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Secured Card bringing down my score


credit_junkie87
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My secured card (open for over a year) reports only to EX and EQ.

Unfortunately my EX and EQ scores are in the mid 650s, but my TU is 685!

Can't explain it... I have never been late on that account, and it's at *5%* util!

I know FICO has several categories and your score can drop for no reason at all, but this is ridiculous.

I have other CCs, but none have been open longer than 9 months.

Do you recommend closing my secured card and not bothering to convert it to unsecured?

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No, it's from a "Northwest Savings Bank" - A community bank based in Pennsylvania. I don't think it's a sub prime lender...

There's a sticky which suggests that the different bureaus use different FICO score ranges. That could explain it.

FICO's score range is FICO's score range. It doesn't change between bureaus.

But what DOES change is the information on your credit reports. It's extremely unlikely that your three reports are 100% identical, so your scores are all calculated using different information.

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I have other CCs, but none have been open longer than 9 months.

What are the balances of them?

If you keep them to 1/3 or below of the available amount of credit-your score should raise.

Dont close the secured card-just apply for a un-secured card- charge it -pay it -and keep the debt below 1/3 of the available balance.

Or balance transfer the other balances from cards that are not 1/3 ratio to the new one.

I'd put somthing simple-like Dishnet satellite or cell bill, on auto pay and pay it off monhly-just to show activity

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Those cannot be the reasons because:

1. I have LOW balances - ALL less than *5%* of my CL/High Limit.

2. The secured is my oldest (1 yr old), but my highest score is on TU where it does not report!

3. All my reports have the same info, except for this secured card. (TU does have 2-3 fewer inquiries, but that should not account for a 30 pts diff!)

This is what puzzles me...

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FICO's score range is FICO's score range. It doesn't change between bureaus.

But what DOES change is the information on your credit reports. It's extremely unlikely that your three reports are 100% identical, so your scores are all calculated using different information.

You know, LNY, that's interesting.

My TU and EQ reports are 100% identical...at least as far as the information provided to me on myFICO.com. The only difference is the sources of my inquiries. However, my TU score is 31 points higher than EQ's.

I don't get it. :confused: There really does appear to be some kind of variance in score calculations. FICO is just evil...there's no way around it.

Ray

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You know, LNY, that's interesting.

My TU and EQ reports are 100% identical...at least as far as the information provided to me on myFICO.com. The only difference is the sources of my inquiries. However, my TU score is 31 points higher than EQ's.

I don't get it. :confused: There really does appear to be some kind of variance in score calculations. FICO is just evil...there's no way around it.

Ray

It really depends on what you mean by identical. For instance, let's say that you have a positive account that is several years old, like 60 months. For being identical, does it mean that EVERY single month, that payment was posted at the exact same time and not any months were skipped?

And does that hold true for every single trade line???

I would prefer to say "similar" instead of "identical" because you are talking about a HUGE amount of data and it is very unlikely that everything is identical on two different credit reports.

Most of my creditors are sloppy and they don't do things by the book so information that is updated on one CRA may not necessarily be done on another CRA, thus a month gets skipped.

As a result, it is not that FICO is evil but rather that from time to time, a creditor has his head up his [EXPLETIVE DELETED]... That happens to me all the time...

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Wolf,

:)% Nice perspective and worth consideration, but here's an example...

I just acquired two new TLs. Just before this acquisition my TU and EQ appeared to be the same. All tradelines were current and my scores were TU-666 and EQ 664. Definitely close enough to make sense since the info appears the same...

When the two TLs hit (both appeared on TC within a day of each other), I checked myFICO. Both TU and EQ showed both accounts with seemingly the same exact info (pays as agreed, 0 balance, CL, etc.). However, my TU score jumped to 700 and my EQ jumped to 669! :roll:

I call FICO evil to express my ignorance of the intricacies of their system...kinda like my understanding of women :) .

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