Starting Score: 618
I am quite annoyed at this point because even though I've gotten my three credit scores through freecreditreport.com, I've just checked my Equifax on myfico.com and it's a good 80 points lower than the Equifax score on freecreditreport.com. how are we supposed to know what scores are actually real and what scores are not? It's criminal how credit reporting agencies are allowed to arbitrarily adjust their numbers any which way they want without having to spell out to the consumer how they do it - and the consumer is the one who is affected by this awful system.
On August 2, 2011 freecreditreport.com stated my scores are as follows:
Ex: 634
Eq: 634
Tr: 634
On August 12 myfico.com stated my Eq score is 550.
I honestly don't know what my scores are at the moment because of this and frankly, that's BS.
On a more positive note, Citibank has generously agreed to request that their inquiry be dropped from Ex, Eq, and Tr. Thank you, Citibank.
Current Scores:
Experian: 565
Equifax: 565
TransUnion: 634
I haven't got the foggiest idea why TransUnion is so much better.
My Action Steps:
1. Reduce my Debt Ratio to less than 9%
2. Raise Credit Limit on my Visa to $5,000.00
3. Write Letters to have charge-offs removed - willing to pay to be removed if necessary
4. Automate loan and credit card payments so that keep all payments current
5. Obtain new installment loan with Chase healthAdvance when credit score reaches 670
6. Obtain secured MC for $3,000.00
Any other ideas? I currently have:
One Visa with $1,850.00 credit limit (13% open credit) one 30 late (within last 6 months)
One installment loan paid on time for the last 12 years ($9,000.00 yet to pay
Four accounts in collections (hope to have these removed via letters)
Goals:
- Reduce the balances on my revolving credit accounts in comparison to their credit limits
- Have a balance of credit and loan accounts. Strive to build a record of responsible credit use over time, incorporating a diversity of accounts.
- Raise the available credit on my open bank credit card accounts
- Reduce the number of inquiries on my credit report.
- Establish a healthy amount of available credit .
Starting Score: 596
UPDATE: I started this task at the very beginning of 2011 and as of today my TU score increased 16 points. I initially had a lofty goal of increaing my TU score to 780 but don't think this is possible after checking out myFICO's score simulator. It's saying my max score will be 760 at the end of 2011. Also, I may have to appy for a (pre-owned) auto loan which may make my y/e score more like 730 (where it is now)! Oh well, we'll see.....at least my interest rate will be <3% APR.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
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