Equifax punishing new credit illustrated

[Anonymous]

EQ 757

EX 764

Both reports contain identical information except for EX having 2 inquiries versus 1. My 2 new accounts are 3 months old on both bureaus. If that inquiry cost me 2-5 points then the difference between formulas for my bucket is about 10 points between the 2 bureaus. It is interesting because EQ lists my amount of new credit as "good" versus my age as "not good," and yet my new credit is listed as my #1 negative factor over age (only other negative factor). This may also illustrate that age is penalized less in my bucket than the generic FICO diagram which has it weighted 15% vs 10% for new credit.

Also going from 3% util and 2 of 3 revolvers reporting a balance to under 1% util and 1 card reporting a balance was worth 13 points on EQ.

3/25/08  TU 742  EQ 710  EX 739

4/26/08  TU 725  EQ 733  EX 743

7/2/08                  EQ 744

7/29/08  TU 732  EQ 744  EX 764!!!

7/31/08                EQ 757

[smallfry]

Equifax. The CRA that keeps on taking. People complain about Experian? Equifax is the worst.

[GFer]

I have to agree with that...(although, most of my score problems are my fault, of course).

[RobertEG]

I am not in an EQ bashing mode, but they have shown prior practices that have eliticted lawsuits of significant impact.  One complained about the common EQ practtice of only using "Highest Balance" in calculating % util on an account, even if the OC is reproting a CL that is higher.For example, if you have a CC with a 10,000 CL, but have wisely used it in the past to only get up to 3000 prior balance, but have a zero balance today, then go out and buy a 3000 plasma TV tomorrow, you will be maxed on the card at 3000 debt with only a 3000 prior high limit.  Now 100%, rather than at only 30% util.

This leads to a %util that is significantly higher than if they used CL rather than highest prior balance in calculation of % util. 

Do they want us to go out and charge a $3000 plasma TV to our account, and then return it within a month in order only to drive up our highest prior balance!

Hmmmmmm.....

Message Edited by RobertEG on 07-31-2008 11:08 PM

[Anonymous]

EQ is the Devil-

(sorry Barry, I know they are your customer, but it's true)

[MidnightVoice]

I  have never had much of a problem with EQ - it is usually my middle score, close to TU which is usually the highest.

And at the moment it my highest at 800 (exactly), and my newest accounta are only 7 months old (3 of them in December - Car loan, Amex and AU on DW's B&N card)

[Anonymous]

EQ is 25-30 points below my EX and TU, and this is with no EQ inq in last year, vs. 3 on TU and 1 on EX.

It apparently is dinging me much harder for the BK and the 5 other negative items on my report, including 2 90+ items and the other "included in BK" TL's.   EX has all the same ones.

Is this still considered a mystery to the mods, or have we conceded that EQ just takes away more points than the other 2 for baddies?

[smallfry]

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@Anonymous wrote:

EQ is 25-30 points below my EX and TU, and this is with no EQ inq in last year, vs. 3 on TU and 1 on EX.

It apparently is dinging me much harder for the BK and the 5 other negative items on my report, including 2 90+ items and the other "included in BK" TL's. EX has all the same ones.

Is this still considered a mystery to the mods, or have we conceded that EQ just takes away more points than the other 2 for baddies?

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Before my recent experience with EQ my EX score was 11 points higher than my EQ. EQ 1 inquiry EX 8 FICO scoreable inquiries. I think EQ hates any negative info and any new accounts more than EX and TU.

[Anonymous]

My eq is almost 100 points below my 704 ef... Hoping to get closer, K-Man

[Anonymous]

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K-Man wrote:
My eq is almost 100 points below my 704 ef... Hoping to get closer, K-Man

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eq and ef both look like they stand for Equifax.

Just fyi, the standard abbreviations we use for the CRAs are:

EQ: Equifax

EX: Experian

TU: TransUnion

Hope this helps.