FICO score question

[swimmom]

If my FICO score with EQ is 621 without pulling the additional reports would TU be traditionally higher or lower. My score has bewildered me due to the fact I remorgaged a year ago and paid off car loan, and addition credit card debt.

[Lel]

Hello, and welcome to the FICO forums!

It is impossible to predict how your TU score will compare to your EQ score.  The scoring models, though all based upon the same criteria, are different, and thus can yield different scores.  Some members have reported TU scores that are consistently higher than EQ, others (like me) have reports TU scores that are consistently lower.   Also, since the information contained at each credit bureau may be different, this can affect your scores as well.

What do you find bewildering about your EQ score? 

[swimmom]

The reason I was shocked was due to the fact thru the remorgage I was able to reduce debt by 40K or more. There where 7 derrogatory accounts by this I mean somewhere from 2005-2008 I missed one payment. This did happen however I thought my score would be at least in the 650 or better range. I have been current in everything for last year. My CC debt is $6000 and the only other debt is my morgage.

[Lel]

Paying off the car loan (installment debt) doesn't have has much of an impact on scores as paying down credit card debt.

If your utilization of revolving credit is still high after after paying off some of your CC debt, then your scores may not respond as much.

The new credit account (the refinanced mortgage) plus the inquiry that went with the application will exert negative pressure on your score, but this may be short-lived if you remain current on the payments.

Those seven derogatory accounts are going to continue to weigh on your credit score. 

[swimmom]

One of the derrogatories is a late 30 day payment in 2005 for my old morgage. I have disputed this however nothing ever happened.

[llecs]

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swimmom wrote:

One of the derrogatories is a late 30 day payment in 2005 for my old morgage. I have disputed this however nothing ever happened.

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Disputing it could cause the entire TL to disappear. Don't dispute. You can send the OC a GW letter asking them to remove the 30 day late or do nothing. That late no longer impacts your score. As Lel mentioned with the CC balances, you'd want all but one CC to report $0 with the remaining reporting less than 9% before you see any large score increases.