Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Credit Score Screwiness
Like I'm sure many others do, I subscribe to myFICO (which covers Equifax/TransUnion/Experian) primarily for their alerts in case of identity theft or someone opening an account in my name, but the only "alerts" I get are ones showing a change in one of my accounts (almost always my credit card).
Since I do all my banking online, I will often just transfer funds from checking to my credit card pretty much as soon as it posts...instead of waiting until end of the billing period. I do this frequently, but only some of these show up as an "alert." While I've had screwy alerts telling me my credit score has changed for years now, it seems that it mostly will go down when a balance is reduced and go up...with an increased balance. I understand that they use complicated/detailed algorithms to establish these scores, that length of account and paying charges on time and regularly are important, but I just had one that I'm still scratching my head over. The reason being, how in the heck can a $5 decrease in an account result in a score (Equifax) going down 10 points and a $1,455 account increase (paid off as quickly as it posted)...raise my score by 11 points? It makes absolutely no sense. |
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#2
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__________________
Teach your daughter how to shoot, because a restraining order is just a piece of paper. |
#3
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FICO scores really don't mean that much to those of us that had the cash/resources to buy in The Villages
for years we were in the 800's...now periodically we fall into the high 700's even though we have zero debt and pay everything on time....my guess is that it's about the amount of credit that we have big friggin deal banks have no soul....I could care less at my age what the heck my FICO score is...I no longer need their money |
#4
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Just freeze your credit on all three credit agencies, its free and easy to do online
Nobody can open up credit in your name if this is done. If you need to do an auto loan or new credit card, you can unfreeze them for a day or two |
#5
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Because they're counting it as a debit and a credit. It doesn't even matter all that much what the dollar value is. It's the fact that you owe a debt - or the fact that you paid a debt.
I swear sometimes if you sneeze and they find out about it, you'll lose a couple of points the next day. All in all though, your credit rating will fluctuate, but should stay within a range rather than always being on a specific number. |
#6
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You might want to ask someone who works for one of the credit scoring agencies
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#7
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Truth be told, I'm not concerned with my scores as they're plenty healthy and it's just kinda fun as a hobby watching them...and trying to figure out why they're doing what they're doing. This one though, was the most extreme I've seen so I just thought...it would make for a good conversation/thread. |
#8
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Nope, don't care.
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Identifying as Mr. Helpful |
#9
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Knowing I will never use credit again, I have frozen all of our credit agency accounts for safety. |
#10
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If your credit is over 750 . it just doesn't matter. You get the best insurance rates and loans . period. It actually is better to charge big amounts so your credit is active . as they will cancel cards otherwise.
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#11
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Your FICO score is affected by how much of your total credit line is being used. Add up the total credit line from all of your credit cards. The closer you get to 10% of that figure the more your FICO score goes down. Pay it off and it goes back up. I made a major purchase and asked if they take credit cards (I always want the points if I can get them). My FICO score went down by 30 points and back up when I paid the bill. By the way, your score going up or down by a few points does not affect your credit worthiness. It's when your score crosses over into a different range that does it.
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#12
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Interesting fact. FICO scores are not based on absolute numbers; they are calculated on percentages. For example as an extreme, if I only had $10 of available borrowing on a credit card each month - and only used $1 of it (10%) - and paid it off on time -
- I'd have a higher FICO score than somebody who had $20,000 available credit - used an average of $10,000 per month (50%) and paid it off on time. |
#13
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Not true. Your claim history impact rates. If you have 825 & significant claims, your rate will be higher than someone with 745 and no claims.
__________________
Identifying as Mr. Helpful |
#14
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That makes perfect sense if it were true, but at least in my case...it's not. Here's the alerts I mentioned in my original post. As I said...goofy and weird. |
#15
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Post Correct on all aspects.
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