MyFico Report "reasons"

[Dawn]

I broke down and purchased my DH's MyFico scores from EX and TU after obtaining the same for EQ through the free trial of Scorewatch.  I wanted to see how the scores compared and determine how the CRAs were handling the Chase Freedom World MasterCard with a Credit Access Limit instead of a Credit Limit. (Unfortunately the CL is not being reported, but the balance is being calculated in the revolving utilization.) 

WOW!!!  EX and TU are reporting the same Revolving Credit accounts, balances and limits.  However, the scores were 796 (EX) and 779 (TU).  The remark on the MyFico Report for TU was:

What’s hurting your FICO® score

The negative factors listed here are reasons why your FICO® score is not higher. You should focus on changing the behavior that caused these negative factors. These factors are listed in order of their impact to your score, the first has the greatest negative impact and the last has the least.

Please note that a negative factor can be provided even if you are better than the national average of FICO® high achievers on that factor. In all likelihood, this means that your FICO® score is already quite high. The fact that you are still receiving a negative factor means that there is still some room to work on that factor.

1. There is no recent activity on your credit cards.

   Your credit report shows no open credit cards or it does not report recent information (such as balance or credit limit) about any of your credit cards. Your FICO score evaluates your mix of credit cards, installment loans, and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders.

   What to do about this: You might want to show new activity on any credit card. If you already have a credit card, you can show new activity by using it and paying it back on time. If you don't have a credit card, consider opening one. However, be aware that the credit inquiry associated with applying for a new card may lower your FICO score in the short term.

WHAT?!?  Two currently used cards show balances and recent on-time payments.  One shows a CL and the other (Chase World MC .. darn 'em) does not.  I could understand if the "factor" was a higher revolving utilization than desired because of the lack of the CL on the Chase card ... but to say that "There is no recent activity on your credit cards?"

What's more ... I can't find any other information that differs from what is being reported on TU than on EX to justify the difference in score.  I realize  that others would be delighted with a 779 score, but my concern is that it is lower than it should be as a result of some "fluke" in the evaluation of the CRA data.  It isn't hurting him ... but if this same thing is happening on others' scores and they are struggling to boost their scores ... this type of inconsistency is not fair! 

I wish there were a more detailed mechanism in place for us to determine whether the "invisible" data that we are not seeing is accurate.

Message Edited by denbar2003 on 11-26-2007 10:06 AM

[Madison]

Welcome to the FICO Twilight Zone>>>>>>>>>>>>>> Common sense is not common when it come to figuring out the 3 CRA's.....congrats on your score.

[jackg]

One thing I've learned since I began pulling MYFICO scores and reports is to disregard the reports. MYFICO's  forte is FICO scores. The credit reports they provide in this package are given to them by EQ, Ex & TU. Get It?

If you want to check reports you have to go to the horses mouth so to speak. That's why the "comments" they make don't seem logical. They aren't.

[haulingthescoreup]

Any time credit scores are up that high, the reasons they give are frequently ludicrous. But I agree, it's pretty irritating to be nagged at to go do something that you're already doing.

I would also guess that EX is treating the Chase card differently than does TU. EX chooses not to fully participate in the FICO score reports, and so they don't tell you what makes them happy, and they don't give a sim. But I wouldn't be a bit surprised if they somehow weight that card differently (and probably more fairly.) Small consolation, I know.