Improper Equifax Fico Hurting

[smallfry]

Hauling I'm looking at an EQ Credit Watch Gold type report dated May 3rd and other than the usual child support tradeline being reported when it shouldn't exist and my closed Penfed account showing open everything is normal. Closed is closed and open is open. I printed out some old EQ FICO reports from last year haven't had a chance to check them out yet but my EQ FICO from early April 2008 is also incorrect. Can't really see how this would hurt the score if the accounts are not coded properly but who knows?

[haulingthescoreup]

Off the top of my head, I'm not aware of how this might affect scoring, although I will cheerfully admit that there might be some little switch that might be toggled, about which I know nothing.

I have something similar on one of my accounts, and about all I can figure out to do is to keep an eye on it to see if some strange new negative pops up.

Anyone else out there know if there is a problem that would result from a closed account showing as open/ inactive?

[Anonymous]

My EQ scores were 802 on both my February 5th and April 8th reports.  I'm not terribly concerned at this point. 

[smallfry]

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@Anonymous wrote:

My EQ scores were 802 on both my February 5th and April 8th reports. I'm not terribly concerned at this point.

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This is my concern. I started credit rebuilding/repair exactly 1 year ago. At the time my scores were TU 682 EQ 682 EX 674. Virtually the same reports down to no inquiries. When I say virtually the same believe me there was very little difference. Very. Today my scores are TU 731 EQ 706 EX 717. EX currently shows 10 inquiries that FICO scores. TU 0 and EQ 2 inquiries. Same balances the only difference is TU only shows 1 Penfed account while EQ and EX show 2 open Penfed accounts. What's even stranger is the fact that on my latest EQ FICO report of May 11th it showed only 6 accounts opened in the past year while TU showed 13 and Penfed 14. Seems counterintuitive that EX could possibly be higher with that info doesn't it?

[RobertEG]

I agree with Hauling.  It is not a problem. Open/closed have only the following FICO effects:

Open accounts have the distinct advantage that they still include your CL on that account in your % util, Closed accounts no longer contribute to CL, but unpaid balances still contribute against %utiil.

However, whether open or closed, the account still scores the same in your avg age for up to ten years after the account is closed. And closing an account does not remove prior derogs posted on that account.

So if you close an account in good standing, all you lose immediately is the CL of that account.  You do not lose its age. 

Bottom line:  If the account is still appearing as open on your CR, and in good standing, that is only an advantage, so I would not complain.

Message Edited by RobertEG on 05-14-2008 11:12 PM