Author Topic: Amex fico score vs real fico score (Read 22467 times)

Mendelssohn · « **Reply #60 on:** October 20, 2015, 06:29:03 PM »

Quote from: ChaimMoskowitz on October 20, 2015, 05:48:06 PM

Lets take a charge card that reports your high balance as your CL. Say the statement closes every month with a 1k balance. Will my high balance and CL be 1k? Will that mean I am at 100% utilization? Will that tank my score?

If I remember correctly, the formulas that count charge cards will calculate the high balance as the limit and include it in overall utilization, but you don't get a penalty for individual utilization. Of course if your high balance was $50K in the past, FICO ignores the $1K in overall utilization.

I'll try to find the CB thread that experimented with charge cards and link it tomorrow. I'm on mobile now and can't easily find it.

ChaimMoskowitz · « **Reply #61 on:** October 20, 2015, 06:34:52 PM »

Quote from: Mendelssohn on October 20, 2015, 06:29:03 PM

If I remember correctly, the formulas that count charge cards will calculate the high balance as the limit and include it in overall utilization, but you don't get a penalty for individual utilization. Of course if your high balance was $50K in the past, FICO ignores the $1K in overall utilization.

I'll try to find the CB thread that experimented with charge cards and link it tomorrow. I'm on mobile now and can't easily find it.

It would be greatly appreciated, thanks.

AJK · « **Reply #62 on:** October 20, 2015, 08:09:54 PM »

Quote from: ChaimMoskowitz on October 20, 2015, 05:48:06 PM

Lets take a charge card that reports your high balance as your CL. Say the statement closes every month with a 1k balance. Will my high balance and CL be 1k? Will that mean I am at 100% utilization? Will that tank my score?

Questions to which I also would like the answer.

I had always assumed that the high balance = CL and any spending would be % of that CL. So, in your scenario, util % would be 100%.

Quote from: Mendelssohn on October 20, 2015, 06:29:03 PM

If I remember correctly, the formulas that count charge cards will calculate the high balance as the limit and include it in overall utilization, but you don't get a penalty for individual utilization. Of course if your high balance was $50K in the past, FICO ignores the $1K in overall utilization.

I'll try to find the CB thread that experimented with charge cards and link it tomorrow. I'm on mobile now and can't easily find it.

Can you elaborate on the bolded portion? Not sure I follow.

Also, some scoring models don't count charge cards at all? Completely disregard?

yaakov · « **Reply #63 on:** October 20, 2015, 11:18:57 PM »

Quote from: Dan on October 20, 2015, 03:14:23 PM

Should have kept it to a buck or two.

i dont live my credit cards i just use them and pay bill when they come. i just want to keep my score steady it doesnt have to look like yours

. i just didnt think that using 10% of cl will affect my score by that much. im still hoping it was a mistake .

David Smith · « **Reply #64 on:** October 21, 2015, 12:28:45 AM »

Quote from: yaakov on October 20, 2015, 11:18:57 PM

i dont live my credit cards i just use them and pay bill when they come. i just want to keep my score steady it doesnt have to look like yours . i just didnt think that using 10% of cl will affect my score by that much. im still hoping it was a mistake .

10% is pretty little. It should boost your score, not negatively impact it. Something is wrong with the scenario you portrayed.

Mendelssohn · « **Reply #65 on:** October 21, 2015, 01:58:20 PM »

Quote from: AJK on October 20, 2015, 08:09:54 PM

Questions to which I also would like the answer.

I had always assumed that the high balance = CL and any spending would be % of that CL. So, in your scenario, util % would be 100%.

Can you elaborate on the bolded portion? Not sure I follow.

Also, some scoring models don't count charge cards at all? Completely disregard?

What I'm saying is that the limit and usage would be calculated in the overall utilization for FICO but that individual utilization would not be calculated on that card for scoring purposes. I could be wrong on that part, but that's how I remember it.

No, charge cards are not counted in all FICO scoring models.

Here are two threads on utilization that are very helpful:

https://creditboards.com/forums/index.php?showtopic=508271

https://creditboards.com/forums/index.php?showtopic=526288

I have not yet found the information on charge cards and have limited time today. If I can't find it by tomorrow, I will contact the person on CB that did most of the research on charge cards and ask for the link to the thread.

a mirrer · « **Reply #66 on:** October 21, 2015, 02:48:30 PM »

Quote from: Mendelssohn on October 21, 2015, 01:58:20 PM

What I'm saying is that the limit and usage would be calculated in the overall utilization for FICO but that individual utilization would not be calculated on that card for scoring purposes. I could be wrong on that part, but that's how I remember it.

thats how it is IME

ChaimMoskowitz · « **Reply #67 on:** October 21, 2015, 05:59:01 PM »

Quote from: Mendelssohn on October 21, 2015, 01:58:20 PM

What I'm saying is that the limit and usage would be calculated in the overall utilization for FICO but that individual utilization would not be calculated on that card for scoring purposes. I could be wrong on that part, but that's how I remember it.

