04-23-2011 03:51 AM
I recently paid 2 substantial payments on my American express card. The first time I paid 1K off a 2500 balance, it raised my score substantially. THis month I paid it down by 1500, leaving a 100 balance. My score actually went DOWN 10 points on Equifax. The other two agencies have not updated yet.
How is this possible? I did not close The account, I have 2 open Revolving accounts, and now I have 90% available credit on them. My installment accounts did not change and I did not open any new accounts. NOTHING....
Why on earth did it lower my score instead of raising it?
04-23-2011 09:54 AM
It looks like you are watching a fako credit score - which is different than the FICO score your lenders will see.
When you get a chance, pull your FICO scores - they're the same scores your lenders see, and the scores that matter.
You can pull FICO scores for EQuifax and TransUnion here at myfico.com.
You'll also receive a report with that FICO score that tells you what is Helping your FICO score and what is Hurting Your FICO score. There will be additional info on how you look to potential creditors, what current mortgage rate is tied to your FICO, and a simulator that helps you know how different actions will affect your FICO score.
If you sign up for Score Watch, you will be able to track your FICO score changes as items on your credit report change - it's one of my favorite services. It was very helpful when we were doing credit repair and also when we refi'd our mortgage. Our mortgage lender was amazed that I knew both DH's and my EQ FICO score - and I could do that because of Score Watch. It's a FICO score - so it's the same score the lender was pulling.
04-23-2011 01:51 PM
The credit report and score subscription are with Equifax, the American Express card is the revolving card where you have a limit and have time to pay. I think its called Blue Cash Card.
04-23-2011 01:54 PM
No it is from Equifax directly not some other place. I subscribe only through the credit bureaus.
Unless you are subscried to ScoreWatch from Equifax, the scores you are looking at are NOT FICO scores. Transunion and Experian don't offer any direct monitoring that provide FICO scores.
04-23-2011 01:59 PM
also, for everyone who thinks the consumer subscriptions with Experian, Equifax and Tranunion, and think your seeing the same scores your mortgage lender sees when they pull a trimerged credit report and score for a mortgage , think again. They are completely different! IN my case, my scores were:
Transunion : 752 (no idea why this was so much higher than the others but have pulled it several times since always the same)
However when my Loan officer pulled the trimerged report from EQUIFAX MORTGAGE SERVICES, he got:
Its a complete scam for the credit bureaus to sell us something but beware IT IS NOT THE SAME AS WHAT A MORTGAGE LENDER WILL SEE .
This is my third time going through a mortgage and I go through this each time.... my loan officer said when they pull from equifax, they get a completely different score than we see as the consumer. And if I was buying a car, the dealer or finance company would get a different one yet.
Its simply a way for these companies to make more money. Here we are the poor suckers and in my case I am spending 14.95 each for each of the 3 credit bureaus..... Im canceling all but one as soon as possible...
04-23-2011 02:26 PM
Bet you work for MyFico, which is eitehr owned by Equifax or Transunion (I suspect equifax, since Transunion has CreditKarma)
I personally use ScoreWatch from Equifax to monitor my EQ Fico score. I get a better discount through EQ vs MyFico, so no I do not work for myfico.
If you were to buy your Power Score from eith MyFICO or, if you can find it, from Equifax, you would be receiving your FICO score, which should match exactly as the lender would see (for Equifax). Here is the only place to buy your Transunion FICO score but, alas, it is a 1998 scoring model and most lenders are using TU 2004. Personally, I would not recommend paying for a 23-year out-dated scoring system
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO