RV-1/2n-FUN
FL.
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Joined: 03/30/2003
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While talking to a friend yesterday, we starting talking money. He mentions that last year he did a credit check plus FICO Score and all was well with a FICO in the 780 area. He just checked it again after the first quarter this year and everything is still OK but his FICO went up to 820s.
He can't understand why it would jump up since nothing has changed in his financial situation. I had no idea either.
Anybody have some knowledge on this subject as to why the FICO would jump up when nothing in his life has changed.
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AZLetendre
Prescott Valley, AZ
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Time. As time goes on, old records gp away and it may be that an old credit hurting item fell off this quarter. We are talking a 5-7 year item.
Brian, Kristi, Scott, and Kevin Letendre
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wa8yxm
Wherever I happen to park
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Something has changed.. He has been making payments on time and perhaps paying a bit more than the minimum amount.. This improves your FICO score every month.
Nothin adds excitment like something that is none of your business
John is Near Kenwood TS-2000 housed in a 2005 Damon Intruder 377
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JALLEN4
OHIO
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Joined: 10/02/2003
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Your FICO score is derived from a very complex formula that is not disclosed. There are several areas of measurement and the score can and does constantly change. It is a snapshot of one instant in time. Time does have an affect based on payment history and length of time as a credit user and length of time an account is open. A major factor is balance of accounts in relationship to both previous highest balance or credit limit if reported.
One commonly wrong belief is that your credit worthiness is substantially changed by every rise or fall in your score. After the score reaches around 720, there is little or no benefit for it to be higher. That score will most likely put you into the highest tier of credit and give you the lowest available rate. Credit decisions are made using several factors and FICO is only one of them.
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Liriope
Sun City AZ 85351
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A key question, "Did he check the SAME credit bureau both times?" There are three major credit bureau each with their own formula for determining their FICO score. Between the three, there can be a 30 point difference anytime.
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RV-1/2n-FUN
FL.
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Liriope wrote:A key question, "Did he check the SAME credit bureau both times?" There are three major credit bureau each with their own formula for determining their FICO score. Between the three, there can be a 30 point difference anytime.
Thanks for the replies.
I do remember that I heard about the variation of scores between the 3 companies and maybe he didn't get the results back from the same co. I will just mention that to him.
I also seem to remember that there was talk about getting the companies in the same ballpark when it comes to the number rating.
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ridingfamily4
Corona, CA
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not only the change in the different companies, but did you know that depending on who runs your FICO also depends on the score. Different companies have different criteria and your score can change up to 50 points by what the criteria are for that particular co.
This info comes from my aunt who has worked for one of the big 3 for over 30 years.
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Skid Row Joe
On the road in America
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Joined: 04/26/2006
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A jump in any FICO score upward indicates that current and recent past debt is successfully being paid on, and the borrower is a candidate for more to be successfully paid on.
This information comes from my CPA, my banker, and my past lenders.
I have a sweet tender nature, however I enjoy sharing my thoughts and opinions. 
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BiGG
MI - WI - FL
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Skid Row Joe wrote:A jump in any FICO score upward indicates that current and recent past debt is successfully being paid on, and the borrower is a candidate for more to be successfully paid on.
This information comes from my CPA, my banker, and my past lenders.
There are many factors that can increase ones credit score besides debt being paid on time.
Looking for any information available on Del Rey "Sky Lounge" and Kamp King slide-ins for preservation/restoration projects.
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