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I am so confused..

Valued Member

I am so confused..

Ok, so my wife and I have been working unbelievably hard to get a home financed and rebuilding my credit was a key step. I had been working on paying off new items while waiting for really old items to just drop off. I am at the point where i have literally 4 items left on my report I received from FreeCreditReport.com (I now understand this is not a trustworthy site).

 

Anyway, that report indicated that I had 4 items with a total worth of less than $2000. My score there was 650 and yet this morning, my FICO score is 570? Why is it so drastically different? FICO is reporting on delinquent student loans that are well passed the 7 years. They have the incorrect dates on them. Any help is appreciated because even though I admit freely that I screwed up and want to make it right, FICO doesn't seem to want to play fairly here.

13 REPLIES
Valued Contributor

Re: I am so confused..

Well there is this thing called a FAKO score. This score is meant more as a guideline then anything else. Your FAKO score can vary greatly when compared to your FICO, which is what most lenders will use.

 

 

Scores: about 700 across the board
Total CL: $275k
Valued Member

Re: I am so confused..

Ok, but again. Is there a reason that this delinquent student load dropped off all the others but it didn't drop off FICO's? I mean, how is it that the other reporting agencies have the correct dates but FICO doesn't?

Valued Contributor

Re: I am so confused..

I would pay for 3-in-1 and start combing them over. If it's on there, it's because your lenders are reporting it to the CRA's.

Scores: about 700 across the board
Total CL: $275k
Moderator Emeritus

Re: I am so confused..

If these were federally backed student loans, you can throw that out the window.  Unpaid they will not come off period if I am understanding them correctly.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Valued Contributor

Re: I am so confused..


chemical360 wrote:

Ok, but again. Is there a reason that this delinquent student load dropped off all the others but it didn't drop off FICO's? I mean, how is it that the other reporting agencies have the correct dates but FICO doesn't?


Consumer reports often will omit things after a certain time.. FreeCreditReport.com is a consumer report, MyFICO reports are consumer reports.. FICO is not a reporting agency, they are reading what is in your file. There are three files, Transunion, Experian, and Equifax.

 

MyFICO will show you an actual FICO score, so it will show everythign that is impacting your FICO score. FreeCreditReport.com uses a fake score, propiertory score.

 

Secondly, FreeCreditReport is Experian... and you cannot buy that score from here, so you could be looking at two different reports. There are three of them..

 

Comparing any score you get that isn't branded FICO to a FICO score is Apples to Oranges. Comparing any consumer report to another consumer report is Apples to ORanges...

 

Go to AnnualCreditReport.com, pull your three reports from the bureaus and see what is listed on those.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Valued Member

Re: I am so confused..

Well they weren't federally backed i guess because they came off of all my credit reports except for the FICO one. They are off of experian, and transunion because my score with them is 650.

 

but my FICO score is 578 I believe at last check because they are showing those still on there. Either way i just confirmed they were not federally backed loans.

Valued Contributor

Re: I am so confused..


chemical360 wrote:

Well they weren't federally backed i guess because they came off of all my credit reports except for the FICO one. They are off of experian, and transunion because my score with them is 650.

 

but my FICO score is 578 I believe at last check because they are showing those still on there. Either way i just confirmed they were not federally backed loans.


Once again. FICO is not a reporting agency. You FICO score here is eiher Transunion, or Equifax. Which one did you purchase?

 

The scores from FreeCreditReport.com. and every other site you can get scores from are known as FAKO scores. They use different algorithims, they have different factors, and are use BY NO LENDER.

 

You have FICO scores for each agency. Transunion, Equifax and Experian. You CANNOT purchase your Experian score, they blocked it from consumers in February of 2009.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Valued Member

Re: I am so confused..

Ok, thanks. Any tips on what to do here? Everything on there is so old and according to everything I have read, old delinquent items no longer effect your score that much. I have nothing delinquent after 2009 and even then, it is not more than $100 and those are hospitals items. I also have a secured Capital One Credit card to show positive payment history. I always pay it a week after charging something and never let it get even close to the due date...

 

I am just trying to figure out the best course of action here, and I freely acknowledge I got myself into this mess, but it doesn't seem so easy to get out of it and start showing lenders that I want to make good on my credit commitments.

 

Any tips on the best course of action to fix my scores? I have stayed away from anything credit related for over 9 years but it never seems to cease haunting me.

Valued Contributor

Re: I am so confused..


chemical360 wrote:

Ok, thanks. Any tips on what to do here? Everything on there is so old and according to everything I have read, old delinquent items no longer effect your score that much. I have nothing delinquent after 2009 and even then, it is not more than $100 and those are hospitals items. I also have a secured Capital One Credit card to show positive payment history. I always pay it a week after charging something and never let it get even close to the due date...

 

I am just trying to figure out the best course of action here, and I freely acknowledge I got myself into this mess, but it doesn't seem so easy to get out of it and start showing lenders that I want to make good on my credit commitments.

 

Any tips on the best course of action to fix my scores? I have stayed away from anything credit related for over 9 years but it never seems to cease haunting me.


Well, it is all relative.

 

Negative factors impact your score. The more you have, it starts getting interesting.

 

Example: If you have one collection pop up, and your score was 720 before, it might drop as much as 100 points. However, if you already had 3 collection accounts, and your score was 640, it might not drop much at all if you have a new negative.

 

What types of negative information do  you have? Late payments, collection accounts? What types of negative and what are the dates of these?

 

We would need more information to really give you a solid opinion on what to do.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX