So confused with my credit score... Please Help..

[Anonymous]

Hello Everyone,

Im new here, but I feel like this is just the place I need in my credit repair journey, and I have tons of questions, in hopes for tons of answers.

Ok, so I'll began with saying that I had checked my credit score almost a month ago, and it was a 601 on freecreditreport.com. My reason for checking it was because I finally had enough money to pay off my 1 collections account ($152 doctors bill from 2004) along with my Sallie Mae school loan, so I wanted to see a before and after as to how much it would effect my credit. After I paid the accounts off I updated my credit score with the same website after getting a membership, my score jumped up to a 658! The balance didnt reflect the pay off's but it did show that all of my accounts were current besides the collections account which they still listed as a "paid collections account." With the increase in my credit I was extremely excited so I decided to either trade out of or refinance my 2010 Nissan Altima since I was so far upside down in the car due to the high interest rate. I also at this time signed up for CreditKarma.com which showed me a transunion score of 668! With my new found
medium" credit score I went to both a dealership and my credit union, and they both came back with a score in the 500's. Now I'm back down to reality trying to figure out why they scored me so low. Only answers I could get is that different places score differently but Im still confused as to how an almost 100 point difference could be possible. Do you think their systems may not have updated and i should wait it out? Should I wait for my credit reports balance to reflect the payments? Would you consider a law firm such as Lexington to remove my collections account along with removing all of the deliquencies which would only be my collections account, school loan, and i was late on my car note but never over 30 days. Thats the only 3 things on my credit. 

Sorry for the novel Im just trying to be as transparent as possible for the best answers.

THANK YOU!!!

[myjourney]

Hello Everyone,

Im new here, but I feel like this is just the place I need in my credit repair journey, and I have tons of questions, in hopes for tons of answers.

Ok, so I'll began with saying that I had checked my credit score almost a month ago, and it was a 601 on freecreditreport.com.

Not a real score what we refer to as a fako score.....real scores can be obtained here 

My reason for checking it was because I finally had enough money to pay off my 1 collections account ($152 doctors bill from 2004) along with my Sallie Mae school loan, so I wanted to see a before and after as to how much it would effect my credit. After I paid the accounts off I updated my credit score with the same website after getting a membership, my score jumped up to a 658! The balance didnt reflect the pay off's but it did show that all of my accounts were current besides the collections account which they still listed as a "paid collections account." With the increase in my credit I was extremely excited so I decided to either trade out of or refinance my 2010 Nissan Altima since I was so far upside down in the car due to the high interest rate. I also at this time signed up for CreditKarma.com which showed me a transunion score of 668! With my new found............ Fako score again

medium" credit score I went to both a dealership and my credit union, and they both came back with a score in the 500's. Now I'm back down to reality trying to figure out why they scored me so low. Only answers I could get is that different places score differently but Im still confused as to how an almost 100 point difference could be possible. 

Real Fcio scores can be a 100 point difference than a Fako score. 

The score you got from the dealer was a Fcio score probably auto ehanced version 

Do you think their systems may not have updated and i should wait it out? Should I wait for my credit reports balance to reflect the payments? Would you consider a law firm such as Lexington to remove my collections account along with removing all of the deliquencies which would only be my collections account, school loan, and i was late on my car note but never over 30 days. Thats the only 3 things on my credit.

 No no no you can get all the info you need and help here to rebuild your own credit w/o paying for it and Lex is not guaranteed to get it fixed.

First pull your free annual credit reports to know exactly what's on them.................https://www.annualcreditreport.com/requestReport/landingPage.action;jsessionid=AseEuRCvUcm05lcG6bCG8...

I invite you to visit our rebuilding forum and post each and every baddie you have on your CR's and help will arrive from all side to help..

Lates/CO/judgements/whatever you have on CR's

Sorry for the novel Im just trying to be as transparent as possible for the best answers.

THANK YOU!!!

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Welcome to the forum 

[takeshi74]

Note that there is an Understanding FICO Scoring subforum and it has the following stickies:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Difference-in-Scores/td-p/2384297

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

The short version is that there are a number of different scoring models out there and even after ruling out all the various FAKO's there are still a number of FICO scoring models in use by different creditors.  Different scoring models alone can account for a difference in scores.

You also have to consider that even with just one scoring model you don't have just one score.  Scores are based on the data in your credit reports so you have a score with each of the three major CRA's.  If one score is pulled from one CRA while another score is pulled from another CRA that can also account for a difference in scoring.

Last, even if you have the same scoring model and the same CRA difference in data due to pulling on different dates can also have an effect on scoring differences.

As with any comparison, make sure you're comparing apples to apples and don't rely one one scoring model to determine the score generated by another scoring model and that the data sources are the same or that you're at least aware of the differences in what you're comparing.

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@Anonymous wrote:

Only answers I could get is that different places score differently but Im still confused as to how an almost 100 point difference could be possible.

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It's easily possible especially when there are multiple factors (the ones I mentioned above) at play.

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@Anonymous wrote:

Would you consider a law firm such as Lexington to remove my collections account along with removing all of the deliquencies which would only be my collections account, school loan, and i was late on my car note but never over 30 days. 

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I'd suggest starting with the Rebuilding subforum first.

[Anonymous]

Thanks a lot guys, I've learned a lot. I'm going to pull up the new report and move on over to the rebuilding sub forum. Once again thanks a lot.

[Anonymous]

First off I wouldn't trust Credit Karma. It's pretty much a fake score and seems to be higher than most. I did mine with Equifax and I believe I have a reasonably accurate score across the board. Although my true Fico score is lower than these because it is operated on a different rating scale. As for Lexington Law, I wouldn't go with anyone who you have to pay to help you do something you can do for yourself. They are going to drag out the process to continue getting your money. And I'm not  sure if their methods may be 100% legit. Besides, all of that money you are giving them to help you, you could be saving. Good Luck in your efforts!!

[Middleswarth]

And don't pay any more collections from 2004 until you learn more in the rebuilder's forum.  That collection wouldn't even be on your report (but it may show up now since you paid).  Learn and ask questions before you do anything else.  And above all, be patient.