topic Wide gap in FICO score in Understanding FICO® Scoring

Wide gap in FICO score

Anonymous — Tue, 13 Jan 2015 05:30:21 GMT

Hello I am a newbie that was wondering why there is such a gap between my lowest and highest FICO score (50 points) and is there any time line in which credit reports are updated by the big 3. Thank you all!!

Re: Wide gap in FICO score

Revelate — Tue, 13 Jan 2015 07:52:36 GMT

@Anonymous wrote:
Hello I am a newbie that was wondering why there is such a gap between my lowest and highest FICO score (50 points) and is there any time line in which credit reports are updated by the big 3. Thank you all!!

First question, are your reports line item identical? Secondly, what scores are you comparing?

If 3B monitoring here, it shouldn't be that far off, 30 points is the design goal stated by FICO IIRC for FICO 8. 50 points is a pretty large differential, often pointing to a difference in accounts reported.

Re: Wide gap in FICO score

Anonymous — Tue, 13 Jan 2015 15:04:53 GMT

Thanks, I appreciate your quick response. This is a great place to come to find info to start a new "financial life".

Re: Wide gap in FICO score

Anonymous — Wed, 14 Jan 2015 10:18:31 GMT

My score difference is 44 points. The same accounts are reported to each CRA. Payments reported differ slightly. That's about it. The lower has 5 more inquiries than the higher.

Re: Wide gap in FICO score

Revelate — Wed, 14 Jan 2015 19:09:06 GMT

@Anonymous wrote:
My score difference is 44 points. The same accounts are reported to each CRA. Payments reported differ slightly. That's about it. The lower has 5 more inquiries than the higher.

5 scored inquiries is non-trivial especially when tossed into the 30 point swag that FICO once stated as expected. We're talking 14 points for the inquiry damage if we exclude the stated potential difference, which depending on your profile, is pretty reasonable.

In re-reading my original message, I should've included those more specifically rather than what I wrote which sounded like tradelines only; mea culpa.