05-01-2013 11:25 AM - edited 05-01-2013 11:27 AM
I checked both of my Fico scores today (myFico) and noticed a 30 pt difference between EQ and TU, with TU being the higher. I reviewed both reports and find this odd.
Both reports are almost equal with the differences being and they all seem like they would place my EQ score higher instead:
* TU has one additional INQ within the last year
* EQ has a Cap1 credit account showing pays as agreed opened in 1995; $0 bal
* TU has a revolving account showing pays as agreed opened in 2005; $0 bal
* TU has a student loan balance $100 higher than the same EQ student loan balance
The only other difference is on the EQ report card, "you opened a new credit account relatively recently; 4 months ago" is showing as a negative factor that affects my score. Does the TU model not let this affect it as much?
Does anyone know at what point this new account will not negatively affect my EQ score? 6 mo. mark? 1 yr mark?
EDIT: The EQ report shows a negative indicator my a CC account. There was a 30day late in 2008. This is on my TU report, but doesn't list the account as negative.
05-01-2013 06:41 PM
The thirty point difference is probably not just one thing but a combination of things. The late date and the recently opend account would be the majority of the difference. On the 30 day late is this correct? If not if you have the proof of payment for that month then dispute the late paymentt with the proof that sould help. Do the score reasons on what is hurting your score on Equifax mention the late payment ?
05-01-2013 07:20 PM
05-02-2013 05:05 AM
I don't mean this answer to seem like a cop out, but there is no way for you to get a definative answer to your question. The exact scoring formula a trade secret and an unknown. Most people have discrepancies between their scores. This can be true even when the reports are exactly identical. There has been a lot of research done by members of this site and other but still it is hard to pin down exactly how your scores are effected by a single difference or a few differences in your reports.
05-02-2013 06:49 PM
There is one other factor that I should have thought of in my first post.. The Equifax score is Beacon 5.0 and the TU score is Empirica 98. This a also a factor in the score model difference as well. This also factor into the score difference as well.. The part of your last response that has me confused for the moment is the no late payments / serious delinquency on the positive side and yet there is a 30 day late.
05-03-2013 08:50 AM
05-03-2013 09:42 AM
I also realized something else. TU is in fact not recognizing the 30 day late; which is odd because it is on my report, but not my myFico TU report.
This could be a significant portion of the point difference......but is my EQ score reflecting this considering the positives?
How old is the late?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.