My credit score: the Equifax update

After getting a blah report from TransUnion and a score that wasn’t actually my FICO, I dropped a line to my mom, who got a free score/report from her bank a few months ago to check for any fraud/identity theft because their systems had been compromised. She told me Equifax = FICO, so off I went…

MUCH BETTER. My score is 805, earning me top creditworthiness, for whatever that is actually worth these days.  So here are the areas that Equifax claims I did not earn top points on:

The amount owed on my revolving/charge accounts is too high
Bullsh*t. I’m using 6% of my available credit and it’s been that way for years.

There is a lack of recent non-mortgage installment loan information being reported on your credit file
Well, I live in Manhattan and don’t need or want a car – that’s the most obvious. I paid off my undergrad loan in 2001, 2 years early. I didn’t need loans for grad school – paid tuition in full out of savings. And any other material goods I’ve bought without needing to finance.  So does this mean I’d have a better score if I got a huge plasma/LCD TV I couldn’t afford and financed it over two years?

The proportion of balances to credit limits on my revolving/charge accounts is too high
I repeat: using just 6% of my limits. WTF.

So really, they only have one legitimate-yet-ludicrous area to deduct points. The other two are just wrong…but at least FICO has given me an A (even though I deserve an A+).

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4 Responses

  1. I think the way credit agencies treat loan installment payments is crazy. It helps since I have so many (well 3), but in my blissful debt free years between the end of high school and starting grad school it was really annoying.

    Where did you get your score? I though Equifax was going to stop.

  2. SaraL – I just went to annualcreditreport.com for my free reports, which sent me to Equifax. The offer of a credit score/analysis was right there – $7.95. I’m hoping the criteria on which credit scores are based are overhauled, because it seems to rely on a perpetual-debt lifestyle.

  3. I know that Equifax and company have changed the way they generate a credit score. Seems they had some sort of an issue with FICO and now offer their own scoring system. I tried to get my score from all three agencies last month, but only got a true FICO score from one of them

  4. wow, i’ve never met anyone with score above 800! Congrats!!!

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