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WALLACE
Posts: 1
Registered: ‎01-25-2008
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Just joined a week ago and more confused than ever.

Just joined a week ago and get fico score from equifax which I assume is only 1 of 3 real scores why do they use equifax as compared to the others,and should I spend more money to moniter other 2? My original score was 767 now less than a week later I get a score watch alert of 764 and no explanation of why or to find out why.Did joining this and getting my initial report actually hurt my score by showing an inquirey? Very confused and would appreciate anybody that could help educate me on this. I consider myself to have common sense and realize 3 points may not be significant but would still like to know best way to find out why? I did ask a long time banking friend and her response was a 3 point drop is a weird amount to drop without me making any changes with my credit.
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
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Re: Just joined a week ago and more confused than ever.

A 3 point drop may indicate a change in utilization, the ratio between amounts owed to credit limit. Both individual and overall.

The scores will always fluctuate month to month, everything else being equal.

That's but one explanation.

And welcome to the forum! :smileyhappy:
"Never ever, ever be late. Never" (FUTR)
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ByrdMan
Posts: 7,975
Registered: ‎12-19-2007
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Re: Just joined a week ago and more confused than ever.



WALLACE wrote:
Just joined a week ago and get fico score from equifax which I assume is only 1 of 3 real scores why do they use equifax as compared to the others,and should I spend more money to moniter other 2? My original score was 767 now less than a week later I get a score watch alert of 764 and no explanation of why or to find out why.Did joining this and getting my initial report actually hurt my score by showing an inquirey? Very confused and would appreciate anybody that could help educate me on this. I consider myself to have common sense and realize 3 points may not be significant but would still like to know best way to find out why? I did ask a long time banking friend and her response was a 3 point drop is a weird amount to drop without me making any changes with my credit.



Yes, what Sylviatob said, and your inquiry did not hurt your FICO. It is treated as a soft inquiry and only YOU will see the softs.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Just joined a week ago and more confused than ever.


WALLACE wrote:
Just joined a week ago and get fico score from equifax which I assume is only 1 of 3 real scores why do they use equifax as compared to the others,and should I spend more money to moniter other 2? My original score was 767 now less than a week later I get a score watch alert of 764 and no explanation of why or to find out why.Did joining this and getting my initial report actually hurt my score by showing an inquirey? Very confused and would appreciate anybody that could help educate me on this. I consider myself to have common sense and realize 3 points may not be significant but would still like to know best way to find out why? I did ask a long time banking friend and her response was a 3 point drop is a weird amount to drop without me making any changes with my credit.



Hi, WALLACE, welcome to the forums! Scorewatch uses Equifax, because Equifax was willing to do this. TU cooperates some with their quarterly monitoring service, and EX doesn't play along at all. You can also see this when you look at your FICO score reports. EQ and TU tell you your positives on screen 2, while EX doesn't, and EQ and TU also provide the simulator on the last screen, while again EX does not. The relationships between the CRA's and FICO can be uneasy at times.

Three points could be something as silly as 4 credit cards reporting a balance instead of 3, or one card reporting a slightly higher balance that moved it into a higher percentage range. Or possibly the phase of the moon, or fluoridation in the public water, or something. :smileyhappy:
* 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
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RobertEG
Posts: 17,456
Registered: ‎03-19-2007
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Re: Just joined a week ago and more confused than ever.

Wow, Wallace!  Anything above 760 is top tier!  I wish I had your "problems!"
Sit back, pop a beer, and forgo the concerns about needing any FICO anti-perspirant!
Any lender would salivate over your low risk, and that is, other than ego,  the only real value of a FICO score.
 
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Just joined a week ago and more confused than ever.


RobertEG wrote:
Wow, Wallace! Anything above 760 is top tier! I wish I had your "problems!"
Sit back, pop a beer, and forgo the concerns about needing any FICO anti-perspirant!
Any lender would salivate over your low risk, and that is, other than ego, the only real value of a FICO score.



Well, that plus having the cushion of a high score. Having 40 points or so worth of padding is very useful if you have to do multiple apps at some point, or if the CRA's goober up your reports and your score drops!
* 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

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