This is a scam

[Anonymous]

This whole fico crap is BS. I've worked hard to my scores up and my CR are all the same yet fico aren't close. I paid off 2 credit cards bringing my util to 2%. I have one card reporting a balance of $300 on a $7000 CL. Equifax went from 674 to 692. Experian stayed the same. Not one point. How can identical reports produce such different results.

[RonM21]

If I may ask, what scores are you using?

[Anonymous]

I would assume Experian isn't using your most recent information... be it the CC company didn't report it yet to them or Experian simply didn't update it yet.  I would think if you keep checking it you'll see a similar score rise once it's taking your current, better utilization into account.

[Anonymous]

I'm using myfico scores. The balances have been updated on EX for 2 weeks but the score is the same. It even says things helping your score 2% utilization. Interestingly though, one of the things it says that is hurting my score is too few accounts reporting good, only four. But the report has had 10 accounts reporting paid timely for months. 

[Anonymous]

You might want to check and see if something is reporting wonky. I have been stumped why my EX is so much lower than my others and info across all reports looked the same. It turns out my only derog suddenly started reporting that I had a late pay 3 months ago when it was charged off almost 7 yrs ago. I'm in the process of getting that fixed, but it really explains the difference.

[Anonymous]

I have good items that are only reported on EQ, which is why it is higher (My EQ AAoA is 1 whole year larger..lol).  You would have to compare all 3 side by side detail by detail to see what is different.  If they are all 100% identical, then I would say we all have cause for concern   Don't forget to check all the nitty gritty things and even the wordings!  I know on my report EX shows my Cap1 card as opened 1 month before the other 2!  Just a few examples on how stuff can be different on each CRA. 

[Anonymous]

OP, you said you've had accounts being paid on time for "months" above.  Unfortunately "months" don't really cut it in when it comes to credit results; you need to look at a year or longer to really see major impact.  Sure things like getting a derog removed or dramatically dropping utilization can have an immediate impact, but on time payments and "doing the right thing" to improve your score is definitely a marathon, not a sprint.

Equifax has confused me as well.  My Equifax score dropped from the 770's to the 750's to the 730's over the course of the last month and a half when only POSITIVE things have happened to my report... got a couple of lates removed, paid overall utilization down from 34% to 5%, paid down a significant portion of an installment loan, etc.  I'm thinking the 770's score was "wrong" to begin with as my TU and EX scores are in the 730's and have slightly risen from the 720's since the improvements I cited above.  My point is, looking at a 1 or 2 month snapshot of ones credit score doesn't mean much at all.  From what I've found over the last month or so of reading this forum is that more and more people are reporting issues with the bureaus... TU seems to have the most (I've had TU issues myself in the last month) but my example with Equifax is another one where IMO there's simply a problem on the bureau end that's rendering a score incorrectly.  Usually these things work themselves out fairly quickly.

[Appleman]

The FICO world does not move at the same speed that we have all become accustomed to today. We all expect immediate results, want out text answered in a minute, the email in 10 and become impatient when there is any waiting involved.

The FICO scoring model looks at things as far back as decades (tradelines, AAoA). The amount of information that the credit card companies and FICO captures is beyond my comprehension and they utilize that to predict our performance as consumers and maximize profits. 

I don't believe that FICO is a scam but a pretty good tool for predicting risk for a group of people. Many of us on these boards have paid our dues along the way in the form of bad decisions etc. 

OP, do you use Credit Karma? They are free and do a reasonable job of breaking down what is keeping your score lower. Credit Sesame looks at your TU vantage score and provides grades for your credit performance. I am currently getting an F in inquiries so I have frozen my bureaus and am sitting in the garden.

Lots of great information here, once you get a better understanding of the FICO scoring game you will be better equipped to win.

[SASD]

Experian not updating - so I cancelled my MYFICO subscrition after YEARS, today.  A couple of months ago I was concerned that my Experian score was not updating (since 8/2015) , so I contacted MYFICO and got a canned response. I called as well, and no one could (or would)  give me an actual answer as to what was going on.  I was told that my credit union was not reporting payments. So I called my credit union, spoke with the head of their  IT team that sends info to the credit bureau (in this case only Experian) and was assured that monthly updates were transmitted to Experian. I personally spoke with this person, who personally spoke with his counterpart at Experian. I know his information is correct, because I also spoke with Experian, and received a credit report directly from them. My Experian credit report shows updates on a monthly basis, with a difference now of about $5000 (less) , yet MYFICO does not have any record of this.  The last time MYFICO shows an entry from Experian was 8/2016, when there was an increase of 20+ points due to the previous drop in balance.  When I called Experian to ask why they were not updating MYFICO, it was explained to me that it is not their job to update MYFICO.  MYFICO is a paid subscription service, and as such it is their responsibility to get the information from Experian, not the other way around.  MYFICO has apparently not been doing this when it comes to Experian, which is evident looking at all the complaints out there. I have been paying a monthly charge for this service for years, and they can't even keep up with updated information.   Hoping that it would somehow jumpstart an update, I ordered another (albeit free) report recently, and no changes happened. After recieving 3x monthly updates for years on my account, and despite paying EVERYTHING on time (and large pmts) , I have had no updates on my FICO score since 2/2016.  After reading all the complaints, I am obviousy not the only person dealing with this issue.  MYFICO is showing an outdated score of 724, when the updated score is actutally 738 (per another free service thru my credit cards) .  Let's see if someone in a position to actually explain why MYFICO is no longer working with Experian responds to this.  Their site still says they work with all 3 bureaus. 

[Anonymous]

MyFico shows the right score because I have a subscription to Experian also