Get this, I have one $80 paid med bill on my TU. I have 22 positive accounts(opened and closed). 5 CC's all prime (all opened in last 8 months) with a 20% usage ratio, a 3 year mortgage, one LOC that reports at 50%,and 2 leases 2 years old each. All my accounts are with real banks not finance companies. My EX and EQ are about the same 670 give or take 10 ponts. My TU is 539 WTF!!! All debt is in my name because my wife has 2 Providian chargeoffs and 6 paid in full accounts from at least 3-7 years ago.I purposely left her off all notes because of this. I pulled her TU last night and it shows exactly as I documented above. Her score is 621! WTF,WTF,WTF. How in the world can this be? Does opening new accounts affect your score more than chargeoffs?? TU is a farce! I have no idea what her EQ and EX are.
all i know is that on 12/29/01 my score with tu was 546 had 4 collections deleted no new inquirys no balance changes on positive cc's and no new negs and my score on 01/14/2002 was 473!!!!!!!!!!!! wtf!!!!!! i think they are full of you know what
Any new account less than a year old will hurt you two ways: 1) The fact that they're new accounts 2) The inquiries Once your accounts have a birthday your score will bounce back. I know the feeling on the scores. My Equifax score is 2 points higher than my wife's. I have 7 negatives, she's never missed a payment in her life. GT
I though I read somewhere on this board you gain back new account decreases within 6 months?? Does it really take a year??
i dont know i opened 10 new accounts in the last year and two hit there one year this month and no change i am just ticked off because tu is way below my other scores
tommyy Just my humble opinion but...your wife's paid accounts are several years old. 1/3 of her entries are negative, but the paid ones have passed the magic 25 months. Others here can tell you, an old negative falling off hardly improves their score. Your 5 revolving lines of credit, which are less than 8 months old, hurt you because none is over 2 years old, and the average age is very low. The 50% UR on your LOC is a black mark, too. See http://www.ftc.gov/bcp/creditscoring/present/sld008.htm The prime status of your CCs have no bearing on the score (that I know of). Try closing 1 or 2, and see if that improves your score in about 60 days.
tommyy, I think your score will significantly improve w/i another year as your accounts age. Take a look @ the entire presentation, but the following 2 pages are worth noting: http://www.ftc.gov/bcp/creditscoring/present/sld030.htm graphs ratio of age of account vs. risk. http://www.ftc.gov/bcp/creditscoring/present/sld032.htm considers 2 CCs as optimal. Hopefully at least 2 of your cards are with the same issuer. You could close the younger account and ask them to add the CL of account you closed to the CL of an older account. My strategy is to not dispute everything all at once, but I only have minor stuff remaining. That way every couple months I can get a free report to see how paying down my CC balances (DMB 11,700 CL, bal 3500 & Chase 2500 CL, bal 1300) are affecting the score.
One more thing Tommyy, from what I can tell, the TU score you get is a joke. It isn't the real score, it's a score they devised for us to make us happy. I checked my TU and then I went to E-loan. E-loan pulls TU for the score and they claim their scores are used by 3 of the top 5 credit issuers in the U.S. My score with E-loan was about 75 pts. higher than the TU score. It's free at E-loan, why not go check it out. If you do, let us know the difference.
