Re: Trying to understand Fico scoreing
10-05-2010 09:50 AM
OK, so we are assuming your EQ FICO was 673 when they pulled the mortgage. From your last post we know that the EQ score of 669 is also a EQ FICO. Those are directly comparable. In between you had the inquiries from the mortgage, new mortgage account, lower use of CC, and no more lates. I would expect that to result in a score increase and you have a decrease. 4 points is actually close enough we should call that "the same" but I do realize it is in the wrong direction. I would guess the hit from the inquiries has fallen off but don't know about the new account. I would think a mortgage would help your mix of accounts and would think the reduced CC utilization would help a bit also. The big hit from the lates was already over when you pulled the mortgage score so I doubt you benefit much, if at all, for the age of the lates. If you look at the details of the two reports you could get a better idea but imagine that you don't have the actual reports from the mortgage. I understand that some mortgage companies pull a "mortgage enhanced" FICO score so that might be a bit different also. Others may chime in with more info since I'm not really sure on that. The important part is that your score is headed up, not down.
We now know your TU FICO was 707 and is now 683. That is clearly down but if Hauling's guess is correct, one is TU04 and the other TU98. That makes it hard to compare them directly. You need two scores that you know are based upon the same scoring model.
The current EX report is useful for the details of your accounts. Any EX consumer score or info on what is helping or hurting your score is pretty useless. EX Plus is know to vary by 100 points in either direction to an EX FICO. When I could still get an EX FICO from myFICO.com, my Plus score typically ran 40-80 points higher since Plus seemed to love my 5 mortgages. Others regularly reported Plus way less than their FICO.