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Regular Contributor
turbowrx
Posts: 244
Registered: ‎10-15-2007

How can I raise my EQ

no bads. Credit from 2005.  My TU is 704..my EX is 726.. my EQ 668 :smileysad:
I have two cards ..  Cap1 2750cl and BOA amex 1K. 
Do I need higher limits to get my EQ score up? I've tried both.....neither will give it to me.  Hmm maybe another card in the mix?? 
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: How can I raise my EQ

The actual dollar amount of your limits is not important.  Only the percentage of reported utilization affects your scores.
 
What are the differences between EQ and EX?  With such a large disparity there has to be something reporting differently.  I'd suggest you go over both of those reports line by line, compile a list of differences between those two reports, and then follow up here for more input.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008

Re: How can I raise my EQ

What are your balances on those cards? What is the age of each account? Do you have any other loans?
 
Your credit history is short if your oldest account is from '05....meaning you might max out near 740-750 in potential points anyway.
 
If you don't have an installment loan you are missing a lot of points for credit mix (but I am not recommending a loan just to boost your FICO score - financial responsibilty is more important)
Frequent Contributor
nathan
Posts: 411
Registered: ‎04-18-2007

Re: How can I raise my EQ

I face the same problem. My eq is stuck at 659 for almost two months now. Here is a summary of my accounts:
navyfed  15k, 61 bal, opened in feb08
navyfed 5k, 0 bal, opened in nov07
hooters 1500k, 65 bal, opened in jan08
orchard, 400, 0 bal, opened in may07
two auto loans, bal, 16k and 5800k
1 student loan
1 collection from 2003
6 inq over one year.
 
What am i doing wrong here. Is it the one collection that is killing me? i have read people with bankrupcy reach 700. Btw penfed is due to report a new cc with 15k. at first the reason was "you do not have enough revolving accounts, or your limit is low". Now i have more cc with decent tl, where is the love?sad smiley
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: How can I raise my EQ

same problem. I have been stuck on 698 forever.  All my others are over 700. On my red and green scale I have 1 good 2 very good and one great. I just don't understand why they are so much lower.
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008

Re: How can I raise my EQ

Nathan,
 
Your negative factors are listed in the order they hurt you. I would guess that your short revolving credit history is really hurting your score as well as the collection. You seem to be managing your credit very well and as accounts age your score should go up significantly. How old are your installments and/or any closed accounts on your report?
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: How can I raise my EQ

EQ is death on lates (and collections) of any kind, much more so than the other two.

As for OP, who has no baddies, that's definitely odd. I agree, go through line by line, looking at displayed credit limits, balances, dates, comments, you name it.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007

Re: How can I raise my EQ



haulingthescoreup wrote:
EQ is death on lates (and collections) of any kind, much more so than the other two.

As for OP, who has no baddies, that's definitely odd. I agree, go through line by line, looking at displayed credit limits, balances, dates, comments, you name it.




So far we know that EQ hates lates and collections, and EX HATES new accounts. Anyone have any idea what TU hates?
Here we go again...
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: How can I raise my EQ

In my experience, multiple accounts with balances, and some say not having a mortgage, although that's nowhere near being established.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: How can I raise my EQ

I agree with HTSU's observations about TU, and would add that they also seem to be pickier than the others about total number of overall accounts, as well, whether they have balances or not.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )

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