Experian FICO score??

[F350-6]

I've noticed something similar on my score. No real set pattern for me, but they do like to hold it for a bit, then move it up and down randomly.

My personal thoughts are, they use a snapshot based on the particular day they check things. Figure out what that day is, I believe it's around the 28th for me, and if you want to influence things, pay off your credit cards right before they check things, not based on when the credit card company says the payment is due.

I also think they like to adjust it some just so they can show a history of movement, to make it appear they're really doing their job.

Personally, I don't worry about it. They say once you get above 750, you're in the top tier and won't get anything more special for being over 800. But once you're over 800, you get the response of, "wow, your credit score is 8xx" when you apply for something (or in my case I opened a new bank account at a local credit union. not sure why they ran a hard credit check for a CD, but the rates are great)

But your experian score will be different from the other two, so you'll need to check those as well if you're worried about your numbers. I use my credit card for work stuff too. I'm more interested in my cash back rewards than my changing fico score.

 

[WT_Foxtrot]

I've noticed something similar on my score. No real set pattern for me, but they do like to hold it for a bit, then move it up and down randomly.

My personal thoughts are, they use a snapshot based on the particular day they check things. Figure out what that day is, I believe it's around the 28th for me, and if you want to influence things, pay off your credit cards right before they check things, not based on when the credit card company says the payment is due.

I also think they like to adjust it some just so they can show a history of movement, to make it appear they're really doing their job.

Personally, I don't worry about it. They say once you get above 750, you're in the top tier and won't get anything more special for being over 800. But once you're over 800, you get the response of, "wow, your credit score is 8xx" when you apply for something (or in my case I opened a new bank account at a local credit union. not sure why they ran a hard credit check for a CD, but the rates are great)

But your experian score will be different from the other two, so you'll need to check those as well if you're worried about your numbers. I use my credit card for work stuff too. I'm more interested in my cash back rewards than my changing fico score.

^^This....and someone else mentioned it earlier in the thread. I got my cards down to two a few years back, one AMEX I've had since college and one Cabela's Visa. And we put everything on them for the points and an extra layer of protection, but both get paid in full every month. Haven't carried a CC balance forward even a month for over a decade. But what I noticed is my score will vary a little depending on when they take their "snapshot." I could have a few hundred or less or as much as $10K charged at any given time.

That said, I never worry about it much as I'm always in the high 700/low 800 range regardless. Don't think you should worry about it either since it's probably something similar.

 

[TexasRedneck]

Always watch your billing date - for MOST institutions, they also post your credit info the same or next day. I pay ours off weekly simply because I don't like owing anyone anything - but I ALWAYS ensure that I go into the next billing cycle with a "0" balance.

 

[avvidclif]

Maybe I'll try paying just before the billing date and having a zero balance on the billing date. Might be interesting to see what happens. I have one CC in my name and it's classified as a business card and doesn't show up on any credit report. Go figure.

 

[TheDan]

So has OP learned the answer to his question

Yep, someone already said it's black magic.

 

[Ole Cowboy]

So has OP learned the answer to his question or in six pages has he only read what he already knew and continues to wax eloquent

In fact it has been very informative and by openly discussing I should hope all have learned a few things as I know I have. It has allowed me to draw some possible conclusions as to how the business works...

 

[F350-6]

Thought I'd throw this in here as it's offered with my citibank card that gives me a FICO score each month for free.

 

[ZX9RCAM]

Interesting.
I owe zero money to anybody.
That's supposed to be worth 30%.

 

[toddnjoyce]

Also, keep in mind FICO(R) has the FICO 5 and FICO 8 scores and each of the 3 major bureaus have their own proprietary credit scores as well. Generally speaking, lenders may have contractual requirements to use a one specific score of those five scores, or a 'composite' score.

