Why?
Dti is based off gross, not net
1 Like
BK7? A BK13 should have fallen off after 7 years.
3 Likes
Take-home pay is listed. I draw a modest salary from my business, and my wife pays into health, retirement etc.
BK 7 according to she who remembers all.
1 Like
None of those things are relevant if youâre trying to determine if your calculated dti is the issue. You need to evaluate your dti how dti is calculated.
2 Likes
This why Iâm here learning.
How old is your oldest open credit card?
Can you get someone to add you as an authorized user to a Visa or MasterCard thatâs significantly older?
There is more than one account age metric used by FICO, but the one you can change is the age of your oldest account.
(Doesnât work with Amex authorized users though; those report as opened in the month and year you were added).
2 Likes
4-5 years for oldest cc.
Car loan since Dec.
Rent reported for past 2-3 years
4 other CCs 2 about 2 years old, 1- 8 mos, 1- 2 mos.
For sport I recently had my mother add me to one of her Chase cards⌠opened in 1992.
See if you can do something like that.
But make sure itâs a card that will be handled perfectly (including low utilization) because while you get the age, you also get everything else that reports with it.
I would be surprised if FICO scores rental trade lines at all. Not shocked, but surprised. Are you paying a service to report your rental history because they told you it will improve your credit?
1 Like
I donât carry a CC balance. Only pending charges that pop up between payment and when credit bureaus check or CC companies report (not sure how that works.)
What is my bureau?
All of my listed installment and revolving obligations?
Okay found the quote feature.
Itâs an optional service through my rental company.
You might as well be spending that money on shin polish.
2 Likes
Iâm not paying for it but are you saying it adds nothing to payment history/ Fico score? Can it hurt? As in dti?
This is outside of my direct experience, but from what I recall the rental trade line (account) is ignored by the FICO algorithm.
If you ever pay late and your landlord reports it, itâll look terrible when someone looks at your report, regardless of whether itâs factored into your score.
So I donât see the upside. Only downside.
2 Likes
It will be gone in 2 mos anyway.
How much of a bump did you get?
Iâm piggybacking on 2 of my wifeâs cards but theyâre young.
I wanted to go back to this for a moment before stepping away for a bit.
Neither your DTI nor your income is shown on your credit report, and neither is an input into your FICO scores.
FICO scores are predictors of default risk based on how youâve handled other accounts.
Your DTI is a measurement of your capacity to repay, vs. your likelihood (or willingness) based on your credit history.
Just wanted to be clear on that.
3 Likes
FICO 9 looks at it.
Iâm in the same boat trying to see if itâs worth using. Itâs free for me through a service my property manager uses. I was a home owner for nearly 20 years and had consistent 850/850 on FICO 8. I dropped to 834 on FICO8 and 870/900->860/900 on FICO Bankcard 8 (unclear how different than std FICO 8) after I moved to a rental. I wonât likely use the optional credit reporting feature because I wouldnât want the property manager to have any additional leverage (though they still can file a claim) if thereâs ever a dispute.
The rental reporting likely makes more sense for someone just building credit than for someone like me with a long credit history.
2 Likes
And the fact that you are over 720 and have âexcellent creditâ?
Thanks for filling in a knowledge gap.
So the rental trade line (assuming itâs 100% positive) is beneficial if/when you encounter a lender that uses FICO 9 to decision and/or price a credit product.
1 Like