EQ FICO08 Dropped 42pts for adding Bank CC

[sarge12]

Score Watch®

A Watchful Eye on Your FICO® Score Provides Valuable Insight

• Online access to your FICO Score and Equifax Credit Report (2 Scores and Reports per year) >>>this is fico 05
• Daily monitoring of your Equifax Credit Report with alerts to key changes >>>>>this is the equifax proprietary model
• Track your FICO Score over time

Cancel at anytime; no partial month refunds1

$14.95per MONTH

[iv]

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@sarge12 wrote:

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@Anonymous wrote:

As far as I know, Equifax does not provide any FICO scores directly to the public, regardless of the FICO scoring model.  Equifax uses its own scoring model called the Equifax Credit Score model to compute scores for the three bureaus.

The disclaimer on Equifax Complete Premier Plan's website is pretty clear:

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It takes a deep dive but one of the products they sell will provide a fico 05 from equifax every six months I think. It is not the Complete Premiere.

The FICO Score is based on the FICO Score 5 model. Third parties may use a different FICO Score or a different type of credit score to assess your creditworthiness.2

With Score Watch®, You Can:

Monitor Your CreditCredit Score and Report Features Include:

It is 14.95 a month, and all other provided scores in that plan are the equifax propriaty scores.

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Yes, Score Watch is still available, and does include an EQ FICO 5 ("mortgage" score).

https://www.equifax.com/personal/products/credit/score-watch-and-monitoring/

But it's a really bad deal!

$14.95/month for the kind of monitoring that is free in many places, and it only gives you a full report and EQ FICO 5 twice a YEAR.

For that kind of money, you could do a one-time 1-Bureau MyFICO pull NINE TIMES over the course of a year... and that gives you the whole set of FICO scores for whichever CRA you choose.

Once upon a time, EQ Score Watch was the best (only) way to get a "mortgage" FICO without actually having a lender do an HP... but times have changed!

[sarge12]

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@iv wrote:

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@sarge12 wrote:

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@Anonymous wrote:

As far as I know, Equifax does not provide any FICO scores directly to the public, regardless of the FICO scoring model.  Equifax uses its own scoring model called the Equifax Credit Score model to compute scores for the three bureaus.

The disclaimer on Equifax Complete Premier Plan's website is pretty clear:

---

It takes a deep dive but one of the products they sell will provide a fico 05 from equifax every six months I think. It is not the Complete Premiere.

The FICO Score is based on the FICO Score 5 model. Third parties may use a different FICO Score or a different type of credit score to assess your creditworthiness.2

With Score Watch®, You Can:

Monitor Your CreditCredit Score and Report Features Include:

It is 14.95 a month, and all other provided scores in that plan are the equifax propriaty scores.

---

Yes, Score Watch is still available, and does include an EQ FICO 5 ("mortgage" score).

https://www.equifax.com/personal/products/credit/score-watch-and-monitoring/

But it's a really bad deal!

$14.95/month for the kind of monitoring that is free in many places, and it only gives you a full report and EQ FICO 5 twice a YEAR.

For that kind of money, you could do a one-time 1-Bureau MyFICO pull NINE TIMES over the course of a year... and that gives you the whole set of FICO scores for whichever CRA you choose.

Once upon a time, EQ Score Watch was the best (only) way to get a "mortgage" FICO without actually having a lender do an HP... but times have changed!

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+100....It is a horrible deal...I only mentioned it because to the best of my knowledge it is the only fico score equifax sells. They do however likely get more than a few suckers that sign up for Equifax Complete Premier before they learn these are worthless credit scores that are used by nobody. For $4.95 per month I will supply you with my own, sarge12 3B credit scores, figured in my very own alogorithm that is also used by nobody. I will not fully reveal my methods for generating the score, but I will say that it is superior to many as I use multiple methods that may or may not include tarot cards, dart boards, and roulette wheels. I know some of you might say it is useless as well, but even if so I am willing to sell useless for less. PM me if you would like to take advantage of this great deal.

[sarge12]

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@Anonymous wrote:
No you do not get a score bump from adding revolvers other than your first one which adds to Credit mix, that I am aware of. When you add a revolver you take a ding potentially for the inquiry, potentially for age of youngest accounts being reset, and always for average age of accounts.

Now, if the increase in utilization offsets those factors sufficiently, it can result in a net score gain. That simple. But good question.

There are so many different factors that can affect things, that’s why each profile is different and we need as much information as possible to give the best answer to members.

However adding a second, third, and fourth revolver gives you the ability to have a lower percentage of accounts reporting a balance, which can increase your score.

For instance if you only have one or two cards, in order to carry at least one balance you’re going to have 50% of revolvers reporting. That’s not optimal and gives you a score ding. By having a third card you can get down to 33% of revolvers reporting, by having a fourth revolver, you can get down to 25% of revolvers reporting.

So yes there are advantages but they are collateral not direct. That’s the best way I can explain it. Please ask if you need more clarification.

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While true that adding a good number of cards will not have an immediate positive effect on scores, it can, and if used properly make high credit scores much easier to maintain your scores and make them fluctuate less in the future. I for instance have about 20 credit cards, and nearly all of them are 10,000 dollar credit limits. I PIF every month, and generally before the statement cuts, but even if 3 or 4 cards report a balance it has very little or no drop in my scores due to utilization. Adding a new credit card also affects the AAoA very little. Mainly new account, and inquiry is affected. All this being said, it does make it harder to monitor all these accounts. It also is a shotcut to credit disaster if you do not have the discipline to handle them all correctly, and would be a nightmare if your data is compromised or wallet is stolen. The tradeoffs are worth it to me, but I only carry a few cards in my wallet, leaving the bulk of them in my safe. It does result in my scores remaining very, very stable. Utilization is always under 5% total, and AAoA changes only slightly with a new account because it is diluted by the high number of accounts. I can add 2 or 3 cards each year, get the SUB, without scores dropping below 800. I would only recommend a user having this many cards if they are super disciplined and frequently log on every account to see any pending charges. I also do not have more than 2 cards per issuer, and I have no store cards, but I am not saying store cards are bad...just not worth it for me.