I am so ANGRY with FICO right now!

[Uniqua]

Here I am trying my hardest to rebuild my credit. I have not had a late payment in over 6 years.  I know that I have a Ch 13 BK on my CR which is due to be discharged any day now, but I have kept my student loans paid on time.  I disputed a couple of items on my EQ credit report of which one was updated to say paid as agreed and the other still says it was paid by settlement.  Both of these were included in my BK.  My problem is that my EQ FICO score dropped 26 points and I DON'T KNOW HOW.  This scoring system is WACK.  I was in the process of applying for CCs but since my score is now 649, that leaves me to wait another 6 months before applying.  This sucks and I am bitterly angry about it. 

Message Edited by Uniqua on 05-01-2008 02:25 PM

[Anonymous]

FI provides a scoring system which assigns a number based on what your CRs show.  They don't control the content in your CR.  For that matter they don't control your score either, your CR content does.  Just think of myFICO as an equation.  How can you be mad at an equation? 

Perhaps you should be mad at EQ instead?

[Uniqua]

I know that FI assigns a number based on information in my CRs.  And, I never said they controlled the content in them either.  I said that information stayed the same for one account, but upgraded to satisfactory for the other account.  Why should I be mad at EQ for that?  Perhaps I should have said I was angry with FICO instead of myFICO but I'm sure you knew what I meant.  This stupid scoring system plunged my score 26 points for an account upgrading to good.  How's that for an equation?!  

Message Edited by Uniqua on 05-01-2008 02:41 PM

[Uniqua]

As an FYI, my EQ FAKO score went up 15 points!  MyFairIsaac needs to be back-handed.

[MidnightVoice]

Unfortunately FICO scores are the reality we have to live with if we want credit.  So I have learned to play the game 

[marty56]

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Uniqua wrote:

As an FYI, my EQ FAKO score went up 15 points!  MyFairIsaac needs to be back-handed.

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From my experience, a TU FAKO score is 100% worthless.  The only reason I can see it is I use the National City brand of True Credit which is only usefull to know when to get the real FICO scores from here.

[Anonymous]

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marty56 wrote:

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Uniqua wrote:

As an FYI, my EQ FAKO score went up 15 points!  MyFairIsaac needs to be back-handed.

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From my experience, a TU FAKO score is 100% worthless.  The only reason I can see it is I use the National City brand of True Credit which is only usefull to know when to get the real FICO scores from here.

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What marty said.

[Anonymous]

Disputes are known to do funny things with FICO scores. The drop may be temporary.

I say never dispute anything unless the goal is to REMOVE it completely from your CR. Merely changing the status seems to backfire half the time. Why, I have no idea. But fiddling with collections and charge-offs generally causes a score drop.

[marty56]

To really drive the worthlessness of a FAKO score home, my TU FAKO went from 725 to 732 while my TU FICO stayed at 756.  Cost me 2 purchases here of my TU report.  TU FICO goes from 756 to 766 and TU FAKO stays at 732.

How to convert from FAKO to FICO.

FAKO + purchase here = FICO

Leran from my bad.

[Uniqua]

What I am saying is that it absolutely makes NO SENSE that my FAKO score would rise 15 points, yet my FICO score would drop 26 points.  I can see it going the other way around, but give me a break!

I was disputing one item that was over 7 years old.  I paid the debt by settlement a long time ago and it was still on my CR.  I didn't know that the $30 late payment fee would have stayed on my CR after I paid what was owed.  I asked to have it deleted.  The creditor verified it and it is virtually the same information.  I contacted EQ who said that it should be removed and it will be taken care of shortly.  We'll see.

The other account I disputed was a Direct Loan account I closed a few years ago when I consolidated all my student loans.  The account was listed as derogatory, which was incorrect.  I contacted Direct Loans who said that there was a late payment almost seven years ago on the account, but even though it had been consolidated with another account and that account has NEVER had a late payment, they couldn't remove it.  I filed complaints against them with 3 different agencies and it eventually was updated to satisfactory and/or paid as agreed on my EQ . 

I would think I would gain a few points or at least stay where I was because of this.  Not take a nose dive

Message Edited by Uniqua on 05-01-2008 02:41 PM