zonination

Hello /u/credditkarma!

First off, I just wanted to thank you for making scoring estimates and credit education easy and accessible to consumers. The information contained in CreditKarma got me started on studying the FICO algorithm, and eventually it got to the point where I was able to write a good portion of the Credit FAQ in /r/personalfinance.

I have a two part question:

• Out of curiosity, is the algorithm just a quick mockup of FICO, or do you and your team often make adjustments based on statistical evidence in comparison to other FICO scores?

• Excited for the addition of EQ. Will your EQ estimate be separate from the TU estimate, or will CreditKarma mesh them together? (i.e., how will the scoring change with the addition of Equifax?)

Not OP, but You can utilize the following strategy called a goodwill removal (quoting from another section of reddit):

Some creditors are willing and able to remove 30, 60, and 90 day late notices from your credit report, assuming that you have been a solid customer for a long time since the derogatory mark. This can usually be done by contacting your creditor with a goodwill letter, or a request to remove the derogatory mark from your report from a consumer who has otherwise had a solid relationship with the financial institution.

• Guideline
• Example 1
• Example 2
• Google Search

Please note that This exists as an option for creditors, and is not an obligation, so it may not always work. However, persistence is key on this.

In addition to this, by federal law, a derogatory mark cannot exist for longer than 7.5 years from the Date of First Delinquency (DOFD).

Whether or not you need to worry about this mark depends on the individual lender, since, from place to place, they have different standards on applications.

Not the OP, but hard inquiries are not that destructive to your score. They generally are only -5pt (to an established file) and only last for 12 months on your FICO. Source

Not OP, but there is a difference between hard inquiries and soft inquiries

Like I said, it's a tactic meant to be an option for consumers, not a guarantee. Depends on the individual lender, how high up you go, how persistent you are, etc.

I appreciate the note from your experience!