credit score

[doovid d]

When I apply for my free credit report from anual credit report does it go by the calendar year or a year from when I last received the previous one?

[Barryg]

When I apply for my free credit report from anual credit report does it go by the calendar year or a year from when I last received the previous one?

That

[doovid d]

Which is THAT first or 2nd choice?

[yochiek93]

Which is THAT first or 2nd choice?

2nd

[doovid d]

Thanks

[Venilla]

It just the way it is.  Just like you get a little FICO boost for having one revolving credit card with a $2 balance.  Having an installment loan with 90% of the principal paid gives you a little boost.

But no one should get an installment loan just for FICO benefits.

Let me make sure I got you. Even if all the accounts I currently have on my reports are only CCs, I shouldn't add a loan (if I don't need it) because it won't make a significant difference in my score?

[PillanSmye]

Let me make sure I got you. Even if all the accounts I currently have on my reports are only CCs, I shouldn't add a loan (if I don't need it) because it won't make a significant difference in my score?

Exactly.  It's going to initially hurt your score from the INQ and new account.  It's going to lower your AAoA. It's going to raise your DTI.  It's going to cost you money.

[Venilla]

FICO gives a little boost when you have installment loans 90% paid.

The whole credit rating is so mysterious... Why would a loan with a 10% balance be better than a loan that's paid off?

Having an open loan will show one's responsible for a -let say- $250 payment every month.

[Venilla]

From DDMS

2. 10% of your score is made up by the types of credit you have used. Have cards from multiple banks and have other kinds of loans as well.
For example, even if you can afford to pay for a car in cash you should finance it. First of all, you can usually get a nice instant rebate by financing and there’s typically no penalty to pay if off early. Second of all, once it’s paid off you’ll get a nice score boost.

I'm lost.

[ya]

Does signing up for an Amex biz card go against the no new cc 6 months b4 mortgage?

[Tom Brady]

Does signing up for an Amex biz card go against the no new cc 6 months b4 mortgage?

Didn't know that was a thing. Anyway that account won't show up on your report. The only way that it will affect you is, the credit inquiry you'll get.

[newdealseeker]

When I apply for my free credit report from anual credit report does it go by the calendar year or a year from when I last received the previous one?

And it goes by exact date!
One year I requested it by phone on Jan 1, after about 2 weeks I got a letter that I was declined because the last time I got it was Jan 6 of the previous year!! I had to request it again.

[ya]

Request one report every 4 months..

[Tom Brady]

Request one report every 4 months..

Or never, as long as the scores you get for free from Citi, Amex, Barclays etc. stay in line with what they should be.

[newdealseeker]

Hey!
I just checked my Amex FICO score. It updated for this month and it dropped from 740 to 730. My Discover one today shows as 767...
I had been at about 770 for a long time. Applied for 2 new Amex cards in Oct, hence the drop to 740. But why another one.

[Venilla]

Hey!
I just checked my Amex FICO score. It updated for this month and it dropped from 740 to 730. My Discover one today shows as 767...
I had been at about 770 for a long time. Applied for 2 new Amex cards in Oct, hence the drop to 740. But why another one.

No new balances?

[newdealseeker]

No new balances?

Oh, yes.
I did have one large balance, $650 on a gold charge card, but $0 balances on all my other cards.
I have a total credit line of about $20k.
So is that the problem?

[Cappy]

Oh, yes.
I did have one large balance, $650 on a gold charge card, but $0 balances on all my other cards.
I have a total credit line of about $20k.
So is that the problem?

How big was that big balance and what was the credit line on that specific card?

[thaber]

Interesting -  FICO from Barclays over the last year: 814,809,814,807,765,802, 768 (11/30/15)
FICO 8 from Amex - Your FICO® Score as of December 19th 739, On November 18th your score was 771
FICO from Citibank (based on Equifax) - 10/27/15 807, 11/24/15 -  803

They all seem to be real FICO's, and the discrepancies seem very big. In October and November my overall credit went UP about 70K and there was a temporary increase in spendin as well, but I think overall my ratio should have gone down.
I started paying my business amex differently, but that shouldn't affect this at all.
I'd love to hear your thoughts.

[Cappy]

I want to bring out 2 examples to explain a scenario.

Scenario 1:

10 cards... Total Limits: 50 K

Card 1 Limit: 30K    Used: 8K  26.6%
Card 2 Limit: 5K     Used: 0
Card 3 Limit: 5K     Used: 0
Card 4 Limit: 4K     Used: 0
Card 5 Limit: 1K     Used: 0
Card 6 Limit: 1K     Used: 0
Card 7 Limit: 1K     Used: 0
Card 8 Limit: 1K     Used: 0
Card 9 Limit: 1K     Used: 0
Card 10 Limit:1K     Used: 0

Total utilization: 16%

Scenario 2:

10 cards... Total Limits: 100 K

Card 1 Limit: 20K      Used:0
Card 2 Limit: 20K      Used:0
Card 3 Limit: 20K      Used:0
Card 4 Limit:  20K     Used:0
Card 5 Limit:  10K    Used: 0
Card 6 Limit:  5K     Used: 0
Card 7 Limit:  2K     Used: 0
Card 8 Limit:  1K     Used: 0
Card 9 Limit:  1K     Used: $900  90%
Card 10 Limit: 1K     Used: $900  90%

Total utilization: 1.8%

Scenario 1 has 50K in total limits, 1 card at 26.6% and total utilization of 16%
Scenario 2 has 100K in total limits, 2 cards at 90% and total utilization of only 1.8%

Scenario 1 or 2 will have the higher score?

Answer: Scenario 1