03-07-2013 02:09 AM
So here's a thread outlining my situation. http://ficoforums.myfico.com/t5/Credit-Cards/Post-app-spree-downward-spiral-will-it-stop-745-to-680/...
Post app spree - My Walmart TU went up 2 pts, 676. EX Fakos have gone up 707-721. Even though EX is FAKO, it still shows a trend, correct?
MyFico EQ has tanked since the app spree, 745 to 680. I have 9 INQ on EQ, 2 on TU, 1 on EX.
EQ is clean as can be. TU and EX have a paid collection from a year ago. All reports are reporting the same accounts except for the paid collection which is not reporting on EQ.
My question is, are the INQ's on EQ killing my score this much? I thought it was only a few points per INQ?
It seems that a clean report as EQ would have handled new accounts and INQ's better than TU and EX because TU/EX were the lowest scores by 65 pts and each have a baddie reporting?
03-07-2013 07:49 AM
03-07-2013 08:44 AM
03-07-2013 10:01 AM
Jm- my concern isnt with the EX fakos.
Walmart TU has gone up since the app spree whereas myfico EQ has gone down substantially since the app spree.
My question is , do the 9 INQ on a clean EQ report, have that much of a negative effect vs. TU that has a negative and only 2 INQ's?
Is it possible that something else changed, like increased util, dropped TLs, or even new TLs reporting from those inquiries?
03-07-2013 03:09 PM
llecs - I have 9 new tradelines reporting on all 3 CRA's. They are all reporting the same info. The reporting balances are the same. Utilization (12%) is the same across the board. Available credit is the same across the board. DTI is the same.
The only differences in myFico EQ and Walmart TU is the number of INQ's and the paid collection on TU (and EX for that matter).
9 INQ on EQ. 2 INQ on TU.
0 baddie on EQ. 1 baddie on TU.
Since my scores are basically identical now, 680 EQ/ 676 TU, it seems that the formula/algorithm or whatever it is, considers my INQ's on EQ as much of a negative factor as the paid collection on TU.
TU is seeing my added TL's and increased CL's as a positve since my TU has gone up since the app spree 2 months ago, whereas, EQ has tanked 65 pts.
I'm not concerned about the drop in the score so much as I just want to understand why. I know my EQ will come back soon enough and I'll be in better credit shape than ever.
03-07-2013 03:58 PM
I think you're making the assumption that the difference in reports caused the difference in scores. Not necessarily so because the formula differences between the two FICOs. IME, EQ weighs util a whole lot more than TU. For example, I paid down util from 89% to 1% and with the exact same TLs reporting, EQ increased 125 and TU increased 80. Big difference. Or I've had surpise baddies report and the damage varied across reports. IME, TU hates baddies more than EQ. Another example is the length of history. I've had my oldest TLs drop due to age and the negative impact was more on Eq than TU. Certainly YMMV for everyone based on their scoring bucket. But based on my experience new TLs weighed more on EQ than TU and that alone can cause a significant difference, especially if AAoA changed (likely with 9 new TLs).
03-07-2013 04:00 PM
Just for a quick briefing...
Complete credit reports between all 3 major credit bureaus, with the same exact information reported equally, will still give you 3 different credit scores.
Now if by chance you had 2 or 3 matching scores it would be a super unreal for it to happen.
The reason being is that they all use different types of FICO versions.
Equifax Beacon 5
03-07-2013 04:13 PM - edited 03-07-2013 04:14 PM
llecs, That makes more sense to me. Utilization went from 1% at time of app spree, to 12% currently. AAoA is 1 yr. now as well.
JM, I understand that different formulas are used by the CRA's. It just seems very 'strange', for lack of a better word, for my best/ cleanest report to go from 745 to 680 because of new TL's and a bit more utilization. While TU has gone up 30-ish pts since the app spree and the same info reporting. That's approx. a 95 pt swing between TU going up and EQ going down. Just doesn't make sense to me. Of course it doesn't have to, but ya know.