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Huge disparity between what my credit union told me and myFico + Equifax Score Watch

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Anonymous
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Huge disparity between what my credit union told me and myFico + Equifax Score Watch

I opened a new checking, savings, and credit account at the local credit union on Wednesday and as part of the process, they ran my credit score. I was told it was a 718, which was up 60+ points from two months ago, which I attributed to the life insurance account that my mother left for me - one of my main "negatives" is my large student loan debt, so I was told that the life insurance money helped cancel that out.
 
To my suprise when I ran my scores on myFico and Equifax Score Watcher, my score still in the 660 range from all three companies. Is it possible that my bank was using a different agency, or perhaps that their score reflected current changes in my accounts whereas the Big Three use data that takes several months to update?
 
 
I'm confused. I plan on buying a house in six months and 4/10's of a point seems like a big deal.
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Huge disparity between what my credit union told me and myFico + Equifax Score Watch

Perhaps I should rephrase the question. If my score is in the 660 range and one of the major negatives to my score is the amount of student loan debt, would receiving a life insurance policy change my score to 718 by making my debt:credit ratio more favorable?
Message 2 of 5
haulingthescoreup
Moderator Emerita

Re: Huge disparity between what my credit union told me and myFico + Equifax Score Watch

I'm a little confused as to how the insurance affects the loan and overall score. Is the money from the insurance sitting in your savings account or something? If so, it's not even seen by FICO, which only looks at your credit obligations, not income, savings or other cash flow factors.

If you used the money to pay off the student loan, has the new loan balance shown up on your reports? Scores can't change until the new info is posted.

I think I'm just not reading your post properly, sorry. Smiley Sad
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 5
Anonymous
Not applicable

Re: Huge disparity between what my credit union told me and myFico + Equifax Score Watch

The money is sitting in a beneficiary account and when they ran my credit score of 718, I had not used the money to pay off any of my bills.
 
 
It was just sitting there.
 
 
 
Message 4 of 5
haulingthescoreup
Moderator Emerita

Re: Huge disparity between what my credit union told me and myFico + Equifax Score Watch

OK, then it was not considered by any credit agency. They have no idea what you have in checking, savings, or in a shoebox under your bed. All they are looking at is credit usage and history, not cash available. Possibly your CU pulled a FAKO score, which is rare but not impossible.

When you pulled your FICO's yourself, did you look at the reports to see if anything had just posted, like a new high balance or a late? Or alternatively, was there something good like a big pay-down on your cards that wasn't showing? That's the only thing I can think of--that the CU was looking at data from a different date than what you saw. Anyone else got any guesses?

I think you got lucky! Smiley Very Happy Smiley Wink
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 5
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