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24 points difference between Equifax and TU?

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Anonymous
Not applicable

24 points difference between Equifax and TU?

I just checked my two FICO scores - - as is my regular practice every couple of months - -  and saw that TU had jumped 24 points (up to 680) but Equifax remains at 656.  Could this have anything to do Equifax not updating information as regularly as TU, or what?  I desperately need that Eq score to come up.  I'm facing the need to take out a pretty sizeable loan soon to replace my HVAC, unless I want to spend the winter using area heaters and running my water constantly.  This was quite a disappointment.  All of us on these forums work very hard to improve our scores, and while I'm quite pleased with the TU jump, this Equifax thing has me floored and may threaten my eligibility for a loan.  Anything I can do?, or are we at the mercy of these agencies?  

Message 1 of 7
6 REPLIES 6
vanillabean
Valued Contributor

Re: 24 points difference between Equifax and TU?

What are the ages and utils of your various cards?

 

Message 2 of 7
Anonymous
Not applicable

Re: 24 points difference between Equifax and TU?

As it concerns the age of the accounts:   there are three.

 

One account through HSBC was opened May, 2008;  credit limit $2500, current balance $15, 0 late payments.

 

Second account through HSBC was opened March, 2007;  credit limit $1,400, current balance $0, 0 late payments.

 

Last account is Capital One, opened May, 2006;  credit limit $5,000, current balance $11, 6 late payments - the most recent in October 2008.  Also - this account was voluntarily "frozen" or "closed" by agreement.  I don't know how CapOne will eventually report it, but in 2008 when I got into financial distress, I contacted them and agreed that they "lock" the account until it was paid off in exchange for a lower fixed monthly payment.  

 

Also, EQ is showing three inquiries that do not appear on TU.

 

Finally, I went online and got my Experian score today.  655.  The personal information is grievously out of date ... my employer is showing as a law firm I have not worked at since 1995.

 

I have paid off over $1200 in credit card debt in the last six weeks, which was a killer.  My utility is way, way down, but my EQ score is lower now than it was three months ago, when I had much higher utility! 

 

There are 3 inquiries - - all legitimate - - showing on EQ that do not show on TU.

 

I am emotionally exhausted playing all these b.s. money games with these fico scores.  If I've paid off >$1200 in six weeks, which on my income was a monumental achievement, only to see NO increase in scores ... not even a single point! ... then I know I cannot and will not ever win.

 

Do you see anything here that is causing these frozen scores?

 

MANY thanks for your advice.

Message 3 of 7
Anonymous
Not applicable

Re: 24 points difference between Equifax and TU?

I stand corrected.  Experian score is 645.

Message 4 of 7
vanillabean
Valued Contributor

Re: 24 points difference between Equifax and TU?

The balance-to-limit ratio is certainly fine, and the age is ok, past the 2-year mark. The 3 inquiries naturally bring down the EQ score somewhat. I do not have the experience to comment on the significance of lates. But I do wonder if all of your open accounts are used for util. The overall util percentage is listed in myFICO score reports. If it's 1%, that's perfect. If it's 0%, then something is going on.

 

Message 5 of 7
Anonymous
Not applicable

Re: 24 points difference between Equifax and TU?

So it's better to show a small balance than paid off 100%

 

I'll get back on the forum and read up about how utilities are calculated.

Message 6 of 7
MarineVietVet
Moderator Emeritus

Re: 24 points difference between Equifax and TU?

 


@Anonymous wrote:

So it's better to show a small balance than paid off 100%

 

I'll get back on the forum and read up about how utilities are calculated.


 

I think that generally it helps most people to have one card report a very small (<9%) balance each month and let all other cards report a zero balance but it's doesn't work exactly that way for everyone. You may have to play with the numbers for a few months to see what works best for you.

 

Even with the same information on TU and EQ they each use a slightly different scoring formula so they rarely IME will be the same score. In my case TU is 39 points lower than EQ with the same accounts showing the same balances. It's frustrating but that's the way it is. If I were you I wouldn't lose any sleep over it.

 

Just my 2 cents.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 7 of 7
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