Having problems with EQ

Anonymous · ‎06-03-2008

Hi, I have been lurking here for quite some time and have really learned alot of valuable information. Using the information here I've gotten here my credit score from 589 to 604 in about two weeks by paying down the debt based on the statement dates. My problem is with EQ. I'm looking at obtaining a small mortage and there is a magic number of 620 to get the loan.

Here's what my current EQ report looks like today:

Household: Balance: 381 Limit: 700

Cap 1: Balance: 3534 Limit: 3500

Merrick: Balance: 966 Limit: 1150

Credit 1: Balance: 1070 Limiit: 1100

Here's the way it should look if EQ would report (statement balances over two weeks ago):

Household: Balance: 0 Limit: 900

Cap 1: Balance: 2734 Limit: 3500

Merrick: Balance: 1066 Limiit: 1150

Credit 1: Balance: 475 Limit: 1200

Based on a 9 point jump when I paid $399 down the HH account last month, I believe I'll get another probably minor bump when they update these balances. With the $399 payment it showed up on EQ two days after the statement date. Now, almost three weeks after the statement dates of the other items, they still haven't updated. Is it possible that they know I'm reviewing my score several times a day and they're withholding the update (paranoia) or, is it possible that when a score jumps a certain amount they manually review it to ensure it's accurate?

Don't have this problem with TU or EX. They seem to update right away. Any ideas would be appreciated.

Thanks.

Anonymous · ‎06-03-2008

you need an installment loan to add to that bunch ! When are you planning on getting a mortgage ?

Anonymous · ‎06-03-2008

Planning on getting a mortage within the next month (two at the most)! I know it's almost impossible but if EQ would just report, I think I'd be pretty close to my magic number of 620. I know I need an installment loan to even out the debt type but I think that wouldn't be a good idea for the short amount of time I've given myself. Next amount will be $950 to Merrick (statement posts 6/19). All but Cap 1 will be paid off by 7/15 and I'll have a balance on Cap 1 of under 30% utilization to start with the plan of getting it under 10% by the end of July.

Thanks.

Anonymous · ‎06-03-2008

Remember different CC's report different ways... HSBC/household updates on the last business day of the month. Cap 1 and Merrick update when the statement cuts. I have NO idea about the last one.... so keep that in mind when making your payments...or it'll be another 30 days before you see an update you're looking for.

Anonymous · ‎06-03-2008

Yup, I timed my recent $ to 2 credit cards that closed earlier in the month of May (prior to statement dates) and then HH by the 30th. Personnally, I think EQ is a scam and I'll tell you why. EQ is used by most mortgage lenders and it is in the lenders best interest (no pun intended) if the score is lower (i.e. EQ is quick to report using the credit cards but not quick to report payments). The lenders can then charge a higher interest rate. TU and EX both reported these balances a week ago. The whole thing really makes me mad. What a total rip-off.

Thanks.

smallfry · ‎06-03-2008

@Anonymous wrote:
Yup, I timed my recent $ to 2 credit cards that closed earlier in the month of May (prior to statement dates) and then HH by the 30th. Personnally, I think EQ is a scam and I'll tell you why. EQ is used by most mortgage lenders and it is in the lenders best interest (no pun intended) if the score is lower (i.e. EQ is quick to report using the credit cards but not quick to report payments). The lenders can then charge a higher interest rate. TU and EX both reported these balances a week ago. The whole thing really makes me mad. What a total rip-off.
Thanks.

Could be but until EQ updated their website a bit ago they used to report just after EX for me. Now they even report after TU. Who knows? I thought the middle score was most important anyway. Could be wrong about that.

Anonymous · ‎06-03-2008

Hi, what is the middle score? Is that all three CRA scores divided by three or the score in the middle?

TU (671)

EX (627)

EQ (604)

Thanks.

Message Edited by SuzieQuzie on 06-03-2008 06:17 PM

Anonymous · ‎06-03-2008

Smallfry is right. Mortgages are based on your middle FICO score, so you should already be in the ballpark for getting what you want. Your EX score is 627, which is what will be used when obtaining the loan. Good luck!!

Anonymous · ‎06-03-2008

Thanks, I'll talk to the lender about this. I still have a bone to pick with EQ though.........

Anonymous · ‎06-03-2008

EQ is the Devil-