topic Re: Anyone please answer if you know it in Understanding FICO® Scoring

Anyone please answer if you know it

Anonymous — Thu, 09 Jul 2009 04:52:39 GMT

OK sorry guys, but thanks for the time to read this. I wanna apply for a Mortgage Loan soon Im just affraid of my score on Experian because I dont know it.. Anyway here is my Question.. Now my EQ FICO Score is 652, my CR have one collection and two Revolving Account (1 is a month ago and the other is 4 years old). Experian and Equifax are both the same CR.. Will my EX Fico score would around be in 650 area or what? last time I check back in March it was pretty much the same CR but the EX score was higher than EQ. Now please help me. Respond anyone that can help me out, so I wont stressing over it or go nuts here.. thanks guys

Re: Anyone please answer if you know it

haulingthescoreup — Thu, 09 Jul 2009 11:55:42 GMT

As long as the two reports are identical (and this is rare!), your scores should be pretty similar. They won't be the same, because each CRA (credit bureau) commissions its own formula, and items are weighted a bit differently. But if you've seen the two scores track each other in the past, it's reasonable to think that they'll do the same in the future, as long as the credit reports continue to match.

One question, though: you mentioned last checking your EX FICO back in March. Experian stopped allowing consumers to buy our scores on February 13. Are you sure it was March? Because if so, I don't think that it was a FICO.

Anyway, good luck with the app! I hate Experian for putting people through this.

Re: Anyone please answer if you know it

llecs — Thu, 09 Jul 2009 11:58:36 GMT

YMMV obviously. My EX, when we could pull EX FICO, was always slightly higher than EQ or TU. However, EX responded more negatively with baddie changes, additions, etc.

ETA....I have slow typer syndrome.

Message Edited by llecs on 07-09-2009 07:58 AM

Re: Anyone please answer if you know it

Anonymous — Thu, 09 Jul 2009 12:10:08 GMT

Thanks hauling and llecs for the respond. Well back in March I applied for mortgage loan and thats how I found out that my EX Fico score was. It was funny that my EX was higher than EQ. Well as long as my EX Fico score is not below 620.. I really need that VA Loan, and Im done with apartment... Ohh yeah I did that "Score Estimator" it says 620-670.. How accurate is the Score Estimator? thanks guys for the respond...

EQ - 652

TU - 552 (Hating it)

EX - (It's a mystery)

Re: Anyone please answer if you know it

haulingthescoreup — Thu, 09 Jul 2009 19:00:12 GMT

Oh, a mortgage pull; gotcha.

The Estimator is pretty much what it says it is. I think it's reassuring that 620 is at the bottom of your range. Generally, the Estimator is more accurate with cleaner reports, IMO. I think you're in good shape, although I understand your sweating it.

Have you read enough here to know about controlling your revolving util by timing your CC payments? If you have a month to 6 weeks for everything to cycle through, that's a good source of low-hanging fruit to raise scores, if you have been having balances reporting and have the cash to pay them off.

The util game: The trick is to pay all but one of your CC accounts online about 3-4 days before their statements post. That way, they will all report a $0 balance. Let one account report about $10-20 or so, because interestingly, you will probably lose points if all report $0.

The reason I said "before their statements post" is because most, not all, CC's update to the bureaus on their statement dates, reporting the balance that is on the statement. Exceptions: HSBC/ Orchard bank cards (not store cards) update to the CRA's on the last business day of the month, reporting that day's balance due. And sometimes they go walkabout and just skip a month or two. American Express doesn't report the statement balance until 4 weeks later, right before the next statement comes out. That works out to be like a one-month delay in reporting changed balances, compared to other cards.

Then, after each account reports the new balances, you still have to wait for the CRA's to update the actual reports. This can be a PITA with EQ and TU, but EX generally updates the very next day.

On your FICO EQ and FICO TU score reports, what are the negative (and positive) comments on screen 2? They are listed with the most influential factor on top, and then in order of decreasing score impact. If "high revolving credit utilization" is listed first or second, you might see a significant change from playing the game, if you have time for all your accounts to cycle through.

Re: Anyone please answer if you know it

Anonymous — Wed, 15 Jul 2009 19:17:34 GMT

haulingthescoreup wrote:

On your FICO EQ and FICO TU score reports, what are the negative (and positive) comments on screen 2? They are listed with the most influential factor on top, and then in order of decreasing score impact. If "high revolving credit utilization" is listed first or second, you might see a significant change from playing the game, if you have time for all your accounts to cycle through.

Oh no... I sure was hoping that if I decreased my utilization from over 40% to 9% (which is what I've done) it would give me some better scores. I'm currently at 616 for TU. However, if what you are stating here with regards to screen 2 and what's on top, it's my Payment History I had a late 7 months ago and again back in 2004. My Utilization is at the bottom of the scale thing. Oh my... I want a house!

Re: Anyone please answer if you know it

haulingthescoreup — Wed, 15 Jul 2009 22:45:00 GMT

That 7-month late is a killer. It will hurt a lot less when you hit 12 months. I know 5 months seems like forever, but to get a good mortgage deal --remember, you're looking at 30 years of payments --you really ought to get your credit profile shined up as best as you can.

Reducing the util WILL help, but it isn't going to fix the damage of a new-ish late. The combination of letting that hit a year and having low util will help a lot.

The 2004 late isn't really affecting you that much, if it's only a 30-day.

Re: Anyone please answer if you know it

marty56 — Thu, 16 Jul 2009 01:13:46 GMT

Something that may help you is that for my profile, EX and EQ wants to see some util. Also EX doesnt like a maxed out CC even if your total util is low. EQ is the hardest on derogs so as long as the derog info is the same on all 3 CR's, your EX might be higher than your EQ.