Re: His & Hers FICO Scores don't make sense
11-02-2012 06:33 PM
I am just going by MyFico published score watch scores on the dates the major credit changes occurred, not by the actual scores the banks acquired. Does the type of report acquried by the bank matter to MyFico? If so, then as part of the fee for Score Watch, they should be publishing that information. I am aware that the entirity of our history is different, but the recent history (since our marriage in 1994) is the same, and in particular since we've purchased ScoreWatch, all of the inquiries, payments, etc. are the same. My point is a payoff of a jointly held mortgage raises one score and lowers the other. One spouse uses the credit card and it raises one score and lowers the other. It is surprising to me that his score was in the 740's and the payoffs sent it below 720 and now just using a portion of our credit card sends his score to just barely above 700. On the otherhand, these same actions to my score raised from what was originally (prior to our purchase of scorewatch in august) the mid 600's to 719. And, as many have said in other posts, these scores have nothing to do with our liquidity or ability to actually pay for the credit we acquire and/or use.
As long as you are comparing a Scorewatch Score ( EQ Beacon v5.0) to another Scorewatch Score that will help. Same CRA and same score version.
If all pre-marriage accounts were closed at least 10 years ago and have dropped off the reports, that will make the reports much more similar. Are the "Your oldest account was opened X Years, Y Months ago" or "Credit history X Years" numbers the same? How about AAoA? Does one person have a negative and the other no negatives? Derogatory and Non-Derogatory Scoring Buckets are very different. Are the number of accounts and all the other numbers in that box on your EQ FICO report the same?
Most married couples have one user as Primary User and the other as AU on CC accounts. There are a few (very few) CC that are "Joint" accounts, at least in some places. PU and AU may be scored differently. Look at each account and see if the "Account Holder" is exactly the same. The same account may be identified differently when reported to different users. You would have to insure that every account is reporting exactly the same way to the CRA.
I have to believe that student loans are individual. Are the both almost exactly the same in amount, date, etc.?