topic followup in Credit Cards

advice spread in scores

Anonymous — Tue, 20 Jan 2009 02:22:35 GMT

scores tu 784 eq 716 exp 695 i am worried that credit card company may check my exp score and change

terms have over 55k on cc at 0 to 2.99% can make all payments if terms stay the way they are but if there

is a change i am in big trouble. stopped all charges am repaying cc at about 2500.00 per month. eq and

exp reports are identical but still big spread in score

Re: advice spread in scores

cobaltnv — Tue, 20 Jan 2009 02:29:00 GMT

Assuming that your scores are FICO scores and not FAKOs the most common issue is different information on the three credit reports. If you have not yet done this I would take all three reports and go through each one very carefully and see if they all have teh same information. I would guess that your ex has some lates or something reporting that are not on the other CR. Or one or more of your credit cards is not reporting a limit on EX and that has your utilization way up.

Let us know what you find.

Cheers

followup

Anonymous — Tue, 20 Jan 2009 02:37:12 GMT

no lates ever, utl is 29% the tu score is way up because they dont have my mortgage info and many cc accounts

but the other two have all the proper info, 3 inq in last year on each

Re: advice spread in scores

Anonymous — Tue, 20 Jan 2009 02:37:43 GMT

can you give us a little more details? your TU & EQ scores are in pretty good shape. there is is a big spread between TU and EX. what is your utility showing on TU? is the 55k debt on one card or spread out over multiple cards. Also is the card an amex? because amex is known to pull EX.

my advice is start paying off that balance. the sooner you do it the better.

@Anonymous wrote:
scores tu 784 eq 716 exp 695 i am worried that credit card company may check my exp score and change
terms have over 55k on cc at 0 to 2.99% can make all payments if terms stay the way they are but if there
is a change i am in big trouble. stopped all charges am repaying cc at about 2500.00 per month. eq and
exp reports are identical but still big spread in score

Re: advice spread in scores

Anonymous — Tue, 20 Jan 2009 02:40:33 GMT

55k spread out on three cards , one of the cards has a 51k limit so utl is under 30% on all cards, non are amex

exp and eq have exact same info yet eq is 716 and exp is 695

Re: advice spread in scores

Anonymous — Tue, 20 Jan 2009 02:41:38 GMT

If your lower scoring reports are clean, I wouldnt worry too much..

Re: advice spread in scores

Anonymous — Tue, 20 Jan 2009 02:47:25 GMT

the fact that TU does not have your mortgage listed explains the big spread. a 21pts difference between EQ & EX is not so unusual. I have a 20pts difference between TU and EX and they both have the exact same info reported.

If your overall utility (depending on your CL on the three cards) is under 30% you should be ok. The goal is to pay off those balances as soon as you can.

@Anonymous wrote:
55k spread out on three cards , one of the cards has a 51k limit so utl is under 30% on all cards, non are amex
exp and eq have exact same info yet eq is 716 and exp is 695

Re: advice spread in scores

oracles — Tue, 20 Jan 2009 03:21:59 GMT

@Anonymous wrote:
scores tu 784 eq 716 exp 695 i am worried that credit card company may check my exp score and change
terms have over 55k on cc at 0 to 2.99% can make all payments if terms stay the way they are but if there
is a change i am in big trouble. stopped all charges am repaying cc at about 2500.00 per month. eq and
exp reports are identical but still big spread in score

If you have these balances on a Balance transfer promotion, i do not believe the credit card companies would change the rate until the end of the promotion. However they can change the terms of the card itself, i.e. chase adding a $10 monthly fee on their "balance for life" balance transfer deals. Another concern is when the promotions are over. With those balances, you may not find such good balance transfer offers due to the balances. Please note: due to your advantage of having these low balance transfers (if that is what they are) you should definitely take this opportunity to payoff as much as possible while you have low apr's.In today's times, people who have scores in the mid 700's are having to deal with credit card companies slashing credit lines, rate jacking, you name it. It is no longer about your report as it is now about how does a credit card company survive.