Re: Equifax FICO and Equifax Score
08-02-2012 12:50 PM
I think the crucial part to this that I am leaving out is that my myFICO EQ score was also in the mid 700's (737 to be exact) when I paid off this car loan. All other scores that I have been referring to increased to some degree or another and this score DECREASED 75 points to 662 when I paid off and closed this account. (It has since creeped up another few points to 665). When I looked at the score power report it said that the reason it had dropped was that i had recently missed a payment.... which was not only incorrect, but was inconsistant with all of the payment histories listed in the very same report.
I am very frustrated and have no idea how to fix it....if it weren't for my upcoming refi and the assurances by everyone here that this score is what the lenders pull and the most accurate, I would have just given up. But I keep hoping that someone will tell me the way to have it properly reflected in my score.
I looked at the high achiever criteria (>760):
- Olderst account >19 years, mine is >20 years credit history
- Revolving/CC balance is 7%, mine is 1%
- Average age of accounts 6-12 years, mine is 14 years 6 months
- Opened their most recent account 27 months ago mine is 10 months ago, before that was 9 years ago.
- Average 6 open/active accounts, I have 11 open/active accounts, all "pays as agreed".
- FICO High Achievers have 4 to 5 Credit card, I have 4
- 93% of high achievers have no missed payments, but if they do they are nearly 4 years ago. Here is where I fall into a little trouble I have 5 missed payments in in the past 7 years (30 days). The oldest is almost 7 years old and will fall off in November, the most recent is well over 3 years old and the other 3 are 4-6 years old). The most recent (3.5 years old) is on a car loan which was recently paid off early and closed. (This is what seemed to trigger my dramatic 75 point score drop.
- Never had a 60 day or longer
- No public Records or collections
- Credit Mix: I have 5 Mortages (I own rental properties), 2 installment loans (a student loan and a roof loan), and 4 revolving credit cards. FICO says I have a healthy credit mix
From all that I have read here and on other sites. Closed accounts have slightly less impact than open, so I think that paying off the car that had my most recent missed payment would have been "score nuetral" or even helped rather than hurt my score the way it did.
So there it all is.... maybe that is the profile of a 665.... but I have read through a lot of people's stories on this site and looked at their corresponding scores and I just don't think so. Keep in mind that all of these things were there before I paid my car loan and my myFICO score was 737. All that has changed besides this loan is time... my balances are slightly lower with 2 months more payments and my missed payments are older. None of those should drop my score.
What am I missing? I know there are some serious credit gurus on this site, so I am hoping that someone can tell me.... btw, I called myFICO and Equifax when this happened and they both agreed, this should not have caused such a drop and they saw no reason for such a drop.....the initiated disputes on my behalf but the results did not change anything.
I await your thoughts.... Thanks!
Starting Score: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Current Score: EQ 740, EX 792 (lender pull), TU 772 (lender pull)
Goal Score: 2 over 760 and one over 800--still looking to get one over 800!
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