03-17-2014 07:01 PM
I pulled today's score from myfico and it's still under 700 which seems a bit odd to me.
Experian 725 (myfico)
Transunion 746 (myfico)
Equifax 689 (myfico)
No baddies on any of the reports.
7K balance on 1 card and no balances on 9 other credit cards
Total credit line 36K total used is 7K
1 paid mortgage account
1 current mortgage account
2 auto loans
4 paid $0 dollar balance auto loans
Fico simulator says in 6 months I'll be at 709
Fico simulator says if I pay off 3K more on my card I'll be at 719 ?
Why is equifax ding'ing me so hard?
03-17-2014 07:08 PM
What is the CL on the $7K card? How close is it to being maxed out?
The scores available here vary widely in age -- TU 98, EQ 04, EX 08. They won't necessarily match each other.
03-18-2014 07:49 PM - edited 03-18-2014 07:49 PM
I don't know if EQ 04 is more harsh with maxed out cards than the others.
But you're definitely taking a hit with 93% utilization on that card.
+1, at a swag that's a difference of 15ish points in your case I suspect.
03-19-2014 07:28 AM
You have a maxed out card, and this is a negative for scoring purposes, and different scoring models will weight this differently.
I don't know the exact details of how EQ 04 works compared to the others, but I would expect variations of this sort.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.