FICO

[moneymaker]

My fico was 862 in July and I did do a refi around that time on mortgage, now it is at 856 and here is 1 reason it dropped “FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person’s credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.”
I sorry but I’m gonna have to call bullshit for this being a reason to drop my score. The other reason is too many credit checks with no indication of what that number is. So unless someone is taking out credit in my name, which I will check shortly, there is no reason in my mind for a drop in score, if anything it should be going up as I am further proving that I know how to handle money.
Ok, so i just checked my annualcreditreport and no one is stealing my identity but did notice 3 inquiries by 3 credit cards that I have no balance on. I have kept them because I heard that if one cancels them then you get dinged on credit report, but if I’m getting dinged any way because of some automated inquiry that they are making then it pisses me off and i think I should cancel them. I’m not planning on any major purchase in the near future, it is just not right! What think Ye Piggs should I cancel or keep credit cards with no balance?

[moneymaker]

Just noticed on my credit report that Transunion has verified twice that I work for a company that is a horrible misspelling of the company I actually work for. Sad!

[Ribbles]

[quote=moneymaker]Ok, so i just checked my annualcreditreport and no one is stealing my identity but did notice 3 inquiries by 3 credit cards that I have no balance on. I have kept them because I heard that if one cancels them then you get dinged on credit report, but if I’m getting dinged any way because of some automated inquiry that they are making then it pisses me off and i think I should cancel them. I’m not planning on any major purchase in the near future, it is just not right! What think Ye Piggs should I cancel or keep credit cards with no balance?[/quote]

Those may be “soft” inquiries, which don’t affect your score. At a wild guess, it was one of those automatic limit increase reviews that credit card issuers sometimes do. You have to deliberately authorize hard inquiries, which do ding your score. If they are hard inquiries, the banks will have them removed at your request.

I keep my oldest credit card accounts open, even though I don’t use them. Age of accounts matters.

[moneymaker]

Thanks Ribbles, perhaps I’m making too much out of it, as their was a time when I didn’t care about my FICO. On a good note solar panels are getting washed today!

[Anonymous]

Since your score is higher than the maximum possible, I’d say you’re still in good shape.

[millennial]

[quote=harvey]Since your score is higher than the maximum possible, I’d say you’re still in good shape.[/quote]
Good point, I think it only goes to 850. BTW, I honestly wouldn’t care about a slight reduction in FICO since I don’t think it affects you unless you get below a 790.

[moneymaker]

It actually goes to 900. I think I still remember when 800 was the highest you could get. It’s kinda like GPA, used to be 4.0 was the highest one could get.

[millennial]

Maybe they are all different but the free one I get from my card company monthly goes up to 850. Personally I like to keep mine around 800. Once it starts to go up too much I start applying for some cards that will give me free money or air miles. I’ve done well doing this in the past.

[mixxalot]

same here and inquiries ding your score quite a bit.

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