10-07-2009 11:47 AM
I'm a bit skeptical about how these so called "fico scores" are figured. I paid to get an Equifax fico about 6 mos ago and it was 714. That seemed to be
high for me knowing my credit situation. But did not care anyway as I was just curious. Now...6 mos later Im thinking about getting a new mortgage after
I sell my home. Soooooo I pay for both the Transunion and Equifax score on the same day. WTF!!?? These scores are all over the place!! My Transunion score is showing 547 and My Equifax score is NOW showing to be 614 NOTHING has changed as far as my credit history. Im only making pymts on two car loans and a mortgage at this time. These three accounts have been in effect for between 2 and 6 yrs. Thats all I have. No payments on the cars or house have ever been late. My low scores are for some charge offs that occured about 4 yrs ago.
So can anyone tell me...does time since last delinquency/charge-off change your scores? This just does not make sense to me at all!!
10-07-2009 12:49 PM - edited 10-07-2009 12:51 PM
First off, you bought both reports (EQ) from here, right? Do you still have your old report? If you bought it with a product like ScoreWatch, then the old report should still be showing, I believe.
Do you have anything report aside from the mortgage and car loan? No CCs, right? Did you have a charge-off? Did that report since your last FICO score pull?
I ask because you'd need to compare your before and after reports. 100 point drop is big. There are several things that could cause that. Look for changes like the following:
Your TU score could be lower for the same reasons.
10-15-2009 10:31 AM
My personal experienceis that there are often large descrepencies in FICO from different reporting agencies b/c of their formulas. I get my FICO's from this sites monitoring services. My Equifax and Transunion reports are identical in what they are reporting as I double checked them, however the scores have huge differences which I chalk up to formula differences.
6/1/09 my Equifax Fico was 102 points higher than Transunion.
10/14/09 my Equifax has risen by 20 pts since 6/1/09 and TransUnion has risen 25pts, but the Equifax is now 97points higher than Transunion.