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Valued Member
Posts: 33
Registered: ‎03-29-2010
0

help raising fico

we have had true credit for about a year and have seen the numbers soar; however when we pulled our scores through our mortgage company they were low =[  

we have no late payments in over a year and only one credit card.  the other loans are finance companies and our mortgage and HELOC.  The HELOC is at its limit and the credit card is below 35%.  What is the next thing that we need to do to raise our scores quickly!

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: help raising fico

True Credit does not give real FICO scores, they are FAKO.  That is the likely reason of the big differences in what you see and what your LO pulled.

 

The one CC shoud be reporting at 9% or less.  A HELOC is considered revolving also and may be used in caluclating your utilization.  If it is above 30K on Tu or 50K on EQ and EX it should be ignored in the calculations.  It is not always the case though.

 

You need to figure out if the HELOC is part of your utilization.

Valued Member
Posts: 33
Registered: ‎03-29-2010
0

Re: help raising fico

Oh well true credit did always seem unreliable. The HELOC is reporting $35,052 on all three reports. Does that mean it
that it is not factoring in. On the true credit site it is listed as an account
whose exact category is unknown. On our report from our LO it is a home equity
revolving terms. If we pay our cc down below 9% will that raise our
scores?

Thanks for your help we are getting so discouraged!
Regular Contributor
Posts: 173
Registered: ‎11-01-2010
0

Re: help raising fico

Welcome!

I had the same issue when I first started this whole thing, TrueCredit is only good to check PRIOR to checking the fico scores because you can check it for free!  Then when your ready to check fico you know the scores have gone up before you pay the fee to check!  When TrueCredit goes up you know your fico scores go up...since fico uses different calculations the scores will be different.  Just remember most lenders us myfico scoring but you maybe surprised to find that some don't...good luck!


Starting Score: TU 545 EQ 575 EX 581
Current Score: EQ 699 TU 670 EX 679
Goal Score: 750


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Regular Contributor
Posts: 173
Registered: ‎11-01-2010
0

Re: help raising fico

Paying down CC debt will certainly raise your score, but is the HELOC showing as part of your utilization?  CC debt is major with myfico, if you do anything get the CC down to 9% or less!!!


Starting Score: TU 545 EQ 575 EX 581
Current Score: EQ 699 TU 670 EX 679
Goal Score: 750


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Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: help raising fico


mst2009 wrote:

Welcome!

I had the same issue when I first started this whole thing, TrueCredit is only good to check PRIOR to checking the fico scores because you can check it for free!  Then when your ready to check fico you know the scores have gone up before you pay the fee to check!  When TrueCredit goes up you know your fico scores go up...since fico uses different calculations the scores will be different.  Just remember most lenders us myfico scoring but you maybe surprised to find that some don't...good luck!


Unfortunately, that is seldom true..  Your FAKO scores can go up or down and your FICO will not change and vice versa. 

 

 

 

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: help raising fico

[ Edited ]

frustrated- wrote:
Oh well true credit did always seem unreliable. The HELOC is reporting $35,052 on all three reports. Does that mean it
that it is not factoring in. On the true credit site it is listed as an account
whose exact category is unknown. On our report from our LO it is a home equity
revolving terms. If we pay our cc down below 9% will that raise our
scores?

Thanks for your help we are getting so discouraged!

 

You would need to figure the HELOC in the calculation and again without it to see what you come up with for utilization.  Whatever matches would tell you.

 

If your HELOC is not calculated in your utilization, then paying down the CC to 9% or less would raise your score.  How much is hard to say.

 

If your HELOC is calculated in your utilization, and it is at the limit, paying down your CC to 9% may have little impact.  It could go up but again, it's hard to say.

 

You add up all your revolving debt and divide it by your total CL.  This will give you overall utilization

 

Are there any negatives, like collections or COs on your report?

 

Regular Contributor
Posts: 173
Registered: ‎11-01-2010
0

Re: help raising fico

 That may be true but I was speaking based on my own personal experience....


Starting Score: TU 545 EQ 575 EX 581
Current Score: EQ 699 TU 670 EX 679
Goal Score: 750


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Valued Member
Posts: 33
Registered: ‎03-29-2010
0

Re: help raising fico

We did have a few collections, one that shows as a charge off and several lates but the worst was
in 2007 with the last late being only 30 days and that was Jan 2010. Could that be impacting my score?

Where can I find the utilization to compare it to onece I do the math
with and without the HELOC?

Thanks again for you help!
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Regular Contributor
Posts: 173
Registered: ‎11-01-2010
0

Re: help raising fico

That could be it the more recent the baddie the heavier the impact on your score, I had one in this past Jan paid it in full and they deleted it that was a hard hit for us but the 65 points we lost we got 72 point back!!!  Don't get discouraged just don't give up stay plugged in and do your research ESPECIALLY regarding your rights and the law as a consumer...


Starting Score: TU 545 EQ 575 EX 581
Current Score: EQ 699 TU 670 EX 679
Goal Score: 750


Take the FICO Fitness Challenge
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