 

[vmax]

I sounds like these corporations have us all dancing around like a bunch on Kansas City faggots trying to have high scores in their reports
Looks like they are controlling our behavior pretty good

Do this
Dont do that
Pay this now...not then
Keep this card even if you dont want or need it

We are all hamsters on their wheel
Sad

 

[WT_Foxtrot]

I sounds like these corporations have us all dancing around like a bunch on Kansas City faggots trying to have high scores in their reports
Looks like they are controlling our behavior pretty good

Do this
Dont do that
Pay this now...not then
Keep this card even if you dont want or need it

We are all hamsters on their wheel
Sad

So true......I use credit as a tool, mainly as an extra layer of protection against fraud and also for points/rewards, etc. However my MIL who has never owed anything in her life and never had a CC in her life went to buy her first home a few years back and couldn't get a mortgage despite putting a huge amount down because....get this....she had no credit history, hence no credit score. The system kicking someone in the teeth who's doing everything right. Go figure.......

 

[Dad_Roman]

Do this
Dont do that

Cant you read the sign!




Sorry...couldnt resist


Sent from my iPhone using Tapatalk

 

[toddnjoyce]

..my MIL who has never owed anything in her life and never had a CC ... and couldn't get a mortgage...

She needed a non-traditional lender. There are lenders out there that value your MILs position and will gladly lend at a low rate without a credit score.

They don’t do a lot of volume, but they exist.

 

[Whistler]

It does feel somewhat contrived; create a structure that requires you be in debt, don't disclose the criteria, promulgate across social strata to include employment, insurance rates and penalize individuals who operate debt-free beyond the system confines. That accomplished inundate the debt-ridden masses with offers bearing crushing terms and rates to ensure continued participation and compliance. You'd almost think it was rigged, eh?

 

[TexasRedneck]

She needed a non-traditional lender. There are lenders out there that value your MILs position and will gladly lend at a low rate without a credit score.

They don’t do a lot of volume, but they exist.

They do what's called "manual underwriting". It's where a human actually looks at a person's financial resources and net worth, etc., and makes an informed decision rather than basing it on a credit score. Funny thing is, those kinds of underwriters have FAR fewer non-performing loans than the "punch in the numbers" folks do, because they actually LOOK at someone's credit worthiness.

 

[WT_Foxtrot]

She needed a non-traditional lender. There are lenders out there that value your MILs position and will gladly lend at a low rate without a credit score.

They don’t do a lot of volume, but they exist.

She explored that route, but the rate was more than double that of a traditional lender.

 

[Ole Cowboy]

Thought I'd throw this in here as it's offered with my citibank card that gives me a FICO score each month for free.

View attachment 187877

Length of credit history can really bite your butt: My bank after a very LONG history with Mastercard dropped them and reissued VISA cards in their place. I got about a 15 or 17 point drop in my credit score as a result. I believe it was later mitigated by my bank and I suddenly got a 15 or 17 point increase.

I also find it interesting that payment history only counts for 35%...IMO I think it should be at least 50% or more.

 

[F350-6]

Length of credit history can really bite your butt: My bank after a very LONG history with Mastercard dropped them and reissued VISA cards in their place. I got about a 15 or 17 point drop in my credit score as a result. I believe it was later mitigated by my bank and I suddenly got a 15 or 17 point increase.

Interesting. I would have thought the account history would be with the bank, not the type of card. I've had the opposite switch happen (visa to mastercard) but that was decades ago, and I don't remember if it was before or after I stopped signing up for all those low interest balance transfer offers to move money around. I finally grew up enough to stop the games and just stick with a couple of cards and cancel the rest of them. The two cards I have now I've had since 89 and 91, but one of them has changed hands (banks bought out) several times, but it sill shows the account as dating back to 91.

 

[TheDan]

she had no credit history, hence no credit score.

I had a similar problem. I remember speaking to the loan officer over the phone and she was telling me that I didn't have any credit, and I told her I've never needed it. She incredulously asked me, "Well what if you needed a new refrigerator or washer?"
"Uh, I would just go buy it," I replied.
... silence...
"Ok, I guess you're just used to paying cash."
no shit lady

 

[oldag]

Interesting.
I owe zero money to anybody.
That's supposed to be worth 30%.

Already forgot about that $50 I loaned you?