Red flags on EQ Score Watch report

[Jazzzy]

Hi all...

I pulled an EQ Score Watch report this morning. (What can I say...I'm in the midwest, blizzard warnings again, more snow, no school...)

People are often curious about the numbers required before you get the dreaded red flag on your report (Per report: Marks an aspect of your credit that is hurting your FICO score)

I have 3 red flags:

3 late payments (dated 2004 & 2005)

35 accounts

7 accounts opened in past year

The last two categories are affected by new school loans. I think it's useful information for anyone who has to deal with school loans showing on their report, getting transferred, etc. My EQ report shows 35 accounts; my EX report shows 27 accounts. The difference is totally attributable to school loans. Obviously EX takes some of the transferred loans off...EQ doesn't. Also, my EQ report shows 7 new accounts; my EX report shows 5. Again...the difference is because EX took 2 transferred school loans off when they were turned into 1 loan (apparently now being handled by a bank in Wisconsin).

Also, only two of these factors were listed by the Score Watch report under "What's hurting your FICO score." They listed:

1) You recently opened a new credit account

2) You have multiple accounts showing missed payments or deragoratory descriptions.

The number of accounts wasn't listed as hurting my score, but the red flag indicates that it apparently is.

So...just wanted to give a "red flag" summary and what it took to get the flags.

Question: Where do I find my AAoA on a Score Watch report? I'm not seeing it.

[bigtim]

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@LynetteM wrote:

Question: Where do I find my AAoA on a Score Watch report? I'm not seeing it.

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Here's where I found mine: From the SW main page, I select a report, then click tab 2 at the top, "Understanding Your Score", under "What's hurting your FICO score, it reads you have a short credit history, lists the oldest account, and Average Age of Accounts....

Yours may be in the "What's helping your FICO score"....? Or someone else may point you to an easier way to find it.

[Jazzzy]

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@bigtim wrote:

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@LynetteM wrote:

Question: Where do I find my AAoA on a Score Watch report? I'm not seeing it.

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Here's where I found mine: From the SW main page, I select a report, then click tab 2 at the top, "Understanding Your Score", under "What's hurting your FICO score, it reads you have a short credit history, lists the oldest account, and Average Age of Accounts....

Yours may be in the "What's helping your FICO score"....? Or someone else may point you to an easier way to find it.

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Thanks bigtim...at first I thought I was losing it. I went back and checked the ScoreWatch report I got in August, and that info was there. In the report I just pulled, it isn't there. I think it has to do with the importance/priority of the criticisms and praise they give us. Apparently there just wasn't room for it on this report.

[Anonymous]

If you are talking about the reasons that are reported under the heading "What's hurting your FICO score":

The number of reasons shown varies according to the level of your FICO score. My EQ FICO is 724 and my myFICO EQ report shows three negative reasons and three positive reason. My TU FICO is 755 and my transunioncs FICO report (can't pull myFICO TU report, says I live in at a correctional facility) shows two positive and one negative reason. As your score increases the number of reported negatve reasons decreases.

[Jazzzy]

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@Anonymous wrote:

If you are talking about the reasons that are reported under the heading "What's hurting your FICO score":

The number of reasons shown varies according to the level of your FICO score. My EQ FICO is 724 and my myFICO EQ report shows three negative reasons and three positive reason. My TU FICO is 755 and my transunioncs FICO report (can't pull myFICO TU report, says I live in at a correctional facility) shows two positive and one negative reason. As your score increases the number of reported negatve reasons decreases.

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On my August EQ report, it had length of credit history (which then also gave AAoA) listed as a positive. I've got a 26 year history.

On my latest EQ report, the length of credit history wasn't addressed. Listed as a negative was my short time since my newest account, but AAoA wasn't mentioned.

So, I guess it absolutely comes down to how many reasons are given as to whether or not they'll spell out your AAoA. If the length of credit history isn't listed either positively or negatively, it doesn't look like we get our AAoA. I've now done a spreadsheet to track it myself. I'll be curious next time one of my reports spells out my AAoA whether or not my Excel is doing its job.

It's amazing how much AAoA differs between my 3 reports. I've got an old history, and, especially in the past, some creditors didn't report to all 3 agencies. Lately the reporting has been pretty consistent. My AAoAs right now vary from 6 years 2 mos to 7 yrs 10 mos.

[Anonymous]

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@LynetteM wrote:

If the length of credit history isn't listed either positively or negatively, it doesn't look like we get our AAoA. I've now done a spreadsheet to track it myself. I'll be curious next time one of my reports spells out my AAoA whether or not my Excel is doing its job.

It's amazing how much AAoA differs between my 3 reports. I've got an old history, and, especially in the past, some creditors didn't report to all 3 agencies. Lately the reporting has been pretty consistent. My AAoAs right now vary from 6 years 2 mos to 7 yrs 10 mos.

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This is true. I also have an Excel sheet to calculate mine. I also have differences between the CRB's. AAoA >= 5 is fine though.

As for length of credit history (oldest account) I have had that listed as a positive and a negative reason on the same report! 

[Jazzzy]

OK...another question on AAoA calculations.

I get my TransRisk score free through my Sears Citi card. I know I shouldn't even look at it, but I do.

This is the issue: This report summary (it doesn't give you the full report) matches the number of accounts I show on my TU report...29 accounts. According to my calculations, I have an AAoA of 6 yrs 2 mos. According to TransRisk, however, I have 5 yrs 10 mos. That's a pretty big difference.

I know a difference can happen because the various reports often contain different accounts, or some are included and some aren't. I know which 29 accounts are on my TU report. So, why wouldn't AAoA match? Ugh....

Anyone else have any experience with TransRisk AAoA???

Something I never did was compare "open dates" on all accounts between my 3 reports. I suppose that could report differently. I don't know why it should because it's coming from the creditor...but that is one item that could vary.

[Anonymous]

FICO AAoA includes all TL's open and closed. Don't know about TransRisk and TransRisk is useless. Even TC changed to something else!

[Jazzzy]

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@Anonymous wrote:
FICO AAoA includes all TL's open and closed. Don't know about TransRisk and TransRisk is useless. Even TC changed to something else!

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Hi CWCID...I know that TransRisk's score is useless...but I thought they might base their actual statistics (AAoA, etc.) on my TU report. Their credit utilization was accurate, so I was surprised that their AAoA wasn't (or, alternatively, that my calculations weren't).

Oh, well. Next time I get a report from my TU Quarterly Monitoring, I'll see what they list for AAoA.

Thanks.

[Anonymous]

Chances are they don't include some accounts in their calculation that should be in there. Who knows which ones though.