Nighthawk wrote:
1. my EQ=774, EX=772, TU=757.
Why is TU 15-17 pts lower based on basically the same info?
All the CRAs use a slightly different scoring model. Even if all the reports had the exact same info, you could expect your scores to be somewhat different. When it's "basically the same info," as you put it, a 15 point difference is not out of the question.
The TU 'what's hurting...' tells me I have 'too many credit accts' but this cannot be the reason, bc TU reports LESS total accts (20, to EX 24, EQ 21).
TU's model is more picky about having a high overall number of accounts than the others are.
The only significant accts not on TU are 2 Cashcall loans (both $10k, both PIF, both closed Jul/Nov '05). Do the EX & EQ formulas give me a boost based on positive credit history of a closed acct? Yes. All three of them do.
Is it possible to add this acct to TU? (Even though more accts is the opposite of what TU tells me to do.) Maybe, if the creditor is willing to report it. However, think about whether you really want these particular accounts added to TU. See below.
(subquestion: can I improve FICO by getting my apt rent history added to my CR's, or is that an internet myth? Probably not. It depends on whether the rental company reports. If your rental history is with private landlords, then the answer is almost certainly no. How do I do that?)
Back to the point--the only other difference on TU is 3 inquiries by Discover in the last 12 mos (not on others). Are these costing me 5 pts apiece? They very well could be. This is not an insignificant difference among the three. Inquiries hurt more when your scores are high, as yours are. (As a matter of fact, any negative item will have a greater effect on a high score than it will on a fair or low score.)
These were made by Disco without my consent. I have 2 Disco CC's (1 personal, 1 business) but I didn't app for an increase on either last yr. However, the Disco Biz card was frozen last yr due to 'too much revolving debt on other accts'.
Can Disco make hard inq's without my permission pretty much whenever they want to, with no real impetus other than to look for a reason to raise my APR or freeze me? Yes. If you have an open account with them, they have permissible purpose to pull your reports whenever they want. Others may have different opinions on whether they have PP to pull a HARD inquiry for no apparent reason, but I maintain that they do. is this legal? Yes. do I have any recourse? Unfortunately, no. is there any way to get these removed? (either via TU or Disco?) There are ways to get them removed, but discussing them here would violate the site's TOS.
2. By contrast, EX 'what's hurting...' tells me I have a 'consumer finance acct'.
Is this the aforementioned Cashcall? Most likely.
It is listed as an installment loan, I can't find anything listed as 'consumer finance'. It is also on EQ, which makes no mention of it hurting me. The "what's hurting" section only shows the top three items that are hurting your score. Just because it's not listed on EQ doesn't mean it's not hurting; it just means it's not in the top three. Is there a score advantage to disputing/removing if they get no verification within 30 days? Probably not. If the loan has no late payments associated with it, then the positive history associated with it is probably helping you more than the CFL designation is hurting you. (The CFL designation only hurts a very little bit.) Or will that hurt my score based on lost positive history? Probably.
I am baffled--it seems the same item is hurting me on EX, while the lack of it is hurting me on TU...does anyone understand? Your TU score is most likely lower due to the inquiries, not due to the absence of this account.
3. I see people talking about a magical 1 percent. Is it better to keep a 1 percent revolving bal on some CC's than 0 bal? Yes. You get a point boost for allowing a balance of 1-9% report on fewer than half of your accounts. 1% is the magic number for maximum FICO points.
I have 11 CC's with 0 bal's, 3 CC's under 30 percent. In short, will it improve my score to pay these 3 down to 1 percent or to pay off completely? Ideally, let at least one but no more than five report a balance of 1-9%.
4. Will it improve score to call and increase limits on existing accts (esp older ones)? Yes, if it helps your utilization. When your CLs go up and your balances remain the same, your utilization goes down (as long as your utilization is not already very low). It doesn't matter if you get CLIs on older or newer accounts, as they all count the same for the purposes of this calculation. Or will that hurt me because now I have more available credit? Having more available credit never hurts your FICO. It may hurt temporarily if you get that new credit through a brand new account, but getting a CLI on an existing account will never hurt. Is it possible to get increases without hard inq's? Yes, depending on the lender. Many lenders will only pull softs, some only pull hards, some don't pull at all, and some are a crapshoot. What language do i use when requesting? Say you would like a credit limit increase but you want to make sure to avoid a hard inquiry if possible.
5. This last one might be obvious to some, but i am a newbie, so forgive me...
Does it matter to FICO if I reduce or increase bal's on installment accts?
Yes, although not very much. Revolving accounts (credit cards and the like) count for a MUCH larger portion of the utilization calculation than installment accounts. Keep in mind that paying off an installment loan may actually cause your score to go down when the final payment reports.
I have $42k student loan, $14k Citi personal loan, $10k auto lease, $8k medical loan. Does it improve score if I pay more than the min pmt each mo./payoff early? No, although it may make financial sense to do that so you will save interest. Does it hurt score if I re-up $14k Citi loan to $25k? (they sent a letter offering to re-up at the same APR--this could give me cash to payoff the CC's) Maybe, but not much. Again, installment loans are such a small piece of this particular part of the puzzle.
Hope this helps.
