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/biz/ - Business & Finance

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13036465 No.13036465 [Reply] [Original]

My FICO score just went up by 33 points and I don't know why. Should I be concerned? 685ish to 715ish

>> No.13036522

>>13036465
How the fuck do you get a score that low anyways?

>> No.13036539

>>13036465
685 is really really low - is that even possible???

>> No.13036544

>>13036465
>>13036522
OP realized that paying his bills on time is easier than trying to not pay them.

>> No.13036558

>>13036539
Former loan officer, ya I've seen 590s and we tried to loan to them with stated income. 685 was actually in our Target range. This was 2006, yes I was a part of the cause of the great recession

>> No.13036573

i think they're starting to be innovative

>> No.13036617

>>13036522
Spent like three years wasted all the time and didn't pay denbts. Was awhile ago though, I've been 100% on time for about 4 years. Everything is paid off except about 4k in student loans.

>> No.13036630

>>13036465
They make it higher near the end of credit cycles so that they suck in the last sheep. Doesn't mean you should take out loans you can't service. The score also goes up if you pay shit on time over the years. normal

>> No.13036631

Does anyone have a real guess as to why it jumped? Nothing really has changed financially for me except I paid off a bit more of my student loans. The bump makes me wonder if it got fucked with somehow.

>> No.13036637

>>13036630
>They make it higher near the end of credit cycles
This has never happened before though, and I check it every month.

>> No.13036640

>>13036631
>Score goes up
>Anon paranoid
Stay classy biz.

>> No.13036646

>>13036631
I sometimes wonder if they have basically a capacity they want to meet in terms of credit, and when demand falls, they tinker with the models to find the "cream of the crop" of current subprime borrowers who they will take a chance on, basically moving the best available new bodies into the game in order to meet the flow. I have no idea if it works that way, but one could imagine

>> No.13036660

>>13036637
https://www.creditcards.com/credit-card-news/state-of-credit-consumer-credit-scores-rising.php

It goes up and down randomly for me but stays in a range. Don't worry anon. It sounds like you are being a good adult who pays on time

>> No.13036683

>>13036631
I mean, mine fluctuates all the time depending on the utilization percentage on my credit cards. It's been as low as 760 and as high as 820 so this level of variation doesn't sound super surprising. It's possible someone took out a credit card in your name though which will reduce % utilization and increase your score until they start spending on it. Check if you can get a free report with one of the ratings agencies and see if there's a recent hard pull which would be required to open a new line of credit.

>> No.13036693
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13036693

>>13036646
Wouldn't surprise me at all.

>> No.13036716

>>13036683
>see if there's a recent hard pull
This was my first thought as well, I have no recent hard pulls. Unless it just hasn't shown up yet. Although my revolving utilization is pretty low (500-1kish) so idk if that scenario would swing a 33 point change.