two my score has been falling :x

This is the FICO scores.

I'm losing 20 points at a leap.

The reason given is because I don't have """FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person’s credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.""""""

I've gone from excellent to very good.

I pay off the cards every month, and we have no debt .

Both homes, Ours and the rental are paid for, we paid cash for both cars .

Is this happening to anyone else?

I wonder if the criteria is changing because of Covid-19????

One concern is our car and home ins, I understand that your credit score is looked at.

IC

LogicsHere
Posts: 1146
Joined: Sat Aug 29, 2015 9:49 am

Re: my credit score :-(

Post by LogicsHere »

Fair Isaac Corporation who manages FICO announced back in January that they were making changes in how the scores would be calculated some time this summer. I tried to find a layman's explanation for it and all I could find is that it was changing their model to reflect "trending data".

The only thing I was able to find that made sense was that they've added personal loans into the equation as people were taking out loans to pay off debt (i.e. credit cards) and then go back to abusing the credit cards they had just paid off. The articles I glanced through which were merely 6 paragraphs long seemed to indicate that some would see their score go up 20 points while others could see theirs go down by that much based on the new formula.

All they said about maintaining or increasing one's score it to make your payments on time and not go over the 30% utilization figure. They say the new model takes into account occasional rises such as for vacations.

I checked my score after reading your post and found I pretty much stayed the same as my FICO score went up by 1 pt. That doesn't mean much though as perhaps my bank hasn't made the change in the formula as yet.

floridacatlover
Posts: 4054
Joined: Fri Aug 28, 2015 7:21 am

Re: my credit score :-(

Post by floridacatlover »

LogicsHere wrote:
Thu Sep 03, 2020 5:49 am
Fair Isaac Corporation who manages FICO announced back in January that they were making changes in how the scores would be calculated some time this summer. I tried to find a layman's explanation for it and all I could find is that it was changing their model to reflect "trending data".

The only thing I was able to find that made sense was that they've added personal loans into the equation as people were taking out loans to pay off debt (i.e. credit cards) and then go back to abusing the credit cards they had just paid off. The articles I glanced through which were merely 6 paragraphs long seemed to indicate that some would see their score go up 20 points while others could see theirs go down by that much based on the new formula.

All they said about maintaining or increasing one's score it to make your payments on time and not go over the 30% utilization figure. They say the new model takes into account occasional rises such as for vacations.

I checked my score after reading your post and found I pretty much stayed the same as my FICO score went up by 1 pt. That doesn't mean much though as perhaps my bank hasn't made the change in the formula as yet.
Good explanation, Logics.

Where do you check your credit score?

LogicsHere
Posts: 1146
Joined: Sat Aug 29, 2015 9:49 am

Re: my credit score :-(

Post by LogicsHere »

floridacatlover wrote:
Thu Sep 03, 2020 7:27 am
Good explanation, Logics.

Where do you check your credit score?
I can get my score through Chase if I signed up but don't know if that's FICO. I also have a Citibank card that gives my credit score and found out that it is FICO.

floridacatlover
Posts: 4054
Joined: Fri Aug 28, 2015 7:21 am

Re: my credit score :-(

Post by floridacatlover »

LogicsHere wrote:
Thu Sep 03, 2020 7:37 am
I can get my score through Chase if I signed up but don't know if that's FICO. I also have a Citibank card that gives my credit score and found out that it is FICO.
My mom used to use Discover and they gave a credit score each month. I’m not sure if it was FICO. I have a Discover but never use it but may charge something (if it is still in effect) just to see my score.

mbrudnic
Posts: 2746
Joined: Fri Aug 28, 2015 7:57 am

Re: my credit score :-(

Post by mbrudnic »

I believe annualcreditreport.com is the site quoted by Clark Howard.

Since each of the credit reporting agencies allow one free one per year, the suggested strategy is to pull a report every 4 months, rotating the agencies. It has been a few years since I requested one. I tried logging on my calendar, a remind to request a report and which company to ask.

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