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Did EQ Fico Change their algorithm? Stumped again

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daisyduke
Valued Contributor

Did EQ Fico Change their algorithm? Stumped again

i just purchased my EQ report.  Amount of new credit went from "good" to "not good" but still have only one inquiry showing from Sept 09.  When I bought the report before with the same single inquiry, it was considered "good"...

 

I also noticed that now I have a short credit history WTF? 15 years and five months and my AAoA is 7 years, which fits into the High Achievers...how could 15 years history be considered short? How could one inquiry put you in "not good" from good....

 

What's helping me? 19% ratio on credit and I've shown recent use of credit.

 

I can't understand this...any help.input would be appreciated. 


Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


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Message 1 of 7
6 REPLIES 6
Jazzzy
Valued Contributor

Re: Did EQ Fico Change their algorithm? Stumped again

Hi Daisy...did your FICO change?

 

I have learned to take the "reasons" given on my reports with a grain of salt. One time 8% util comes out as too high a use of revolving credit, and the next time it comes out to be good, even with the same company (EQ or TU).

 

I try to look at where I am trending more than what they tell me I am doing right/wrong. I look at the right/wrong...but I don't obsess over it because it doesn't always make sense.

 

I got slammed on my last TU for 12% util...and it was caused by our AmEx reporting a balance twice and by an AU card that was cancelled still showing a balance and counting into our util. And you are told that 19% is helping you???

 

See what I mean?

Message 2 of 7
daisyduke
Valued Contributor

Re: Did EQ Fico Change their algorithm? Stumped again

Hi Lynette, Happy Thanksgiving....

 

Yes, my score changed, I lost one point for adding a Target Visa. But some other accounts didn't update so I have to manually dispute them now. I have been shut down from disputing on line. I'm just trying to keep a close eye on all of this because I'm about to app for an auto loan...I'll pull again the day I plan to buy the car...then let's see if the scores match.

 

But now I have a short credit history and earlier in the month it was an established credit history. 15 years isn't short. 7 years AAoA isn't short either. One inquiry is now considered "not good" -- not much besides that new account Target Visa changed from prior report.

 

I guess you have a point. Don't obsess over the FICO reasons. I hate to see it though. And earlier in the month, like I said, the long credit history helped me. I got older, not younger.

 

YEs, I'm told I've limited the use of credit at 19% . Which is true. But what is not true is the actual utilization number since for some strange reason, EQ has not updated any of my balances except my lease was just zeroed out. I dont' think it's nec. EQ's fault, but more of the creditors not reporting.


Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


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Message 3 of 7
llecs
Moderator Emeritus

Re: Did EQ Fico Change their algorithm? Stumped again

Could this change tie-in with your recent car payoff?

 

Sounds like a rebucketing if that was your only installment. 15 years is considered short in relation to others within your bucket. ETA...Low Man on the Todem Pole Syndrome. (LMOTPS....not that catchy).

Message Edited by llecs on 11-23-2009 07:09 PM
Message 4 of 7
daisyduke
Valued Contributor

Re: Did EQ Fico Change their algorithm? Stumped again

Well, EQ still has the auto loan as open with a zero balance....it is not "closed" as of yet. Good idea however, i was rebucketed most likely, but when I pulled my reports through CCT, EQ is the only guy that has that loan as "open"...here on my fico it's "not reported" (data mapping I guess). I can't win...oh well, i'm going to chill....


Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


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Message 5 of 7
llecs
Moderator Emeritus

Re: Did EQ Fico Change their algorithm? Stumped again

Definitely rebucketed. Congrats!

 

Whenever an installment reaches $0, even if it does say "open", the loan is closed in FICO's eyes. Plus for me, account stati report kinda weird on DW's CCT account. I never trust it.

Message 6 of 7
daisyduke
Valued Contributor

Re: Did EQ Fico Change their algorithm? Stumped again

i MUST Have been rebucketed. I just bought TU score, it is the same but now I have no positive reasons and a short credit history....on TU FIco the car loan is closed, paid (no lates)....when I had the installment loan reporting that last balance, i was considered to have a long credit history with "many accounts paid on time". No more my friend. Oh well

Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


Take the FICO Fitness Challenge
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