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.
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 ?
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.
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.
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?
A 30-day that late is no longer hurting. 30-days typically stop around 2 years, but certainly YMMV on your credit.