Reply
Established Member
bdog94tiger01
Posts: 19
Registered: ‎06-26-2007
0

Why such a big difference???

All,
Like many others on here, I am new to the credit scoring game. I have several questions...

First and foremost I have a pretty large difference in my different credit scores:
Experian (which is my lowest score and has not moved in nearly a year) - 599
Equifax - 638
Transunion - 659

In my eyes, that's a pretty big swing. Now to answer a couples of questions. I have three old collections that I have recently (3 weeks ago) paid off in full. I really wish I wouldve known about the PFD, but two of the CA's have said that they will delete from my report. I am trying to talk to the third at the moment. The total of the debt is around $1200. I am especially frustrated about my Ex score, because it hasn't moved in over a year, even though during that time I have taken out an auto loan and Citifinancial has reported every month that the bill has been paid on time (I actually have overpaid my payment by about 15%). Yet for that, my Ex score hasn't changed.

Also, I don't have any current credit cards, primarily because I really don't have an expensive lifestyle. Generally, if I want something, I'll save up for it and pay for it myself.

I would like to buy a home in the next few months, but I really don't want to get stuck with a bad mortgage. Does anyone have any recommendations on what I should do?? I know that my score would take a short term hit if I were to open a new CC, and I plan on opening up an account in the near future (hopefully after the mortgage). What does everyone think of my options, and how much of a jump will I see from paying off (and hopefully deleting) my old collections (all the collections were from 4-5 years ago)?
Established Member
bdog94tiger01
Posts: 19
Registered: ‎06-26-2007
0

Re: Why such a big difference???

I just wanted to bump this back up to get someone's response.
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

Re: Why such a big difference???

In terms of differences between reports, the swing for me is nearly 100 points from top to bottom.  EX hates me, TU loves me.  My EX score has gone down 10 points in the last 6 months, my other two have gone up an average of nearly 90 points.
 
And for a mortgage, they are most likely to use the middle score
 
Not having any credit cards is also probably hurting your score.  The FICO machine likes to see responsible use of credit.
 
If the collections are deleted you can expoect a good bump. 
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Member
bdog94tiger01
Posts: 19
Registered: ‎06-26-2007
0

Re: Why such a big difference???

Thanks, I'm hoping so...
Just hard to be patient about it...
 
I have never been good at waiting, especially for something that I have so little control over.
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

Re: Why such a big difference???

Time can help both bad credit and hangovers  :smileyvery-happy:
 
Paitience is required, I am afraid
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Member
bdog94tiger01
Posts: 19
Registered: ‎06-26-2007
0

Why such a big difference???-Update

Just wanted to give a quick update... I talked to the third company and asked about deleting the item from my CR.  She told me that it was against their company policy to do so... I REALLY wish I would have found this website before I cleared up that debt.  I know I will get a score boost for paying off the debt, but I want that albatross off my neck.  Oh well, maybe I'll call Clark Howard and see what he thinks I can do.
 
The really crummy thing about that collection is the fact that I never knew about the bill, I moved out of a house and I thought my roommates (co-workers, even) were continuing to pay the bill.
 
Does anybody think a GW letter would maybe make them feel guilty enough to take it off???
Also the date of last active is from October 2002... I guess I'll see it for another year or so...
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Why such a big difference???-Update



bdog94tiger01 wrote:
Just wanted to give a quick update... I talked to the third company and asked about deleting the item from my CR.  She told me that it was against their company policy to do so... I REALLY wish I would have found this website before I cleared up that debt.  I know I will get a score boost for paying off the debt, but I want that albatross off my neck.  Oh well, maybe I'll call Clark Howard and see what he thinks I can do.
 
The really crummy thing about that collection is the fact that I never knew about the bill, I moved out of a house and I thought my roommates (co-workers, even) were continuing to pay the bill.
 
Does anybody think a GW letter would maybe make them feel guilty enough to take it off???
Also the date of last active is from October 2002... I guess I'll see it for another year or so...



Doesn't hurt to try GW. :smileyhappy:
Member
munchkin
Posts: 12
Registered: ‎04-24-2007
0

Re: Why such a big difference???

I think I've got you beat!
 
What would account for the following differences?
 
T/U 644
Equifax 725
Experian 582
 
We're talking crazy difference?  I would appreciate some more input as well!
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Why such a big difference???



munchkin wrote:
I think I've got you beat!
 
What would account for the following differences?
 
T/U 644
Equifax 725
Experian 582
 
We're talking crazy difference?  I would appreciate some more input as well!



WOW! Are these all FICOs?
Member
munchkin
Posts: 12
Registered: ‎04-24-2007
0

Re: Why such a big difference???

Yes!  These are FICOs obtained on 6/29/07.  Very strange, huh?

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.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+