How can a credit score change 13 points in 2 days?

susans02May 15, 2006

We ran my DH's credit score/report on Friday through Equifax (we're trying to secure a Home Equity Loan and wanted to know the score for percentage reasons). Today we got a letter from one of the banks we called about a loan - they are required by The Fair Credit Reporting Act to tell us the info they received. THe score they were given is 13 points less than the score we got via Equifax? How is that - DH has good credit on both - but still....how can the score be so far off? We ran our Equifax report on May 13, they ran theirs on May 11.

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clg7067

Different reporting agencies will give you difference scores. 13 points isn't much different.

    Bookmark   May 15, 2006 at 3:52PM
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susans02

Thanks - I thought a the score stayed the same regardless. We've been approved and the score they got was higher than the Equifax score - go figure! The difference in score confused me. Thanks!

    Bookmark   May 15, 2006 at 4:40PM
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edselpdx

When you apply for a big loan, not only do they pull standard credit scores from each company, but if there's ANY question, they "update" it by calling current creditors to make sure the info is UTD. I think a change of less than 20 points is negligible. Congrats on the loan.

    Bookmark   May 15, 2006 at 7:26PM
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xine

Each credit agency using different scoring mechanisms and all call them something different. Some are out of 850, some out of 900, etc. Differences of 13 points are negligble (though I still love it when my score is a few points higher than DH's... :)

Also, if you are at the end of a credit card cycle and owe, say $2000 for the month, but usually pay that off every month, depending on when the report is run it will show either that you own $0 or that you owe a high balance. Depending on how much open credit you have, that can change your ratios slightly and drop your score some.

    Bookmark   June 8, 2006 at 11:13AM
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