@Cory88 wrote:What makes the EQ5 score see a boost? I'm new with DCU and they have my score at 753 vs 780 plus on FICO 8.
The mortgage scores are a tough nut to crack.
They appear to place special emphasis on
- age factors, such as inquiries, AAoA, AoYA, and
- number of zero balances ( the more the better, except that at least one account should report a small balance )
Additionally, while working on improvement of my high utilization revolving accounts, I seem to have discovered that the EX mortgage score takes into account the number of high utilization accounts; whether that is applicable to EQ's mortgage model I can't say.
My EQ mortgage score is also a laggard. One very noticeable thing is that there is a big discrepancy between my EQ report and the other 2 reports. It's got to do with AAoA. EQ dropped 5 of my closed accounts, several of which were among my oldest accounts, very quickly after closing, while the other bureaus continue to include them in my reports. As a result my AAoA in EQ is 6 months shorter than in the other 2, taking me below the 5 year threshold which the others have passed. Whether it is common for EQ to drop closed accounts sooner, or it is just an unlucky aberration in my case, I do not know.
@Cory88 wrote:
@SouthJamaica wrote:
@Cory88 wrote:What makes the EQ5 score see a boost? I'm new with DCU and they have my score at 753 vs 780 plus on FICO 8.
The mortgage scores are a tough nut to crack.
They appear to place special emphasis on
- age factors, such as inquiries, AAoA, AoYA, and
- number of zero balances ( the more the better, except that at least one account should report a small balance )
Additionally, while working on improvement of my high utilization revolving accounts, I seem to have discovered that the EX mortgage score takes into account the number of high utilization accounts; whether that is applicable to EQ's mortgage model I can't say.
My EQ mortgage score is also a laggard. One very noticeable thing is that there is a big discrepancy between my EQ report and the other 2 reports. It's got to do with AAoA. EQ dropped 5 of my closed accounts, several of which were among my oldest accounts, very quickly after closing, while the other bureaus continue to include them in my reports. As a result my AAoA in EQ is 6 months shorter than in the other 2, taking me below the 5 year threshold which the others have passed. Whether it is common for EQ to drop closed accounts sooner, or it is just an unlucky aberration in my case, I do not know.
I'm sure they do as a mortgage is harder to get. My debit is small some credit cards and a refi student loan ($1500 bal). More looking for DCU pre approvels w/ SP.
The so-called 'mortgage' scores aren't really mortgage oriented; they're just old classic FICO scores (comparable to today's FICO 8 and 9).
If you want us to give you specific ideas on how to improve your EQ 5, you should tell us what you have out there in terms of loans and revolvers and we might be able to come up with some specific tips that will get you some points sooner rather than later.
I can tell you offhand that paying off that student loan MIGHT get you points in EQ 5, for dropping an 'account with balance'. But it could possibly cost you points in your FICO 8's and 9's if it's your only open installment loan.
