Posted by Neil Jones on April 25, 2007, 7:47 pm
How do the 3 companies (TransUnion, Experian and Equifax) come up with
uneven FICO numbers for consumers. I had some medical expenses that
entered into my credit reports year ago (while I was getting divorced
and lost my job). I have paid off these debts on the credit reports.
However, the score of each company is different. TransUnion still has
my paid debts as "Unpaid" and gives me a high score. Equifax lists my
debts "Paid off" but gives me a low score. ????
I do use my credit card minimally (as opposed to extravagantly) for
normal expenses. Now, to improve my credit score, do I use all the 5
credit cards evenly or just focus on using one card and keep paying it
off on time?
Thank you in advance for any information or advice.
NJ
Posted by Tony Sivori on April 25, 2007, 11:19 pm
Neil Jones wrote:
> How do the 3 companies (TransUnion, Experian and Equifax) come up with
> uneven FICO numbers for consumers.
How uneven are they? When I checked all three of mine prior to applying
for a mortgage, there was a 25 or 30 point difference between the lowest
at highest of the three. The loan officer regarded that as normal.
--
Tony Sivori
Posted by SpammersDie on April 26, 2007, 5:09 am
> How do the 3 companies (TransUnion, Experian and Equifax) come up with
> uneven FICO numbers for consumers.
They're different companies. Competitors.
Every lender reports to a different subset of credit bureaus so they all
score off different credit reports.
And scores by a given algorithm will differ for the same reason different
reviewers give different scores to the same movie. Everyone has different
ideas about how to weigh the info in your credit report.
Posted by Shawn Hirn on April 26, 2007, 6:53 am
> How do the 3 companies (TransUnion, Experian and Equifax) come up with
> uneven FICO numbers for consumers. I had some medical expenses that
> entered into my credit reports year ago (while I was getting divorced
> and lost my job). I have paid off these debts on the credit reports.
> However, the score of each company is different. TransUnion still has
> my paid debts as "Unpaid" and gives me a high score. Equifax lists my
> debts "Paid off" but gives me a low score. ????
>
> I do use my credit card minimally (as opposed to extravagantly) for
> normal expenses. Now, to improve my credit score, do I use all the 5
> credit cards evenly or just focus on using one card and keep paying it
> off on time?
>
> Thank you in advance for any information or advice.
What did Equifax say when you called to ask?
Posted by Gordon Burditt on April 26, 2007, 7:45 pm
>How do the 3 companies (TransUnion, Experian and Equifax) come up with
>uneven FICO numbers for consumers. I had some medical expenses that
>entered into my credit reports year ago (while I was getting divorced
>and lost my job). I have paid off these debts on the credit reports.
>However, the score of each company is different. TransUnion still has
>my paid debts as "Unpaid" and gives me a high score. Equifax lists my
>debts "Paid off" but gives me a low score. ????
A FICO score is a formula applied to a credit report. You have 3
different credit reports. The reports can have lots of differences,
including different card balances because the balances may be
reported at different times of the month to different credit reporting
agencies. You may have some cards show up only on some reports.
Some cards (Capital One is infamous for this) don't report high
balances so a lower balance may look like a lower credit limit.
Also, if you got 3 scores, did you get them all at the same time?
Your credit report can change in an hour (or more likely, several
days).
>I do use my credit card minimally (as opposed to extravagantly) for
>normal expenses. Now, to improve my credit score, do I use all the 5
>credit cards evenly or just focus on using one card and keep paying it
>off on time?
There are probably 2 people whose answers would be the exact opposite
for this question because of unrelated stuff on their credit report.
>Thank you in advance for any information or advice.
>NJ
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> uneven FICO numbers for consumers.