FICO Effects Spreadsheet

[BobWang]

Within one type of negative items, multiple entries don't hurt as much as the very first one.

 

Each different type of negative adds to the damage.

 

The FICO Estimator doesn't specifically factor in Charge-Offs, but the actual FICO score should.

 

In the absence of CO effect, recent lates hurt more:

 

[Credit Tech]

I have an EQ TL that shows "pays as agreed" as account status, but has a 30 day late in the monthly history 3 years ago. The OC verified it this way to the CRA and sent me a copy of the verification form they sent to EQ.

 

When I look at my report online, it does show up in the "negative accounts" section.

 

Just wondering how you think the algorithm might be scoring this account, whether its paying more attention to the status "pays as agreed", or whether it is actually still counting the 30 day late?

[BobWang]

If that's your only negative, it should still be costing ~30 points.

[futurehomeowner?]

BW, I tried to use the spreadsheet but I just can't figure it out. My wife has 11 student loans that were all 90 days late in 2008. At the same time her 4 credit cards have 90 day lates. AES will not remove the lates and I have been trying to goodwill the 4 credit cards and haven't had much luck. So I guess my question is, is it even worth working on the 4 credit cards because even if I get them removed she will still have the 11 AES lates? Will losing 4 out of 15 90 days that are 5 years old even have much effect?

[BobWang]

There will not be much effect when there are multiple negatives.

 

However, you should still try to remove every single negative possible,

 

because someday, the one that wasn't removed may be the only one left,

 

and REALLY hurt compared to a clean report.

[futurehomeowner?]

ahhhh yes very good point. I will keep working on them.

[BobWang]

The spreadsheet does not calculate any scores.

 

You MUST manually enter scores from:

 

http://www.whatsmyscore.org/estimator/

[andydallas]

I have one negative account that shows up on EX and EQ, I got it off of TU, the account has a few 30 day lates, and 2 60 date lates from one year ago.

 

The difference in FICO scores is amazing, I have a 754 TU, 679 and 675 EQ and EX..(just pulled for a refinance)

 

When I looked at the spreadsheet I thought the negative effect was going to be gone within about a year, but I'm about to hit 12 months since the last late (long story it was a business card not on my report until last summer),,,but I am still penalized about 75 points!

[BobWang]

 

Depending on your profile, the hurt lasts longer.

 

You should plug your own data into the FICO Estimator to see what is predicted.

[Mo Munny Mo Problems]

hey I was thinking.. I had a 777 right?

 

I bet I am getting penalized for a card with 75.5% Util:

 

 

and since the whole lost wallet thing, and my student loans getting transferred to a new servicer..in the SAME month lol...my report shows 5 accounts opened 3/2011 and 4 accounts opened 12/2011

 

SO I have my report being jacked from every direction really LOL.

 

1. 9 new accounts since 3/2011

 

2. I have 10 inquiries. Only 2 in the last year though.

 

3. I had no balance reporting on any revolving accounts

 

4. 75.5% Util on one charge card.( 0% util overall though..this wasnt counted in overall Util I guess)

 

 

So as an experiment, to get ready for PSECU next month I will:

 

1. BT that JCP card(which isnt even mine really) to my Penfed so that little $366(now $320) balance isnt maxing a card

2. Let a $740 balance report to put me @ 3.9% Util ($740/$18585)

3. TRY to get some of those duplicates removed.

 

#3 would push my AAOA back over 5 years. Im at 57.21 months AAOA now, due to those duplicates, and judging by your chart Bob, it would be worth the effort.

 

Next, note that the big jump in score is at 2 years of age, then flat between years 2-4.

Another bump at 5 years, then increasing to year 10.

Then flat again between 10-15, with another bump at 20 years.

 

I was at 777 before, so stay tuned and I'll report back when PSECU is up!

 

Also, Credit Sesame hasnt update yet for me, so we shall get a pretty darn close, if not exact comparison between the two.

 

AND Credit.com should update at some point as well.

 

So ill post that in your "Special Plea" thread as well

 

 

Credit reports are so much funner when its for fun, and not out of necessity RIght Bob?

[Mo Munny Mo Problems]

heck im paying my car off next month, so the August PSECU might be even higher than July!

[BobWang]

It is much funner when it's not out of necessity.

[Occam]

heck im paying my car off next month, so the August PSECU might be even higher than July!

Paying off your car may actually lower your score a bit, if it's your only open installment.

[Mo Munny Mo Problems]

 

heck im paying my car off next month, so the August PSECU might be even higher than July!

Paying off your car may actually lower your score a bit, if it's your only open installment.

Yeah I know...I wish i was lol. I still have a $3XXX and a $5XXX student loan, so Im wondering if Ill get maybe even a few like 5-7

[Mo Munny Mo Problems]

I would be dropping from the $20K+ of debt Category down to the $5000-$9999 Category also.

Edited June 20, 2013 by Mo Munny Mo Problems

[Occam]

Oh, in that case I think you'll see a gain.

 

More importantly, it's a smart financial move!

[Mo Munny Mo Problems]

Oh, in that case I think you'll see a gain.

 

More importantly, it's a smart financial move!

Oh yea..im ecstatic.

 

With uncertainties in the stock market, and housing and a potential bond market bubble on the horizon, im glad to be fortunate enough to have a paid house & car at 29!

 

Id hate to get caught in an ARM with a six figure balance right now lol.

[BobWang]

 

 

Depending on your profile, the hurt lasts longer.

 

You should plug your own data into the FICO Estimator to see what is predicted.

^

[BobWang]

 

^

[LONESTAR2014]

Here is something interesting. My EQ FICO was 723 until Fingherhut posted that the account was under a partial payment program on EQ. No lates or anything on that account. I had 1 of each (30,60,90, and 120) from the very end of 2010 and 10 inquiries, with lots of new accounts and 5% utilization. AAOA was 1 year, 5 months and length was 5 years, 4 months. When that comment hit, my FICO dropped to 666. Currently in the process of disputing the comment and doing GW on the lates on a different account. I was just astonished that a comment could cause a drop of 57 points.

[BobWang]

 

Hmm, that 57 point hit for a negative comments is acting like a PR

[bjrdalbk]

BW. You are the man for this spreadsheet but I have to admit, I have no idea how to use it. I have read some of the posts and clearly there are some out there who can use it so I have to assume there is a little bit (or a lot of ) operator error where this is concerned. Question for you. What is your opinion on how drastic a decline could I expect to my credit score by opening a line HELOC if that HELOC is going to replace my mortgage which is 18 years old and my oldest account. AAOA now is about 8 years or 11 years depending on which CR you look at. The line will be $200K. The current mortgage is about $60K. Thoughts?

[BobWang]

Probably not much of a change.

 

You can use the FICO Estimator to get a rough idea:

 

http://www.whatsmyscore.org/estimator/

[User7890]

BW. You are the man for this spreadsheet but I have to admit, I have no idea how to use it. I have read some of the posts and clearly there are some out there who can use it so I have to assume there is a little bit (or a lot of ) operator error where this is concerned. Question for you. What is your opinion on how drastic a decline could I expect to my credit score by opening a line HELOC if that HELOC is going to replace my mortgage which is 18 years old and my oldest account. AAOA now is about 8 years or 11 years depending on which CR you look at. The line will be $200K. The current mortgage is about $60K. Thoughts?

 

Ditto. I how do I apply my "Whatmyscore" results to the spreadsheet?

[BobWang]

You have to manually replace the numbers in the spreadsheet with your own results.

 

You may also have to modify the axes ranges to accommodate your own data.