Now that I have two sources of credit score, TransUnion thru Providian and Eloan Credit Monitoring Service, I am becoming confused when the two numbers differ. This month, TransUnion put me to 710, a 13 point increase from last month's reading, while Eloan thinks my credit score is 16 points worse, now at 675.
Below table shows whateach service reported in the last 8 periods:
|
TransUnion |
Eloan |
Difference |
September-03 |
686 |
636 |
50 |
October-03 |
686 |
663 |
23 |
November-03 |
686 |
650 |
36 |
December-03 |
673 |
649 |
24 |
January-04 |
689 |
673 |
16 |
February-04 |
695 |
684 |
11 |
March-04 |
697 |
691 |
6 |
April-04 |
710 |
675 |
35 |
As you can see, TransUnion consistently reported a higher credit score than Eloan, and Eloan's score tends to be more volatile, lagging TransUnion score by a large margin in both September 2003 and April 2004. This makes me believe that Eloan weights credit inquiries much more than TransUnion, because I just closed my house in August 2003, and now I am in the midst of refinancing and just got a new card recently, causing a number of credit inquiries in both periods.
Back to the score itself, both services mentioned that high revolving debt as a factor that drags my score, and this is resulted from my taking advantage of the 12-month 0% APR offer in ShareBuilder Visa Platinum Card. I plan to bring my usage of this card to less than 50% by May and I am interested to see how it will affect my credit score.