topic Re: Rant on CRAs in Credit Cards

Rant on CRAs

Anonymous — Sat, 01 Aug 2015 18:12:22 GMT

So I decided to leave no balance on either card for this coming month. Get an alert about change in score lo and behold those creeps at Equifax decide to deduct a full 26points I earned last month!! A FULL 26 POINTS BECAUSE I PAID IN FULL. I honestly do not like Equifax!! I think such a high point deduction is ridiculous. This whole FICO score credit reporting crap is a stupid stupid game and it really just pisses me off that they deducted this many points. Plainly stated I hate Equifax. Oh well I've learned this months lesson I suppose.

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 18:15:39 GMT

Share your pain! Paid off a card loan and the score dropped 20+ points. "Say what?" ... yeah credit is like pinball. Sometimes the stupidity of scoring is beyond me. Now they want to evaluate the size of monthly payment you make to determine your future risk as part of the FICO 9 I read about on this site. Give me a break!

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 18:15:50 GMT

I've been there. I feel the same way about Experian too. It seems like silly things drop my score, but correcting them doesn't raise it back. Frustrating for sure. I'd have to say that TransUnion is by far my favorite CRA (so far anyway).

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 18:18:11 GMT

@Spider15 wrote:
Share your pain! Paid off a card loan and the score dropped 20+ points. "Say what?" ... yeah credit is like pinball. Sometimes the stupidity of scoring is beyond me. Now they want to evaluate the size of monthly payment you make to determine your future risk as part of the FICO 9 I read about on this site. Give me a break!

Boy I sure hope they don't do this, because I have several lenders who don't report the amount of my actual payment, they just report what my minimum is, and some leave it blank.

Re: Rant on CRAs

gdale6 — Sat, 01 Aug 2015 18:20:06 GMT

EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 18:20:44 GMT

I share the same frustrations with the CRA's. For me my EQ can jump all up/down while the impacts on TU/EX are always minimal. I just pulled my (3) and for the first time in months my EX and TU actually went up 6 points. I'll also never understand reading my reports looking at one of my CC trade lines it will have payments through July while EX and TU are not even showing June yet.

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 18:24:27 GMT

@gdale6 wrote:
EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.

Then how come the scores from each bureau can be so dramatically different? My reports on all bureaus are the same, yet my scores are really different.

Re: Rant on CRAs

Saleen099 — Sat, 01 Aug 2015 18:39:51 GMT

@Anonymous wrote:
So I decided to leave no balance on either card for this coming month. Get an alert about change in score lo and behold those creeps at Equifax decide to deduct a full 26points I earned last month!! A FULL 26 POINTS BECAUSE I PAID IN FULL. I honestly do not like Equifax!! I think such a high point deduction is ridiculous. This whole FICO score credit reporting crap is a stupid stupid game and it really just pisses me off that they deducted this many points. Plainly stated I hate Equifax. Oh well I've learned this months lesson I suppose.

I feel your frustration. Without using profanity I can't describe my feelings towards Equifax.

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 18:41:18 GMT

Equifax just updates more frequently than others. Your scores actually can vary by a matter of hours depending on what is reported throughout the day.

Re: Rant on CRAs

CreditCuriosity — Sat, 01 Aug 2015 18:41:47 GMT

I accidently last month didnt let any card report a balance and lost 20 points, 1 card reported a small balance this month and got the points right back.. Remember FICO has no memory in this scenario.

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 18:54:11 GMT

The thing that irritates me is that they won't even bother with removing incorrect inquiries. They want you to contact the company directly, and that usually does nothing.

Re: Rant on CRAs

gdale6 — Sat, 01 Aug 2015 19:22:57 GMT

@Anonymous wrote:
@gdale6 wrote:
EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.
Then how come the scores from each bureau can be so dramatically different? My reports on all bureaus are the same, yet my scores are really different.

Each CRA holds information differently they are not mirror images of each other so the Fico algorithm has to be adapted to each CRAs format and this is the reason that Fico scores are rarely the same across all of the CRAs.

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 19:29:12 GMT

@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.
Then how come the scores from each bureau can be so dramatically different? My reports on all bureaus are the same, yet my scores are really different.
Each CRA holds information differently they are not mirror images of each other so the Fico algorithm has to be adapted to each CRAs format and this is the reason that Fico scores are rarely the same across all of the CRAs.

Okay that makes sense. Thank you for explaining gdale6!

Re: Rant on CRAs

Anonymous — Sat, 01 Aug 2015 21:23:43 GMT

@gdale6 wrote:
EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.

Is that for each card in your portfolio or do you just have to have a balance on at least one?

Re: Rant on CRAs

gdale6 — Sat, 01 Aug 2015 21:55:40 GMT

@Anonymous wrote:
@gdale6 wrote:
EQ isnt the one that calculates the Fico score its done by Fair Isaac based on the info in your CRs. As soon as you let a revovling card report a small balance those points should come right back as long as there are no other changes in your CR. There is a penalty applied by the Fico algorithm for not using any revolving credit at all.
Is that for each card in your portfolio or do you just have to have a balance on at least one?

Small balance of no more than 9% of its CL on 1 card the others at 0.