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Rant on CRAs

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Anonymous
Not applicable

Re: Rant on CRAs

The thing that irritates me is that they won't even bother with removing incorrect inquiries. They want you to contact the company directly, and that usually does nothing.

Message 11 of 15
gdale6
Moderator Emeritus

Re: Rant on CRAs


@Anonymous wrote:

@gdale6 wrote:

EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.


Then how come the scores from each bureau can be so dramatically different? My reports on all bureaus are the same, yet my scores are really different.


Each CRA holds information differently they are not mirror images of each other so the Fico algorithm has to be adapted to each CRAs format and this is the reason that Fico scores are rarely the same across all of the CRAs.

Message 12 of 15
Anonymous
Not applicable

Re: Rant on CRAs


@gdale6 wrote:

@Anonymous wrote:

@gdale6 wrote:

EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.


Then how come the scores from each bureau can be so dramatically different? My reports on all bureaus are the same, yet my scores are really different.


Each CRA holds information differently they are not mirror images of each other so the Fico algorithm has to be adapted to each CRAs format and this is the reason that Fico scores are rarely the same across all of the CRAs.


Okay that makes sense. Thank you for explaining gdale6!

Message 13 of 15
Anonymous
Not applicable

Re: Rant on CRAs


@gdale6 wrote:

EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.


Is that for each card in your portfolio or do you just have to have a balance on at least one?

Message 14 of 15
gdale6
Moderator Emeritus

Re: Rant on CRAs


@Anonymous wrote:

@gdale6 wrote:

EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.


Is that for each card in your portfolio or do you just have to have a balance on at least one?


Small balance of no more than 9% of its CL on 1 card the others at 0.

Message 15 of 15
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