Regular Contributor
Asailorshort
Posts: 205
Registered: ‎06-04-2012
Re: New to the Board - UPDATED EQUIFAX QUESTIONS

Ginger dad,

       Your inquiries from 11 months ago will stop affecting your score in another month.  They'll stay on your report for another year after that (2 yrs total), but they are not calculated in your score after that point.  If they were all in a very short time period (typically 2 wks) they are supposed to be calculated as one inq.  However, there is no way to 'consolidate' them.  They'll continue to show up on your report as individual inqs from the various individual creditors. But since they stop affecting your score in a month, I wouldn't recommend doing anything even if you could.

 

     Also, in regards to the collection, kit will fall off your report at 7 - 7.5 years.  How close to 7 yrs is it?  It's likely still costing you a few points and there are some things you can do such as GW or PFD if it's past SOL.  Many ppl have had success with these but some have had problems with the acct appearing newer or some action they take inadvertently resetting SOL.  I'm not advising against GW or PFD.  Rather I'm simply saying that if this collection acct is going to fall off soon and you don't immediately need any credit (though from your post it appears you are trying to get a business start up loan), it can sometimes be best to let old 'baddies' simply die a natural death which happens at the 7-7.5 yr mark).

 

     finally, I know none of this answers your original question about the score discrepancies. they  are both using the same info but using different scoring algorithms.  The one from here is your FICO and the score that 99% of lenders use.  The one from EQ is what we call a 'FAKO.'  It is not uncommon for ppl to have differences of 50-100 pts or more between their FICOs and FAKOs.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013