READ THIS IF YOU ARE CONFUSED ABOUT YOUR SCORES AND TRYING TO BUY A HOUSE

[blackswan22]

I started my path to rebuilding my credit over the summer. I decided to pay all my collection accounts and any and everything that was outstanding including charge offs. I spent around 14,000 doing so and figured since i wanted to buy a home early next year i should be good to go. I also figured the following month my credit score would be sky high....BOY WAS I WRONG. My score didnt go up at all lol I was so frustrated so i came onto the forum to find out what I needed to do.

Turns out when you pay collections it updates as a new date and doesnt make your score go up at all because on my credit reports it still shows as a collection account the only difference is now it is paid. I didnt know about PFD's so I though geesh these people got paid and my credit is still being dinged. I read about the GW letters and went to work. I mailed out one batch and in that bacth alone 2 accounts were deleted. Then I went online I filed complaint with the BBB and also called some of the collection agencies in 3 weeks I have gotten 9 out of 16 accounts removed!!!

SO DONT GIVE UP!! 

Here's the other thing, even though these accounts have been deleted when I check my scores on my fico they have gone down because Im paying off all my credit cards which puts me at a 0% UTI. My avail credit is 35,000 so this month I have left small balances so I can see if that changes anything. 

I will admit I feel as of now the only good thing about  myfico is this forum. This score we are getting (which is the new scoring systems) no one uses so in actuality we are paying for scores that are way off from what the lenders are actually using. 

Right now on my fico my scores as of yesterday are 

EQ 556, Trans 594 and Exp 589 WHICH MADE ME CRY because Ive been working at this so hard

When my lender pulled my credit yesterday my scores are actually EQ 543, Trans 628 and Exp 637

I understand the scores will always be a little off but thats allot off. If we are paying for the "scores lenders use" then there shouldnt be such a huge difference. And no lender is even using this score as of now so whats the point? We should be able to still see our scores based on the old scoring systems alongside the new one until the industry gets on board with this new thing my fico is doing. Just my two cents.

I hope this post gives someone hope because until my lender pulled my credit i thought my home buying dreams were down the drain  based on myficos scores....GLAD IM STILL IN THERE....of and if I get my mid score to 640 I get a great interest rate!! Thats only 12 points away so im going to try hard to get those points. 

[CH-7-Mission-Accomplished]

MyFICO is a true FICO.  It uses FICO 08 which is used by credit card companies and auto lenders, typically.  Your mortgage scores are a FICO 04, which the mortgage industry has always used; they never updated to FICO 08.  You can get a FICO 04 if you order your FICO score from Equifax directly on their website.  Most people on these boards are building credit so they mostly want accurate credit card and auto FICO scores, which MyFICO using FICO 08 provides (although those lenders tend to use a credit card or auto enhanced versio of FICO 08).  As it this weren't all confusing enough, FICO 09 is now coming out so there will be FICO 98, FICO 04, FICO 08 and FICO 09, and a zillion useless FAKO models.

[blackswan22]

Its crazy that all these different scores are out there confusing everyone

[Anonymous]

I can feel the OPs frustration. My EX on myfico is 624 however when I applied for NASA visa my letter stated that my EX was 693...huge difference and extremely frustrating.  You just never know where you are at. Advice on this forum is too focus on the reports instead of the score and in time things will work out in your favor. Good luck with your new home!

[eric19k]

Congrats on your deletions!!!

Well, lenders use Fico 08 but they do not buy it here, I guess.