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New Member
diamondmap
Posts: 12
Registered: ‎04-07-2013
0

80 point difference btw FICO and credit score with the big three

Hello MyFico community

 

I just joined and found our my FICO is 730. However, when I checked my credit score with the 3 credit bureaus it's all around 630-650 range. That was shocking..Because last time I checked my score with them a year ago it was around 730.

 

My question is how can I restore my score with the big 3 back to where it was. I have 16 years of credit history. Flawless payment history with only one 30-day late payment with a credit card result from disruption from moving after I sold my house. No other delinquencies, bankruptcies, collection or anything else.

 

I have about 30% credit to debt ratio. I have 16 credits (combination of credit, loan and cards). Fico reports tells me I have 28 which wrong since that takes into account other cards I have closed long time ago.

 

My plan is the following:

    1. write a good will letter to credit card about 30-day late payment and hope they delete negative report
    2. pay off credit cards to bring debt to credit from 30% to 15% in the next 30 days

I just realized having multiple cards open is not good....but I also found that I can't really close them as it may hurt more. What else can you advise I do to improve credit score with the 3 credit bureaus. Thanks everyone for your time and advise. Cheers

Community Leader
Senior Contributor
laz98
Posts: 4,334
Registered: ‎09-06-2008
0

Re: 80 point difference btw FICO and credit score with the big three

Welcome to the forums!  :smileyhappy:

 

Go by the scores you get here on this site.  You can only get 2 of the 3, but that's better than nothing, & they are accurate scores.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 716. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Member
diamondmap
Posts: 12
Registered: ‎04-07-2013
0

Re: 80 point difference btw FICO and credit score with the big three

Thanks a lot Laz98 for your prompt reply. I agree, but I am concerned, scores from the others bureau might be pulled if I apply for mortage or car loan and might impact me getting the best terms. Therefore, my request for advise on how to get those better as well. Thanks again

Community Leader
Valued Contributor
starry1
Posts: 2,198
Registered: ‎11-29-2012
0

Re: 80 point difference btw FICO and credit score with the big three

Those scores are fake and little to no lenders use them. The scores you get here are your real scores that will be used by lenders.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 7/30/14 TU 611; EQ 650; EX 640
Goal Score:  625 for now– New goal 675

Cap1 sec $1k (SD) / Fingerhut $1.3k / nRewards $3.5k / cashRewards $5k / NavChek $2.5k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $500 / Target $400 / PPSC $800 / Texaco $400 (last app 09/29/14)
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: 80 point difference btw FICO and credit score with the big three

Those scores from the CRAs, as mentioned, are FAKO.

 

FICO has many models and you will find that when you apply for different things your scores will be different.  They will all be accurate for the scoring model used.

New Member
diamondmap
Posts: 12
Registered: ‎04-07-2013
0

Re: 80 point difference btw FICO and credit score with the big three

I totally see you point, But fake or not, the fact is the 630-650 scores are there for creditors to see and would potentially harm my credit worthiness. Right?

Community Leader
Valued Contributor
starry1
Posts: 2,198
Registered: ‎11-29-2012
0

Re: 80 point difference btw FICO and credit score with the big three

How will creditors see them if they don't use those scores? I'm telling you those scores are manufactured for no other reason than to charm money out of consumer pockets.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 7/30/14 TU 611; EQ 650; EX 640
Goal Score:  625 for now– New goal 675

Cap1 sec $1k (SD) / Fingerhut $1.3k / nRewards $3.5k / cashRewards $5k / NavChek $2.5k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $500 / Target $400 / PPSC $800 / Texaco $400 (last app 09/29/14)
Community Leader
Senior Contributor
laz98
Posts: 4,334
Registered: ‎09-06-2008
0

Re: 80 point difference btw FICO and credit score with the big three

In theory, the same things that will raise your FICO scores will raise your FAKO scores, so just focus on that, & then you won't have to worry what score model they pick.  Sometimes the scores they come back with make no sense anyway.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 716. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Member
diamondmap
Posts: 12
Registered: ‎04-07-2013
0

Re: 80 point difference btw FICO and credit score with the big three

Thanks folks. I will just focus on getting my FICO up then.

 

Is there a way I can  correct the fact that I don't have 28 accounts, since half of those have been closed?

Valued Contributor
Gunnar419
Posts: 1,158
Registered: ‎01-23-2013
0

Re: 80 point difference btw FICO and credit score with the big three


diamondmap wrote:

My plan is the following:

    1. write a good will letter to credit card about 30-day late payment and hope they delete negative report
    2. pay off credit cards to bring debt to credit from 30% to 15% in the next 30 days

I just realized having multiple cards open is not good....but I also found that I can't really close them as it may hurt more. What else can you advise I do to improve credit score with the 3 credit bureaus. Thanks everyone for your time and advise. Cheers


Hi, diamondmap. Your plan is good. Get that utilization under 10% if you can and it'll be even better.

 

Having multiple cards open is fine (well, to an extent; how many do you have). What you don't want is to have them all reporting a balance.

 

As others have said, the scores you buy from the bureaus are special models sold only to consumers. Lenders do not use them. That said, though, in your position I'd still be bothered by the huge difference. But are the underlying reports all okay other than the negatives you've mentioned?

 


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