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Varios FICO Scores

Contributor

Varios FICO Scores

I was recently denied credit by AMEX so I decided to pull all 3 scores. TransUnion and Experian are both showing 697, but Equifax is showing 673.  That's a 24 point spread!!!  I pulled my Equifax report and for the most part it is equal to TransUnion and Experian...I just don't understand the big differences in scores????
 
Has anyone had an experience like this one?  Do you know what causes such varied scores? Thanks for any help!!! 
Message 1 of 5
4 REPLIES
Moderator Emerita

Re: Varios FICO Scores

What are your various baddies, the things hurting your scores? I am currently "blessed" with EQ 651 - EX 691 - TU 681 (all FICO.) These are from essentially identical reports. I think EQ is especially snippy about lates. Do you have any?

Also EQ doesn't know how to report HELOC's, and just dinged me 3 points while reporting that I have already used all my line of credit, which I have not.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 2 of 5
Contributor

Re: Varios FICO Scores

Dear Hauling, thanks for your response.  Yes, I have some lates, but they are from 4 years ago.  However, when I pulled EQ report I noticed two new lates reportly recently which are incorrect. I am disputing those....
 
Well, I guess there is nothing to do but wait.
 
By the way what does HELCO mean?
 
Thanks.
Message 3 of 5
Moderator Emerita

Re: Varios FICO Scores

HELOC = Home Equity Line of Credit. It's a credit line tied to the equity in your home. You can tap into it, pay that off, get more, etc. It can be dangerous if you use it to shove over CC debt and then pretend like you don't owe anything anymore. It's different from a home equity loan, which is a fixed amount that you get all at once and pay back in regular equal installments.

The CRA's are greatly divided on how to treat HELOC's. They're sort of revolving, because they don't have fixed monthly payments, but they're also mortgage loans, in that they are tied to your equity in your home which you can lose if you don't behave. So EX classified it as a mortgage, TU as an "account in which the exact category is unknown", and EQ flip-flops between calling it a mortgage on one screen and revolving on another.

Message Edited by haulingthescoreup on 10-08-2007 07:32 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 4 of 5
Contributor

Re: Varios FICO Scores

Interesting...thanks for info!
Message 5 of 5