05-10-2007 11:14 AM - edited 05-10-2007 11:21 AM
05-10-2007 11:40 AM
A mortgage requires more than just a high FICO.. many things are considered DTI, income, overall file, ect.
cinoeye wrote:Great info Andy!I have one question.It's possible to have only student loan on your report or only 1 cc(like my friend) and your score is like more than 700.But can you get, for example house loan, just based your pure number?
Message Edited by cinoeye on 05-10-2007 11:21 AM
05-10-2007 02:39 PM
05-10-2007 03:10 PM
It's probably the "pond" or "bucket" problem. All FICO scores are not created equal. You are in the pond with the fish with the best credit. But among those fish, there are many with longer credit histories than yours. Their oldest accounts are 20+ years old. So compared with them (and not with the fish in the next lowest pond), you are scoring lower. Just keep swimming along and your score will rise. Of course, once it's over 760 it's pretty much all academic ...
toddj1965 wrote:I understand your problem Sam..I have a similar problem. Equifax and Experian and Transunion have given me between 803 and 813 credit scores but my scores are now trending lower and there is absolutely no clear reason why. TransUnion is the worst recently gave me a 790 score with last year being 803. I pay credit cards in full (using only small portion of my credit card balance-about 1% per month is used at any one time) every month, have no late payments, paying off mortgage on 10 year loan without any late payments, have not opened any new credit in 2 years, have no recent credit inquiries, and the only clear reason they are giving is...short credit history..avg acct open 6 years and oldest acct is 12 years old.So what gives? I am really open to suggestion.. I realize 790 is not a bad score but why would is my score trending lower?I am starting to question the validity of the scores when they get into the higher ranges. My score should be higher not lower.
05-10-2007 03:24 PM
05-13-2007 09:02 AM
toddj1965 wrote:I appreciate your feedback...if I understand you correctly you are stating..that at present Transunion, experian, equifax are grouping us by score. Since I am in the top (or next to top group) my "credit peers" have longer credit history. This means to a lesser degree my score could trend down lower simply because of who the other fishes in my pond are?I guess I always thought they took the different factors (length of credit history, number of inquiries, late payments, etc) and calculated your score using a formula. In this case your score would only go up or down if you changes a variable (made a late payment, got a new mortgage or vice versa continue to pay on time, etc)?The swimming is fairly simple. I am just worried my score is going to go down further for no good reason.Although this has given me even more motivation to live a completely credit free life (with the exception of the strategic use of a credit card to purchase something and pay it off at the end of the month). I refuse to be held hostage to a credit score..They only have power over you if you need to borrow money.
05-13-2007 09:04 AM
And I'm sure he doesn't hang out here like the rest of us ... maybe we should take up golf LOL ...
Fritz wrote:My step father has an 850 score and he golfs for fun...
05-13-2007 01:03 PM
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.