So I pulled by EQ score just before leasing my new car. My EQ FICO score, pulled here, was 681. In the past 45 days, I leased a new car ($9800 balance showing on my report now), closed my old car loan account out (had a balance of $10,000). The only other thing that has changed since then is my util dropped from 67% to 63%.
However, my score is now 697 (per score watch today).
So in short, my scores jumped 16 points by adding a new account? How does that happen. Don't get me wrong, I am happy. Buying a new house in a couple months and love the increase.
Starting Score: 627 EQ, 621 TU - 11/15/08
Do you still have the older SW report, the one that came with the 681 score?
If so, look at screen 2 on it, and compare that to screen 2 on the new report. What is different?
It's possible that something happened in the background --a late going over two years old, a new account aging, and so forth.
And if SW gave you a "reason" for the increase, there's a 90% (at least) chance that it's wrong.
If so, look at screen 2 on it, and compare that to screen 2 on the new report. What is different?
It's possible that something happened in the background --a late going over two years old, a new account aging, and so forth.
And if SW gave you a "reason" for the increase, there's a 90% (at least) chance that it's wrong.
Actually I do have both. The 681 was from EQs scorewatch and the 697 was from scorewatch here at myFICO. Heres how the two look:
681 - 12/22/09
1. High credit usage - 67%
2. Missed payments - 1 account (had three 30 day lates in 2006)
3. New account (1 year - 2 months ago)
697 - 2/4/10
1. You've made heavy use of your revolving credit- 63%
2. New account (2 months ago - the new car lease)
3. Missed payments - 1 account (see above)
That's it. AAoA the same on both too.
No it is not; I have 9 other student loan accounts that show, so that definately cannot be it. I know its a good thing, but trying to make method of madness.
