Reply
Valued Member
Posts: 25
Registered: ‎11-20-2012
0

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.

Valued Contributor
Posts: 1,540
Registered: ‎08-30-2012
0

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.

 

 


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 712|EQ 695|EXP 723 (FICO)
Total credit $185,250; Util 14%
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Valued Member
Posts: 25
Registered: ‎11-20-2012
0

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
Posts: 1,540
Registered: ‎08-30-2012
0

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.


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 712|EQ 695|EXP 723 (FICO)
Total credit $185,250; Util 14%
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Moderator
Posts: 13,678
Registered: ‎04-15-2011
0

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!
Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
0

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
Posts: 25
Registered: ‎11-20-2012
0

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
Posts: 2,661
Registered: ‎04-25-2011
0

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
Posts: 25
Registered: ‎11-20-2012
0

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
Posts: 2,661
Registered: ‎04-25-2011
0

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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.