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How can my score vary so much!?

New Member

How can my score vary so much!?

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!!

Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: How can my score vary so much!?

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:

 

  • Utilization. Utilization is big. If you have any CCs, and those are reporting above 100%, then you'd see a significant decrease. If you are comparing low utilization to high utilization on the latter report, then that can certainly be a big source for your loss.
  • Added baddies. Look for any new lates. A new 30 day late, for example, can drop you quite a bit. You had mentioned a CO. If that CO updated as late within the past 6 months, then you'd see a big drop.
  • Disputed accounts. If anything is disputed, you can lose points.
  • Dropped accounts. If any OC account fell off in the past 6 months, then your AAoA could have dropped and your score as well.
  • Added accounts. If you added any new accounts, like a new car, within the past 6 months, then you'd see a score drop.
  • Mix of credit. If you had CCs reporting 6 months ago (w/ a balance and/or open) and have none now, then you'd see a score drop.
  • Updated accounts. If you paid on any CO, IMO, your score can drop as the baddie updates. Also, COs will continue to usually mark you late every month up through the point you PIF or they sell it. If you have any CO, then you should see added lates. Also, if any CO was a CC, for example, then paying that in full can result in a score drop as it is removed from utilization and scoring.

 

Your TU score could be lower for the same reasons.

ETA....typesetting looks weird to me on my post...sorry if it looks strange on your end.
Message Edited by llecs on 10-07-2009 03:51 PM
Message 2 of 4
Valued Member

Re: How can my score vary so much!?

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. 

Message 3 of 4
Senior Contributor

Re: How can my score vary so much!?

There is always a specific reason for a large score difference between CRB's.
Message 4 of 4