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Regular Contributor
Posts: 180
Registered: ‎03-21-2015
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Trying to understand difference in Experian score

From November to February, my FICO 8 is down 7 points. Only changes are available credit has increased from $6850 to $16000 - same cards, no new hard pulls, just credit line increases. Utilization is basically the same $ wise - about $300 on one card only. One inquiry aged passed 12 month mark. Charged off Citi card aged off. I closed two Merrick accounts but didn't think with my average account age of 13 years it would make much difference. Maybe this was my mistake? :/ I'm very anxious for my mortgage scores to go up a bit - I either need Experian up 5 points or Equifax 3 points. The way my FICO 8 is not moving up though does not seem hopeful. Did I really do so much damage closing the Merricks (both about 8-9 years old, my other ones are under a year old).

Senior Contributor
Posts: 5,416
Registered: ‎02-24-2015
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Re: Trying to understand difference in Experian score


CaptainKangaroo wrote:

From November to February, my FICO 8 is down 7 points. Only changes are available credit has increased from $6850 to $16000 - same cards, no new hard pulls, just credit line increases. Utilization is basically the same $ wise - about $300 on one card only. One inquiry aged passed 12 month mark. Charged off Citi card aged off. I closed two Merrick accounts but didn't think with my average account age of 13 years it would make much difference. Maybe this was my mistake? :/ I'm very anxious for my mortgage scores to go up a bit - I either need Experian up 5 points or Equifax 3 points. The way my FICO 8 is not moving up though does not seem hopeful. Did I really do so much damage closing the Merricks (both about 8-9 years old, my other ones are under a year old).


Closing the Merricks accounts wouldn't have affected your average age of accounts; they stay on the report for a long time, probably in the neighborhood of 10 years.

 

It is possible that the disappearance of the old Citicard account affected your 'oldest account' and/or average age of accounts.

 

The way your FICO 8 is moving may or may not be indicative of what's going on with your mortgage scores.


FICO8 EQ 782 TU 806 EX 786 FICO5 EQ 747 Total revolving 503000
Established Contributor
Posts: 886
Registered: ‎01-01-2014
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Re: Trying to understand difference in Experian score

What is your AAoA before and after the Citi card aged off?

 

How many open credit cards do you have?

Established Contributor
Posts: 886
Registered: ‎01-01-2014
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Re: Trying to understand difference in Experian score


CaptainKangaroo wrote:

my average account age of 13 years

 

my other ones are under a year old).


Is 13 years your AAoA for all accounts or your average age of open accounts?

Regular Contributor
Posts: 180
Registered: ‎03-21-2015
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Re: Trying to understand difference in Experian score

[ Edited ]

My average account age is over 13 years thanks to some ancient student loans. Unless they also look at average age of your credit cards only somewhere? I have four cards - Amex $3000, Walmart $6000, Chase $6000 and the big Fingerhut $400.

Regular Contributor
Posts: 180
Registered: ‎03-21-2015
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Re: Trying to understand difference in Experian score

AAoA is for all. For open should not be too far off thanks to my 28ish year old student loans. Yes, I really suck.

Established Contributor
Posts: 886
Registered: ‎01-01-2014
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Re: Trying to understand difference in Experian score

What diid your AAoA change to when the Citi card aged off?

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Regular Contributor
Posts: 180
Registered: ‎03-21-2015
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Re: Trying to understand difference in Experian score

It would have increased since Citi was only about 10 years old. I'm guessing it must be the ^&%$ Merricks. I was tired of paying a monthly service charge for them when I have better cards now and didn't think it could hurt me. But given I got my utilization down to about 2% this month (it had been 9% on two cards vs 2% on one) I don't know what else it could be. Hopefully my Equifax mortgage score refusing to budge has nothing to do with the Merricks. I think I am just in Bucket Hell on the Equifax and that not much is going to change unless I get the blotches off my report (student loans in default, 30 day lates on old car payment and a charged off Target card, later paid). Experian though must be because of the Merricks. Thanks for y'all's help with this.

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