10-19-2012 10:19 AM - edited 10-19-2012 10:45 AM
UPDATE - FOUND ANOTHER THREAD WITH FOLKS EXPERIENCE SIMILIAR DIFFERENCES IN EQUIFAX SITE SCORES AND EQUIFAX FICOS ON MY FICO. THOUGHTS ON THE OTHER QUESTIONS BELOW ARE APPRECIATED.
Hi all new to this forum. Struggling to understand differences in Equifax reported scores.
Here are the facts. I have an equifax family plan and the following reported scores:
Latest Credit Score
As of 09/26/2012
As of 09/26/2012
As of 09/26/2012
However, starting my own business and was turned down by US Bank for a working capital line based on their reported FICO score of 694 (they gave me a business line of credit for almost twice the rate). I came to myfico and ordered my fico score here and sure enough, getting the following reported:
10-19-2012 10:48 AM
Here is what myfico is saying is helping and hurting
Hurting your score
Helping your score
10-19-2012 01:28 PM
The account information on the reports from Equifax is all correct.
The scores, analysis, and recommendations is all garbage.
The EQ FICO from here is a real score actually used by most lenders including virtually all mortgages.
If you are going to use a product to monitor your reports such as your Equifax service, just ignore the scores and advice.
10-19-2012 06:07 PM
Your inquiries from 11 months ago will stop affecting your score in another month. They'll stay on your report for another year after that (2 yrs total), but they are not calculated in your score after that point. If they were all in a very short time period (typically 2 wks) they are supposed to be calculated as one inq. However, there is no way to 'consolidate' them. They'll continue to show up on your report as individual inqs from the various individual creditors. But since they stop affecting your score in a month, I wouldn't recommend doing anything even if you could.
Also, in regards to the collection, kit will fall off your report at 7 - 7.5 years. How close to 7 yrs is it? It's likely still costing you a few points and there are some things you can do such as GW or PFD if it's past SOL. Many ppl have had success with these but some have had problems with the acct appearing newer or some action they take inadvertently resetting SOL. I'm not advising against GW or PFD. Rather I'm simply saying that if this collection acct is going to fall off soon and you don't immediately need any credit (though from your post it appears you are trying to get a business start up loan), it can sometimes be best to let old 'baddies' simply die a natural death which happens at the 7-7.5 yr mark).
finally, I know none of this answers your original question about the score discrepancies. they are both using the same info but using different scoring algorithms. The one from here is your FICO and the score that 99% of lenders use. The one from EQ is what we call a 'FAKO.' It is not uncommon for ppl to have differences of 50-100 pts or more between their FICOs and FAKOs.
10-20-2012 02:06 PM - edited 10-20-2012 05:31 PM
Thank you both - very helpful.
Just signed up for a 2-yr thing on equifax, now regretting it. If I keep the equifax package and just monitor score on myfico, any suggestions on which package to get (I think there is a "standard" package).
Also, didn't follow all of the acronymns:
GW - EDIT - GOOD WILL LETTER (FOUND ON FORUM)
PFD - ?
SOL - statute of limitations.
PPL - ?
I actually paid the amount in its entirety to the collection agency years ago and it will be 7 years following first dequincy next November. Would love to get it off before then as it is conceivable my credit will be evaluated irrespective of further credit needs as I am raising some money for the start-up.
10-20-2012 05:33 PM
10-21-2012 06:28 AM
It looks like you've just learned about Fakos vs Ficos. The scores they all use are just about worthless. I always say a FAKO score is +/- 200 points of what your FICO is. You have an old paid collection. See if you can GW that off and you'll be doing just fine. Good Luck.
10-22-2012 08:39 AM
Thanks for the additional info and thoughts on FICO v. FAKO; checking those links out now.