So confused..Can someone try to help me understand EQ Score?

[jlfce1]

My EQ score has been sitting at 690 for months.  I have applied and opened new accounts, but I have had no new inquiries on my EQ report.  I have 6 total inquiries in the last year, 3 will fall off Sept 28th.   NOTHING has changed since my most recent score watch on August 28th stating 690 after a new balance was reported.  Well, two weeks ago I disputed a med collection that should not have been on my report (it gave no information, account number was non-existent and I had proof of the inconcistency). I received the update from Equifax that it was removed as of yesterday.  It was a small, $53 reported paid from Dec 2009 but I though my score would at least see an increase, even if it was small.....WRONG! I buy my report today......14 point DECREASE!! What? Now they won't report my AAoA or Utilization where it's usually stated under understanding your score.

Where it once was stating the collection has been hurting me, it's been replaced with I opened 1 account a month ago, 3 accounts showing missed payments (these are from 5+years ago and was factored in with the 690 previously).  My score summary; however, improved and now shows Payment history as Very Good? Doesn't this seem to be an oxymoron? I'm provided with a very good payment history, which under the 690 score reflected as good and now that the collection was removed and I have zero, my score has decreased.

I'm also annoyed that SW doesn't seem to be valid.  How did I have a 14 point decrease and across the board it's been telling me my score remains at 690?  Until I actually PAY for a report?  So, am I paying for a monthly service that really isn't helpful afterall? 

I'm really, REALLY frustrated.  Never thought my score would decrease from 1 collection to zero!

[Anonymous]

If that collection was your only major derogatory and it was removed, you have probably been rebucketed.  Moved from a dirty bucket to one with no major derogatories and with consumers with like credit profiles.

Your score can drop when this happens but normally will recover much faster than before.

Now that you don't have a collections on your report they have to find something that they say is hurting your score.  In your case it is the new account and those late payments from 5 years ago.  In other words, they are digging to find something negative.

[jlfce1]

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@Anonymous wrote:

If that collection was your only major derogatory and it was removed, you have probably been rebucketed.  Moved from a dirty bucket to one with no major derogatories and with consumers with like credit profiles.

Your score can drop when this happens but normally will recover much faster than before.

Now that you don't have a collections on your report they have to find something that they say is hurting your score.  In your case it is the new account and those late payments from 5 years ago.  In other words, they are digging to find something negative.

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I can accept that, but it doesn't mend my diappointment.  Hopefully when the 3 inquiries bounce off and my new account ages I'll see something sparkly...hopefully in the 700's like my other 2 scores....

At least now they're "digging" for a reason instead of having one....Thanks for the info!

[jlfce1]

Oh-forgot to ask...do you know why they no longer provide my AAoA or Utilization? All my other EQ reports have shown me this.

[Anonymous]

And you got them from myFICO?

[jlfce1]

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@Anonymous wrote:

And you got them from myFICO?

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Yes.  I even pay monthly for Score Watch but I'm re-thinking that as it doesn't seem to be beneficial

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@Anonymous wrote:

And you got them from myFICO?

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. I paid for a refreshed report today and received the score update with what seems to be lack of informations from myfico as there is no information of AAoA or Utilization.  I even went back to check my previous reports to ensure those were shown previously.

[Anonymous]

I am not sure why it isn't there.  I will ask some questions to see what I can find out.

[Roarmeister]

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@jlfce1 wrote:

My EQ score has been sitting at 690 for months.  I have applied and opened new accounts, but I have had no new inquiries on my EQ report.  I have 6 total inquiries in the last year, 3 will fall off Sept 28th.   NOTHING has changed since my most recent score watch on August 28th stating 690 after a new balance was reported.  Well, two weeks ago I disputed a med collection that should not have been on my report (it gave no information, account number was non-existent and I had proof of the inconcistency). I received the update from Equifax that it was removed as of yesterday.  It was a small, $53 reported paid from Dec 2009 but I though my score would at least see an increase, even if it was small.....WRONG! I buy my report today......14 point DECREASE!! What? Now they won't report my AAoA or Utilization where it's usually stated under understanding your score.

Where it once was stating the collection has been hurting me, it's been replaced with I opened 1 account a month ago, 3 accounts showing missed payments (these are from 5+years ago and was factored in with the 690 previously).  My score summary; however, improved and now shows Payment history as Very Good? Doesn't this seem to be an oxymoron? I'm provided with a very good payment history, which under the 690 score reflected as good and now that the collection was removed and I have zero, my score has decreased.

I'm also annoyed that SW doesn't seem to be valid.  How did I have a 14 point decrease and across the board it's been telling me my score remains at 690?  Until I actually PAY for a report?  So, am I paying for a monthly service that really isn't helpful afterall? 

I'm really, REALLY frustrated.  Never thought my score would decrease from 1 collection to zero!

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It didn't because of that.  You stated you had a new account or tradeline.  That's the reason for the drop.

[Anonymous]

I don't believe one new TL would be the culprit. That happened a month ago,  He has no collections anymore,

[jlfce1]

My new account hit back in the first part of July. According to score watch there was no change when this reported. In addition, score watch had not changed whatsoever up until the day I actually paid for a report.

The re-bucket theory seems to make the most sense, so I'm going with that.

**Cant quote, on an ipad**