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Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Fico vs total accounts reporting

Hey to all. Just pulled an update Equifax report. Here are some verifable facts: Items hurting your score  "Too many credit accounts with a balance  and too many credit cards carrying a balance."  Total 9 accounts with balances, 1 mortage, 2 auto, 6 cc. All cc's paid in full monthly, current reported util. 6%, (unchanged between both periods). For comparison from last month, 2 additional cc's reported. Also reduced was the category " Amount of debt" from very good to good( reported debt about $ 200. different). The comparison reports were each pulled on the first day of the month for an apple to apple comparison.The alogrithm shows that the additional reporting ccs really tanks your score. (This is temp. only as we used some of our lessor favored cards during these two perods.) Finally, I did loose one positive trade to aging, a closed cc from 1994.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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Posts: 12,548
Registered: ‎12-30-2011
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Re: Fico vs total accounts reporting

[ Edited ]

If you lost a tradeline, I'd be curious to see if by returning the CC balances reported to the original January date returns the score to that, or if it's markedly less still.  Still will be some slight differences but that might possibly help ruling out the effect of that history wandering off from an analysis perspective.

 

Thank you for the post regardless.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: Fico vs total accounts reporting

Sure, I will pull March 1st.  I will attempt to get a couple of those ccs off. Since some are joint, I can not control all of the reporting balances/cards. Also next month, I believe that I hit the 4 year mark on my last late payment. It could be interesting. Thanks for your input/responces and Best wishes for Success to you!.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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