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Quick question: I have a Discover Card and want to buy some gucci shoes? Thanks in advance for any response. Second question of mine... I subscribe to myfico and just got an alert that my Score had gone UP. Apparantly enough time has gone by that a 90 day lateness on a Discover card Payment is no longer effecting my score. Went from 717 to 724 - that is an increase of 45 points!. |
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That's a good question. I'm not sure what is the right answer to your question. I'll do some investigation and get back to you if I find an answer. You should email the people at Discover Card as they probably know..
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Yep, I don't think our scores changed at all when we paid off the $18k balance we had on a car loan...Totally sucked...
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Segmentation likely at play here...with no other installment notes, you changed score buckets..
Installment loans do not add much point-wise, but they do change score bucket placements..... |
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Paying (with Discover card) INTEREST ON A Discover card or LOAN WHEN YOU HAVE THE MONEY TO PAY IT OFF.
TO MAKE. F.I.C.O.. HAPPY IS COUNTER PRODUCTIVE...and ILLOGICAL. This post has been edited by. GEORGE. : 04 December 2009 - 06:59 PM.. |
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Oops -I originallty wrote this post with no scores except deltas but then I saw that most people do post their numbers so I went back and edited it. Obviously, I edited it incorrectly..
August it was 724. Paid off the $3300.0 Car Loan in Late August and in September it went DOWN to 717. Now the new alert shows December 3 it went UP to 762. There is my 45 point swing - thanks for for catching that.. |
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As you can see, I am new in this forum. I need to do some studying because I never have heard the terms "segmentation" and "score buckets".
I only have ONE Installment loan(UNless a Mortgage counts as one) and it was for the car which I paid off.. Thanks for all the helpful replies but I must admit that I still don't understand why NOT owing money makes a score go DOWN. That is counter intuitive:).. |
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Your score went down because for the segment of population you are in, having.
One. OPEN ACTIVE installment account makes you less of a risk than. Zero. OPEN ACTIVE installment accounts. Less risk means more points.. It's the same with revolving accounts - if you don't have any, you get dinged on your score. It's part of the credit mix factor of the FICO formula.... Hope this helps..... |
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As of today...I still have not seen.
F.I.C.O.. Pay any of my bills.. |
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FICO paid my bills for 8 years... I got lots of free steak dinners from Fair Isaac as well (although I ate more calamari than steak)...
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I WOULDN'T EAT THAT.
CRAP. IF I GOT 52 FREE STEAK DINNERS FOR THE YEAR. (one a week).. |
