General Credit Topics

[keneyone]

Please, there is something i would like someone explain to me. i have heard that opening a new credit accounts will drop someone's credit score. what if i decide to get a credit report from Equfx or TRunion etc., would that affect my scores as well?  I am trying to use one of these My fico products to start watching my scores, so i am wondering if that will affect my score too?

[TheNewWorldMan]

Checking your own credit is counted as a "soft pull," which does not count as an inquiry and therefore does not affect your credit score. Opening a new account may or may not lower your credit score. Most new accounts increase your available credit, which exerts a positive influence on FICO. However, opening a new account also decreases the average age of your accounts, which pulls FICO down. Over the long run, opening a new account will almost always increase FICO (so long as it is kept in good standing with reasonable utilization levels, of course).

[Tuscani]

Correct...soft pulls will not hurt you. Many of us subscribe to credit monitoring services and pull our reports daily (myself included).

[keneyone]

Thanks guys for your help. My Equfx is 655 i dont know if it is good enough to get me a desent Auto loan.

[Tuscani]

You are not prime.. but 655 should still get you single digit rates.

[keneyone]

THis is strange though, when i checked my score with FICo score watch it shows that my Equif_x is 655 yesterday . As of Today, i recieved my TU score from truecredit with report in mail ,and my credit score is 723. why is it that the score different b/w EQ from Fico and TU from Transunion is 68 points differents.?...

Message Edited by keneyone on 04-24-2007 03:07 PM

Message Edited by keneyone on 04-24-2007 03:08 PM

[Tuscani]

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keneyone wrote:

THis is strange though, when i checked my score with FICo score watch it shows that my Equif_x is 655 yesterday . As of Today, i recieved my TU score from truecredit with report in mail ,and my credit score is 723. why is it that the score different b/w EQ from Fico and TU from Transunion is 68 points differents.?...

Message Edited by keneyone on 04-24-2007 03:07 PM

Message Edited by keneyone on 04-24-2007 03:08 PM

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First off.. your TU score from TC is not your FICO score. None FICO scores are referred to as FAKOS. These are not the scores lendors see. FAKOs might give you an idea of where you are.. but the scores can be as much as 100+/- your actual scores. You can only get your true FICO scores from myfico.com. With that said, you will see score differences between all three bureaus. You can compare reports do determine why one FICO might be large or lower than another.