No, charge cards are not counted in all FICO scoring models.

Here are two threads on utilization that are very helpful:

https://creditboards.com/forums/index.php?showtopic=508271

https://creditboards.com/forums/index.php?showtopic=526288

I have not yet found the information on charge cards and have limited time today. If I can't find it by tomorrow, I will contact the person on CB that did most of the research on charge cards and ask for the link to the thread.

Thanks for the links. Would it be fair to say that BW is to CB is what Dan is to DDF?

Yehuda25 · « **Reply #68 on:** October 21, 2015, 09:24:30 PM »

Quote from: compddd on September 28, 2015, 11:14:37 AM

For me Citi shows EQ FICO, Amex and Chase show me EX FICO. Barclays shows me TU FICO.

They are all different.

+1 they almost always will be different.

Mendelssohn · « **Reply #69 on:** October 22, 2015, 10:54:13 AM »

Quote from: compddd on September 28, 2015, 11:14:37 AM

For me Citi shows EQ FICO, Amex and Chase show me EX FICO. Barclays shows me TU FICO.

They are all different.

Yes, they are all different.

Citi gives you EQ bankcard enhanced FICO 8
Amex gives you EX FICO 8
Chase gives you EX bankcard enhanced FICO 8
Barclays gives you TU FICO 8

Mendelssohn · « **Reply #70 on:** October 22, 2015, 10:56:23 AM »

Quote from: ChaimMoskowitz on October 21, 2015, 05:59:01 PM

Thanks for the links. Would it be fair to say that BW is to CB is what Dan is to DDF?

I guess so. I don't know anyone that knows more about FICO scores (outside of FICO employees) than BW.

I sent a PM to the member on CB about the charge cards thread. I'll update here when I hear back from him.

ChaimMoskowitz · « **Reply #71 on:** October 22, 2015, 12:16:15 PM »

Nice to have you here and hope you stick around.

Mendelssohn · « **Reply #72 on:** October 22, 2015, 03:30:22 PM »

Here's the thread on charge cards and the impact on FICOs:

https://creditboards.com/forums/index.php?showtopic=537524

ChaimMoskowitz · « **Reply #73 on:** October 22, 2015, 04:03:56 PM »

Quote from: Mendelssohn on October 22, 2015, 03:30:22 PM

Here's the thread on charge cards and the impact on FICOs:

https://creditboards.com/forums/index.php?showtopic=537524

I was hoping for a BW link but CNC will do.

Mendelssohn · « **Reply #74 on:** October 22, 2015, 04:09:07 PM »

Quote from: ChaimMoskowitz on October 22, 2015, 04:03:56 PM

I was hoping for a BW link but CNC will do.

BW worked with CNC to get the data. His data is good.

ydf · « **Reply #75 on:** October 22, 2015, 05:09:16 PM »

does anyone have this problem? my last update on amex online fico score was sep 12 and since then it wasent updated i chated with them and called them in but nobody knows whats going on

noturbizniss · « **Reply #76 on:** October 23, 2015, 12:34:32 AM »

Quote from: ydf on October 22, 2015, 05:09:16 PM

does anyone have this problem? my last update on amex online fico score was sep 12 and since then it wasent updated i chated with them and called them in but nobody knows whats going on

It's only a month. Can be much longer.

yaakov · « **Reply #77 on:** October 28, 2015, 11:46:46 PM »

Help I thought that my amex fico score was a mistake last month after it dropped from 790s to 740s. Well guess what. I checked now and it dropped to 699

I requested a free credit report from experien and it shows everything is good. What in the world is going on

TimT · « **Reply #78 on:** October 28, 2015, 11:55:02 PM »

Quote from: yaakov on October 28, 2015, 11:46:46 PM

Help I thought that my amex fico score was a mistake last month after it dropped from 790s to 740s. Well guess what. I checked now and it dropped to 699 I requested a free credit report from experien and it shows everything is good. What in the world is going on

Any high balances ?

yaakov · « **Reply #79 on:** October 29, 2015, 12:08:38 AM »

No the most was about 10% of cl