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+).