Just got a 766 on EQ!
0 inq's, 1% util, 2 CC's, 1 car loan PIF, everything clean
Your oldest account was opened: 2 Years, 11 Months ago
Average age of your accounts: 2 years
Here are my FICO scores and hubbies, respectively:
TU = 778, EXP = 730, EQU = 763
TU = 741, EXP = 672, EQU = 781
As you can see I have 2 out of 3 agencies with an excellent rating, hubby has 1 out of 3.
What can we do to improve all 3 agency to excellent status across the board?
If you need more information to advise, please just let me know and I'll let you know what's on there. Right off, I can tell you that we go against the average in terms of the number of accounts we have. Can closing accounts we don't use really hurt our score? Can leaving them, especially in light of the recent turmoil, end up hurting us anyway?
Any thoughts would be greatly appreciated. Glad to have found this site.
Closing accounts can lower your score due to the average age of accounts being lower. I would never close any account unless it has a monthly or yearly fee. Also some CCCs will not give you a new account if you closed one with them in the past.
IMHO I dont think you get dinged for non-used accounts.
In terms of improving your EX score, first make sure that all 3 CRAs have the same information. My EQ score is much lower then my other 2 scores since I have a major derog and EQ smacks me more for it so in my case, there is nothing I can do to improve my EQ score beyond waiting for the derog to fall off.
On your EX, without knowing the details, a new installment (autoloan) would lower your EX score until the first payment reports. Also do you have a large number of INQs on EX? Also check total util/#accounts reporting.
Finally if there is derog info on your EX that is not on your EQ and or TU, I would leave it be.
I just ordered all three of my scores. This is the first time I've done a full score/analysis pull. These are current as of 19Oct08.
TransUnion - 783
Equifax - 811
Experian - 809
Here are some of the relevant contributing stats that I see many people mentioning:
-Revolving credit balance: 2%
-Oldest account: 12 years, 3 months (which is also first revolving account)
-Average account age: 8 years
I have three credit cards:
-Citibank Mastercard 27.5k limit (my primary card, which typically accrues a balance of a few hundred each month)
-Capital One Mastercard 7k limit (secondary card for some recurring expenses that total about $50 each month)
-American Express Blue 5k limit (I've only used this card once or twice, so it essentially never has a balance)
I have one auto loan with a balance of about 16.5k as of today. I have no mortgages, nor have I ever had one. I've never missed any payments on anything and I've only carried a balance on a credit card once or twice for just one month. I had student loans from my collegiate career, but I paid all of those off a couple of years ago (well ahead of schedule). I am 29 years old.
I got TU and EX scores and report today and my Experien score went up to 799!! I looked at the report and the charge-off of an auto loan that I co-signed for in 2001 is off the report! My score went up 34 points! It says that the only negative I have is a short credit history, which is 12 years, and that most high achievers have an average of 19 years. My util is 3% out of a CL of about $75k.
No change AT ALL on EQ and TU scores in at least 5 months. TU says that the charge-off will be coming off in December this year.
My most recent FICO scores. When I pulled these scores, my revolving accounts balance total was only $7--
This is the first time I have ever pulled my FICO scores. I was happily surprised to see my scores in the mid 700s. I was worried because I had difficulty making all my payments on time for a few months in 1999. I was able to PIF but the ordeal was so awful I swore off credit cards and closed all my accounts by 2001. About the same time I moved to Canada to begin graduate studies.
Once I saw a copy of my credit report, I realized the damage I have caused by closing my otherwise perfect eight year old accounts. Instead of panicing the way I did, I should have put them in the 'sock drawer'. However at the time, I was in dire straits, unsure of my financial future and had no sound guidance.
Now I am now trying to reestablish my US credit history by opening new credit card accounts. All my current accounts are Stafford loans. As I said before, I am surprised my scores are as good as they are. I'm glad to have found myFICO to properly educate me about credit management. Thank you for your help.