my credit score :-(

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Re: my credit score :-(

Post by LogicsHere »

mbrudnic wrote:
Thu Sep 03, 2020 12:14 pm
I believe 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.
You can get a free credit report from this site, but if you want your credit score you have to pay for it.

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Location: Oklahoma

Re: my credit score :-(

Post by SandiSAHM »

I think the whole credit scoring process is kind of like BMI.... it's a measurement, but it doesn't mean anything :lol:

We just refi'd. DH makes, depending on bonuses, 5-6 times what I make in my 3/4-time (can't call it part time) job per year. I went a full 14 years jobless by choice, whereas he has 22 uninterrupted years of income that has steadily crept higher the whole time. Our debts are the same, our credit cards are the same, our addresses have been the same for over 20 years.

My credit score is consistently 60 points HIGHER than his :o . How does that make any sense at all?

It's a SWAG on the best of days.

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Re: my credit score :-(

Post by ownedbydogs »

icfrugal1 wrote:
Thu Sep 03, 2020 12:16 am
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.

I saw that some time ago, before the virus.Ours went down.

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Re: my credit score :-(

Post by icfrugal1 »

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.
Thank you, I was so proud of my excellent score :-) :roll:

I am gong to see if I'm going over the 30% on the cards.

I wonder if it's 30% per card or of the total credit?


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Re: my credit score :-(

Post by clemencia2us »

floridacatlover wrote:
Thu Sep 03, 2020 7:40 am
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.
You should still be able to see it. I also have a Discover that I never use. But every now and then I log on to make sure there haven't been any weird charges and it shows a link for your credit score.

Just logged on to check and yes it is there.

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Re: my credit score :-(

Post by ohjodi »

Sign in to Credit Karma .com They are totally legit, completely safe, and have been around at least a decade. It's free.

You can see your credit score every day.

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