topic Re: is their some invisible factor regarding inquiry scoring? in General Credit Topics

is their some invisible factor regarding inquiry scoring?

Anonymous — Wed, 22 Aug 2007 17:54:02 GMT

I had many inquiries on my TU credit report. When I pulled my report from myfico and clicked on "Understanding your score" there is a section about applyinf for recent credit and in that section it says "not good" Well, it seems that it is not updating right, because now I only have 2 inquiries and it still says "not good" what is the deal?

Re: is their some invisible factor regarding inquiry scoring?

Takunda1 — Wed, 22 Aug 2007 18:05:04 GMT

When Fico calculates your score for inquiries they use inquiries for the last 12 months only. So depending on how many inq you have that affects your score. On My Fico thats all they show you..Inq for 12 months. To see the rest of your inquiries you need to use TC or go to the actual CR website. Hope that helps.

PS: I have read on here that sometimes your score can go up after an inq, so maybe you could have too few inq. I'm not really sure about this part though.

Message Edited by Takunda1 on 08-22-2007 01:05 PM

Re: is their some invisible factor regarding inquiry scoring?

Anonymous — Wed, 22 Aug 2007 18:07:59 GMT

I had 5 inquiries and myfico said that was "GOOD"
Then I had 9 and myfico said it was not "NOT GOOD"
Then I had 11 and myfico said it was "BAD"
Now I have 2 and myfico says it is "NOT GOOD"

what the heck?

Re: is their some invisible factor regarding inquiry scoring?

fused — Wed, 22 Aug 2007 18:11:51 GMT

rifleman wrote:
I had 5 inquiries and myfico said that was "GOOD"
Then I had 9 and myfico said it was not "NOT GOOD"
Then I had 11 and myfico said it was "BAD"
Now I have 2 and myfico says it is "NOT GOOD"

what the heck?

It's not just inqs, new accounts that are 6-12 months old can have a negative effect as well.

Re: is their some invisible factor regarding inquiry scoring?

Anonymous — Wed, 22 Aug 2007 18:22:28 GMT

the thing is, those accounts are showing up on all three CR's and transunion is the only CRA listing it as "not good" in the "recent credit you have applied for"

something is up with TU that I can't understand--it's my lowest score and always has been. I have less late payments and less inquiries on my TU report then my next best report--Experian. Does TU calculate new account scoring differently then EQ and EX? because EQ and EX show the same accounts exactly the same way yet TU says I am "not good" with new accounts whereas EQ and EX say I am "good"

Re: is their some invisible factor regarding inquiry scoring?

fused — Wed, 22 Aug 2007 18:41:59 GMT

rifleman wrote:
the thing is, those accounts are showing up on all three CR's and transunion is the only CRA listing it as "not good" in the "recent credit you have applied for"

something is up with TU that I can't understand--it's my lowest score and always has been. I have less late payments and less inquiries on my TU report then my next best report--Experian. Does TU calculate new account scoring differently then EQ and EX? because EQ and EX show the same accounts exactly the same way yet TU says I am "not good" with new accounts whereas EQ and EX say I am "good"

All three CRA's have different scoring models and there is no way to know how one CRA factors an inq and a new account compared to another's. It's all secret. All one can do is never pay late, keep util low, don't open too many accounts and sit back and relax and wait for your accounts to really age.

Re: is their some invisible factor regarding inquiry scoring?

Anonymous — Wed, 22 Aug 2007 19:04:58 GMT

but it's just really odd--these are big inconsistencies

all three CRA's today show 5 accounts with balances
Only TU thinks this is bad

I have 2 lates on eq, 4 on ex and 3 on TU
Only Tu thinks payment history is bad

Average age of accounts is 4 years, oldest is 8 years
only tu thinks this is bad

My EX score is 704 and has 4 late payments and 7 inquries
my TU score is 681 and has 3 late payments and 2 inquries

Less lates, less inquiries and worse score?
Everything else is the same--same CL's are reported, same exact accounts,
same utilization.

WTF? I am so confused

And here's another thing--Notice my TU score is highest (from truecredit)
FAKOS ARE:
TU: 749
EX 737
EQ: 728

Now Here are my FICO's from MYFico
TU: 681
EX: 704
EQ: 739

Message Edited by rifleman on 08-22-2007 12:04 PM

Re: is their some invisible factor regarding inquiry scoring?

VLGaffEsq — Wed, 22 Aug 2007 19:06:41 GMT

While I understand your frustration about the 'unexplainable' difference between your TU FICO score and the others two, and as others are trying to explain, it really doesn't make sense so all you can do is dispute your baddies, limit your inquiries to only 2 or 3 a year (if you can!) and pay down your credit cards to under 9% in your utilization of their available credit. That is how you maximize your FICO scores. The way each CRA determines your scores DOES NOT make sense which is why most lenders simply utilize your middle score (My TU is at 700, now with 3 inquiries because I'm doing a refi/cash out, but shopping around for interest rates on a mortgage is only supposed to count as one, but I've been hit with 3 hard inquiries in the past 2 weeks!). So long as your other 2 FICO scores are higher, I would try not to sweat the difference so much.

Re: is their some invisible factor regarding inquiry scoring?

Anonymous — Wed, 22 Aug 2007 19:41:29 GMT

thank you for the responses. I understand the lenders look at your middle score, but other creditors look at any one of these. AMEX in particular soft-pulls TU for CLI's. I can't get a CLI because my TU score is unexplainably low compared to my others...it's really bothering me.

Believe me, I only use credit now for the sake of boosting fico. And all my scores (except TU) represent this for the most part.

Re: is their some invisible factor regarding inquiry scoring?

ronq — Wed, 22 Aug 2007 20:33:11 GMT

I think they are different for different people(don't know why) In my case my EQ score is 24 points points lower that TU and 20 points lower than EX with really minor differences on the CRs. Do a very close check between all 3 and see if there is something different. Like maybe your oldest account on TU has a different date that the other 2. Just a thought.