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New Visitor
BenH
Posts: 7
Registered: ‎11-07-2012

Re: # of Accounts - Really help or hurt?

I got my Equifax score from myFICO using the trial service.

 

Can I consider that accurate?

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: # of Accounts - Really help or hurt?

MyFICO offers nothing but FICO scores. Most all mortgage lenders use that EQ FICO version.

Established Contributor
bettercreditguy1
Posts: 688
Registered: ‎02-11-2012

Re: # of Accounts - Really help or hurt?

Another perspective. Sometimes when they refer to 21 plus accounts, that could mean earlier/closed/paid off trade lines as well. If that is the case, that is just refering to a number of various credit types over a longer period of time. I have 28 trade lines, of which about 65% are paid and closed. They consist of auto loans, store cards, home mortage(s) and unused/closed credit cards. The other big factor here is AAOA. Since auto, mortage, and credit lines do not report forever, your AAOA can be greatly reducedif you do not have a very long history with your current credit insturments.  For example, one credit card open 20 years and one 2 years. 20 + 2 =22.  22/2 = 11 years AAOA.

Now close card 1, remaining is card 2 only. Your AAOA is 2 Years. This dramatically effects your Fico Score. So as you see, the more trade lines you have had, the less that

AAOA goes down when one account ages off of your credit report. 

Starting scores 01/ 02/2012 EQ 707 TU 733 EXP 735 (FAKO)
Updated scores 04/13/2014 EQ 792 TU 763 EXP 768 (Fico)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: # of Accounts - Really help or hurt?


bettercreditguy1 wrote:

Another perspective. Sometimes when they refer to 21 plus accounts, that could mean earlier/closed/paid off trade lines as well. If that is the case, that is just refering to a number of various credit types over a longer period of time. I have 28 trade lines, of which about 65% are paid and closed. They consist of auto loans, store cards, home mortage(s) and unused/closed credit cards. The other big factor here is AAOA. Since auto, mortage, and credit lines do not report forever, your AAOA can be greatly reducedif you do not have a very long history with your current credit insturments.  For example, one credit card open 20 years and one 2 years. 20 + 2 =22.  22/2 = 11 years AAOA.

Now close card 1, remaining is card 2 only. Your AAOA is 2 Years. This dramatically effects your Fico Score. So as you see, the more trade lines you have had, the less that

AAOA goes down when one account ages off of your credit report. 



Per FICO, closing a CC won't have any impact at all on AAoA since closed accounts are still factored in. Per CreditKarma, they calculate AAoA differently. CK's version of AAoA includes open accounts only, and yet another reason to ignore it (IMO).

Frequent Contributor
Imua
Posts: 280
Registered: ‎01-17-2009

Re: # of Accounts - Really help or hurt?


BenH wrote:

@ illecs

 

Thanks for this info.  I'm surprised that these other sites can get away with giving you these FAKOs and claim they are actual scores.  I didn't know that the only real place for an Equifax score was from myFICO or Equifax.  Not that I doubt you - but how would I know that and what makes myFico able to provide the real info?  Are they owned by EQ?

 

So MyFico shows me at 793 for Equifax

 

I signed up at TU and they show me at 915

 

Both of these are much better than what these so-called FAKOs are showing me.  I guess they are in the business of making you worry about your credit score, huh?

 

Now to find a way to get my Experian so I know for sure.

 

Really appreciate your answers!


as you've discovered by now, scores obtained at myFICO are real FICO scores.

i recently purchased both TU and EQ scores here at myFICO.   as noted below in my sig, my EQ is 793 (like yours :smileyhappy: )

 

i have 7 TL's on my CR's:  2 BofA, 1 chase, 2 macy's (store and AMEX),1 sam's club and 1 LOC (overdraft) with my credit union.

if any scoring model told me i had to have 21 cc/s or TL's to increase my score, i would certainly ignore that advice!  no way i want that many to keep track of.

 


BofA visa $9.4k ... BofA Cash Rewards visa sig $10k ... Cap 1 Venture1 visa sig $10k ...
Chase Freedom MC $10k ... Macy's $1.5k ... Macy's Amex $5k ... Sam's Club $6.3k
myFICOs as of 3/25/14:...EX=809 .... EQ=802....TU=787

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