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Equifax punishing new credit illustrated

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MattH
Senior Contributor

Re: Equifax punishing new credit illustrated



@smallfry wrote:
Equifax. The CRA that keeps on taking. People complain about Experian? Equifax is the worst.




Each simply weights the same set of factors somewhat differently, but Fair Isaac scales their scoring model such that the overall distributions are actually nearly identical for all three CRAs. What will differ is where you will happen to land due to the different weights, kinda like three different college Professors who all shoot for the same overall B-minus average but one gives higher weight to homework and classroom participation, one emphasizes the term paper, and one emphasizes examination scores. In my case, my EX happens to be the highest and my TU the lowest, but for somebody else the order could be different.

The consensus of many on this board is that EX places more emphasis on percent utilization (total balance on revolving accounts divided by total available credit limits), EQ places more emphasis on the total amount owed on revolving accounts, and TU places more emphasis on number of accounts showing a balance. So having very high limits on credit cards will help the EX score more than it will the others, while having very low limits on credit cards will hurt the EX score more than it will the others.

All three CRAs will of course consider late payments, collections, bankruptcies, and so forth to be negative factors and consider a higher average age of accounts a positive factor.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 11 of 14
Anonymous
Not applicable

Re: Equifax punishing new credit illustrated

TU Updated
 
Old   732
New 738 - Thus, not a big change between letting 1 or 2 cards report a balance (and moving from 3% util to 1). Your results may vary - I am in the 2-5 year credit bucket. I am scared to see what will happen to my EQ and EX scores when my duplicate (lost card) history falls off of both next month. That should drop my average age from 2 to just a bit over 1. I might be 740 across the board until my new accounts hit a year.
Message 12 of 14
Anonymous
Not applicable

Re: Equifax punishing new credit illustrated

cheddar, Oops... just shows you are a good Mod! Thank you for the clarification! quote" from cheddar; Just fyi, the standard abbreviations we use for the CRAs are: EQ: Equifax EX: Experian TU: TransUnion Hope this helps. quote" It does help, thank you for myself and others reading my confusing posts Smiley Wink I do feel TU or EX gives the best FICO, but also find it confusing that EQ is well below the other two on a consistent basis. I am afraid to apply and rebuild my credit via any new CC's and have them pull an EQ and get denied-do I have an option to ask a new CC to review my other FICO's? OK, I am a newbie and wish I had been here years ago-I would definitely be showing more positive credit. Better late than never-thanks for putting up with another newbie! I am one month into LexingtonLaw and the promises they make seem too good to be true, we will see and I will post rsults. I have paid the $100 fee, a current CC report $6 and a premium member at $79-so I am into this about $200 for my 1st month. They show my negatives, positives and inquires. Plus they say it will be 60 days before any action can be taken. I have heard good and bad about them and realize that I can do this without Lexington as in good will letters-plus realize they are a paper mill-but they do have a format of forms that approach your priorities. Whether they work or not we will see. I spent over 10K with Credit Solutions to negotiate almost 70K of credit card debt which they charged a standard 15% of my overall debt(over 10K)-all accounts were settled in a 2 year time frame, unfortunatly they had no interest to do anything but negotiate and not work on my Credit Status. So after paying close to 65K I had done nothing to improve my Credit/Fico status. Credit Solutions as others sux! As a newbie-I am glad to be here and learn the ways I can improve my Credit History and FICO Scores-thanks for putting up with me, K-Man TransUnion 673 Date: 7/28/2008 Equifax 607 Date: 7/28/2008 Experian 703 Date: 7/28/2008
Message 13 of 14
Anonymous
Not applicable

Re: Equifax punishing new credit illustrated

EQ will not give me the 2 points I need to be in 700 club.  It does not matter what I do...........sigh................
Message 14 of 14
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