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Two possibilities. One is that you have a baddie that shows up on one CR and isn't reported to the other bureau.That's one reason you should get all three of your free credit reports from annualcreditreport.com.
The other possibility is that your TU score is a FAKO, not a FICO, and therefore built on a completely different algorithm or uses a different scoring scale.
Did you get your TU score from Credit Karma? If so, that's a FAKO.
Unless you're getting your TU FICO via a CCC or a lender...you're better off ignoring it and I definitely wouldn't buy it. (even tho i'm subscribed to Quarterly Monitoring here)....lol. My TU FICO from this site is higher than the other 2 and my TU report has more baddies and INQ's on it.
Hello!
I would love some advice on how to raise my scores...I'm not sure if I'm actually doing it right but here are the scores..TU: 660, EQ:518, EX:619. I have one credit card the limit is $200 and the current balance is $0, I have a car loan of $15,000 and $200,000+ student loans in deferment of course. I have one collections and a charge off that I am currently working on now (wrote a pdf for both) and two late payments on car from last year -I wrote gw letters to have this removed.
Any advice on what to do from here....
I echo the sentiments of everyone else. My addition is to sign up for auto payments so you don't miss another payment, ever!
Wow reading all this on FICO scores makes one believe that they are inconsistent bulllarky!
@Anonymous wrote:Wow reading all this on FICO scores makes one believe that they are inconsistent bulllarky!
For the most part, yeah thats my opinon as well. Its a system thats easily gamed for one.
FICO would actually be a good indicator of risk if it also took into account a debtors resources as well as his credit history. The truth of the matter is that the number one factor in preventing defaults is not past history, but rather the debtors current resources, I.E., do they have 3-6 months income in cash reserves? Do they have 1-3 years of income in liquid investments? These are the things that allow a consumer to weather a rough spot, job loss, accident, ect., not 'prior history'.
If the CRA's would come up with a system to report this kind of information for scoring purposes only - I.E., only the scoring algorithm can 'see' that data, then FICO would become a REALLY accurate model of risk.
@Anonymous wrote:
@Anonymous wrote:Wow reading all this on FICO scores makes one believe that they are inconsistent bulllarky!
For the most part, yeah thats my opinon as well. Its a system thats easily gamed for one.
FICO would actually be a good indicator of risk if it also took into account a debtors resources as well as his credit history. The truth of the matter is that the number one factor in preventing defaults is not past history, but rather the debtors current resources, I.E., do they have 3-6 months income in cash reserves? Do they have 1-3 years of income in liquid investments? These are the things that allow a consumer to weather a rough spot, job loss, accident, ect., not 'prior history'.If the CRA's would come up with a system to report this kind of information for scoring purposes only - I.E., only the scoring algorithm can 'see' that data, then FICO would become a REALLY accurate model of risk.
And you would make an already weak economy collapse by doing that. Remember the crisis was caused by a credit crunch, not because there was no money to pay the debts.
Since FIRE is an important part of our economy (Finance, Insurance and Real Estate) you will not see what you may believe is a common sense modeling of credit scores/worthiness.
Have you seen the labor statics or any real data on the savings rate? Those low interest rates you love on home and car loans are a result of fed policy to keep interest rates low to encourage consumption.
Also what exactly is verifiable income? As a DJ it's very possible I get paid in cash, no business license, no business accounts, don't pay taxes on that income and it's not marked as income in as a result. It's just money floating around in the system. If I turned it into Bitcoin or some other digital currency, what does that mean exactly?
Ability to pay means you get money somehow; It could be SSI/D, it could be a pension, it could be Mutual Fund cash out, cashing out Whole Life polices, Panhandling, etc.
They even count EBT as income...
This is all off-topic but people should be really careful about how they view the current system and how it works. You can play the game or do the Dave Ramsey thing and cut up your credit cards, don't worry about scores, pay your debts off and pay cash for everything....