There really is not a lot that goes into a FICO score nor things that can move a FICO score very much. Some of this is speculation some of it has been monitoring my FICO with Credit Karma over the years. (Ya I am a bit anal about my FICO. OK, maybe a lot.) Most people are going to have peaks and valleys with their FICO. IMO it usually takes something fairly big to move a FICO 50 points, and something I do not want with a note that has that recent drop.
Type of credit will not move your FICO score hardly at all even if you open up something new let's say a mortgage.
An inquiry should only move your FICO score less than 5 points. It also comes off after 2 years. The more accounts you have the better. So someone opening up a new line their credit score may actually go up.
Length of credit history again will not move the FICO much. And unless you are opening up a lot of lines at once, should not see much impact.
So it is going to be DTI and late payments that will move that needle. Even if that move is slight. When I open up a note that I see a steep drop I am never surprised to see a corresponding 15-120 late payments around that time.
Payment history: (35 percent) -- Your account payment information, including any delinquencies and public records.
Amounts owed: (30 percent) -- How much you owe on your accounts. The amount of available credit you're using on revolving accounts is heavily weighted.
Length of credit history: (15 percent) -- How long ago you opened accounts and time since account activity.
Types of credit used: (10 percent) -- The mix of accounts you have, such as revolving and installment.
New credit: (10 percent) -- Your pursuit of new credit, including credit inquiries and number of recently opened accounts.
Rob what I do with my notes that hit IGP is I spin them off into separate portfolios. I have 2 different portfolios one for FOLIO and another one from LC primary notes. I do list my notes through the FOLIO site. I know this is not a real option for you with the size of your account or with most people either.
A semi-regular poster here and just do not remember who mentioned about auto investing in FOLIO. I just can not remember who it was.
Storm, you might want to look at the notes I posted above. Those types of notes are really a lot of the reason why most do not want to get entwined with FOLIO because of the work involved with it.
When Fred makes a program that will scrape FICO scores, he will be a rich man.
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