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Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Understanding Your Score - Equifax


Bones wrote:

Yes, I knew opening the accounts would reduce my AAoA and I would take a big drop in my scores.  What I am trying to determine is what percentage EQ is needing to remove the negative indicator as a reason for a score drop.  Just exactly what percentage can you open in a year and not have that used as a reason for hurting your score, according to EQ?

 

As you see I am at 90% of all my credit accounts opened in the last 12 months. But what if I only had 60% or 30% opened in the last year, would that be a negative as well? Figured someone that subscribed to one of the EQ packages would have some info and perhaps noticedthis under their report.  Curious to if someone who did open a lot of accounts had a % number on their account I could use for a reference.

 

If someone had the same 'hurting my score' comment as me, but yet they had 50% opened in the last year compared to all credit accounts, then I would have a better idea of what or how many of my cards needs to be a year old to make a difference according to EQ.


Not quite sure what you mean here.    AFAIK, the EQ "reason" is just a summary, you are not losing extra points because of this reason.  Your score is down because of the new accounts (some mixture of Inqs if they are on this report, and reduction in AAoA).   Obviously, with a smaller number/percentage the impact would be less, and indeed this reason might then not appear in the top N, but the reason itself has no impact.

New Contributor
Bones
Posts: 74
Registered: ‎04-08-2012
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Re: Understanding Your Score - Equifax

Alright.  I have a few cards in May that will be a year old. Hoping to get a slight score increase. Another question, if an account was opened May 9th, 2012, just exactly how would lenders or the bureaus determine a year mark?  May 9th, June 1st, or the next statement cycle (June 9th).  I'm getting close to a year mark on some accounts and want to get a better idea of when things may fall into place for the better.

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Bones
Posts: 74
Registered: ‎04-08-2012
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Re: Understanding Your Score - Equifax

 photo 2013-03-31_142246_zps8846cdf8.png
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Understanding Your Score - Equifax


Bones wrote:
 photo 2013-03-31_142246_zps8846cdf8.png

 

So notice that although you get dinged for not having information about a mortgage, they say that the same applies to 82% of the best scorers!

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Understanding Your Score - Equifax

I have 9 open accounts and 5 of them were opened in the past 12 months with 4 of those opened in the last 5 months. So right now I am at 55% but it will be 44% in July.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Understanding Your Score - Equifax

Typo. 10 open accounts, not 9. So I am currently at 50% and will be at 40% in July. So now I'm wondering if I should stay in the garden until December as it will be at 30% by then. Hmmmm....
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
Bones
Posts: 74
Registered: ‎04-08-2012
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Re: Understanding Your Score - Equifax

Do you subscibe to any of the EQ products?  If so, do you see what I see? I wonder if your 50% throws a flag up on EQ like mine does at 90%.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Understanding Your Score - Equifax

The only EQ I subscribe to is the one from myfico. I subscribe to an EX service but it didn't have that category as a negative. Instead it talks about inquiries, average credit limit, and my number of installment loans as being negatives. Not having a mortgage used to be a negative, now it says my mortgage is in good standing as a positive. My EX score is the lowest.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013
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Re: Understanding Your Score - Equifax

i have Equifax's service as well but my new accounts hasn't reported yet. I was at 766 (FAKO) and 1 discover inquiry brought me down to 756 (FAKO as well). I am probably going to be 650-720 region once my new accounts report :smileyvery-happy:

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
tcbofade
Posts: 2,191
Registered: ‎09-26-2011
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Re: Understanding Your Score - Equifax


BrokaToe wrote:

tcbofade wrote:

Hmmm.  I didn't know that either.

 

Right now, I've got 32 "active" credit accounts...six of them opened in the last 12 months.  The last one was in August of 12.

 

I wonder if this will help my EQ score come August...


interesting thought tcbofade. That would definitely be something to keep an eye out for. If you see a small jump in August and nothing else has changed, then that could be the reason.  If you don't mind me asking, are all 32 of those accounts credit cards? :smileyvery-happy:


Oh heavens no...

 

 

 

 

 

 

 

 

 

(only 29 of them are...)



Current Scores: EX 671 (FCR) TU08: 648 Wally (TU08). 08/29/14 Last app 05/29/2014.
Being held hostage in the garden until 01 November 2014.

Zero percent financing is where the devil lives...

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