Experian Score so low

[scarrollprint]

You keep applying for new cards/credit.

Every time you do that, your hurting you score a little bit.

Granted when you get to a certain amount an extra inquiry isn't THAT bad (2 is obviously double 1 - but at 10 an 11th isn't THAT much bad).

Stop applying for credit as much as you can on a personal level. If you need credit for your business, I'd look at a collateral based loan. For instance if its to buy a piece of machinary I know banks give out loans on them however hold the machine as collateral - you get to use it and all that, however just like a car, if you stop paying they will reposses it. I obviously don't know much about your business or how its set up, but I do know from my family's business that you shouldn't be mixing personal and company as far as money and credit. Doing so means if one is ruined then both are ruined. If you keep them sepearate then 1 can still survive on its own.

[Shogun]

What is on your EX CR?  If you have been denied and they pulled your EX report you get a free pull of your EX from their site.  I would suggest you do that and see what is holding you back.

[britishexpat]

This is my problem SHOGUN, I have pulled my report from EX and everything is correct on there, however for some unknown reason I am not able to access my score online with them. the score they have given me through a lender is at 504 it has been at 504 since I started on the credit trip. 7 months and the score is no diff??? this is supposed to be a score plus so should not be so low compared to my advantage score with TU at 671... that should be over 700 next week as I dont have any balances now at all.  a 200 point difference is what concerns me here with EX... and when I ring them up I get nowhere with the dorks over the phone... I have sent off for my report with them, then I guess ill have the ref number to hopefully dispute the report and scoring. I get the feeling that my report with them is not generating a score, it is as if it is frozen... 504 in march and 504 in sep??? when the other scores elsewhere are way higher.

[britishexpat]

SHOGUN.... I also notice that you had a starting score of 504? 

[Shogun]

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@britishexpat wrote:

SHOGUN.... I also notice that you had a starting score of 504? 

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Sure did.  And EX has been by far the most difficult to deal with.  They try to keep as much information from the consumer as they possibly can.  Any and all scores you get from anywhere for EX are absolute garbage unless they are vendor pulled.  I've had a difference of 157 points difference between my real FICO and their FAKO.  Get that report, things for me tended to stay on EX when they were supposed to be gone.  I had to go back and remind them of this fact.

[britishexpat]

When I started on the credit trip I applied for certain credit cards to get me started,  you have to start somewhere... got plenty of refusals straight away which is expected is it not.

Must admit at the start I did apply for around 10 cards, 10 HP's there. when letters started to arrive I realized that with no history and no score creditors had a good enough reason to refuse me. 

From the refusal letters I decided to contact TU as it appeared no one had any data with regards to my new ssn being authentic. after sending in all my details into TU I finaly was able to open an online account with them to view my new file and report. I did not do this with the other 2 beuraus as I thought that it would be done on its own.

After a month or so my score with TU was at the 718 mark. Great I thought now maybe I can get some approvals as I have some form of score that has been registered with the big boys. Applied for 6 more cards to which I was successful in gaining. There is another 6 HP's

Now I was on the road and thought that because I have a decent score I could get better cards with better limits..."yeah right" bitten there... and since then I learned that the score given was a FAKO one as non of my new credit accounts had reached the 6 month mark where then my true FICO score was generated.

So I have spent all that time applying under the pretence that I had a good enough score when indeed it was not true at all...

I have not applied for anything since then until recently as I have waited until one of my cards hit the 6 month mark(well 7 month infact) and thinking that my score should be at least in the FAIR to GOOD range of things by now.

I got an increase on my lowes card a few weeks.. refused at first but they gave me a little increase of an extra $200 to help pay for a generator due to hurricane Isaac coming through, I did not use this but got my limit increased to help build a bigger overal limit and lower utilization etc etc.

There is another HP... 17 there, with the 2 recent applications that's 19 in total... that's 12 that were unnecessary but I had to try to get off the ground. 

What I am going to do now is get to the bottom of the score with EX  to make sure nothing is wrong with them.. after this I do not intend in applying for anymore credit until pre approvals come to me...  and I intend on finding a credit union that looks beyond a computer generated score. the HP's I feel can be justified to a CU as new to all of this...and mistakes were genuine enough.

As for mixing business with personal that is a no no with me... a personal loan to use for my business is not relevent at all... I have a small concrete business earning me a wage right now but I am not able to do the bigger work due to not having the tools and advertising etc. I have a new business cc that my wife got for our business but limit is to low to even mess around with @$1k. Great start for my business credit scoring at least along with the business phone I have had now for 5 months...we have over $8k combined CL's right now but dont use them as I need a loan that will more than cover all our business needs and cover payments on any CC's we end up using... this type of business is one that means one decent size job would mean all loans paid off immediately and some in the bank.... it is a no brainer of a business. I just wanted decent CC limits to show lenders I have the spending power there and don't abuse it nor appear to be desperate for it.

[Shogun]

Those Inquires will stay on your report for 2 years, however in regards to your score, they will only affect them for a year.  Sit back, garden what you have for awhile.  Try and get the negatives off your report.  It takes a little time.  Don't worry about the scores so much or it will drive you bonkers.  Just work on cleaning your report and keeping it clean.  The rest will come.

[llecs]

OP, ignore the scores from the CRAs, annualcreditreport.com, Prosper, etc.

Ignore FAKO scores.

Prosper uses a ScoreX Plus score.

[britishexpat]

Ignore FAKO scores? all well and good ignoring them, I totaly agree there but when a loan company your applying with gives you your score back as fako one then were on earth do you stand if my fake score is not correct? I just cant sit back and not know what on earth is going on with experian scoring with my real score or the fake one can I now. 

My fake "vantage" TU score just went up to 706 and I still have 3 cards to be updated any time now with all balances clear, so that should rise considerably albeit not worth the excitement unless my true FICO score goes up the same..lol

anyway's thanks to you all for trying to help.... ringing EX up in the morning even though my report has not come yet with the ref number...