Adventures in FAKOland...

[Neblett]

I was very excited tonight...then not.

Several changes in my Equifax report, as seen via TrueCredit, bade well for my score's increading, so I thought it was time to finally throw away the FAKOs and get with the FICOs.

And boy was I glad I did ... for a few minutes.

My TrueCredit Scores as of today:

TU: 573

EX: 604

EQ: 537

So, I bought myFICO score with ScoreWatch today.

EQ - 668!!!!

Yay!!!  Keep in mind 1.5 months ago, my FICO EQ score was 420, so this is Hallelujah-worthy.

I was so happy, because this might mean I could successfully apply for that car loan a month earlier than I was wanting to.  But I knew one score wouldn't be enough...

So then I decided, since the FAKOs were so significantly different in EQ's case (EQ has given me the hardest time of all of the CRAs), I would check my other 2 scores using myFICO.

TU: 536

EX: 563

What the hey?!

[fused]

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Neblett wrote:

I was very excited tonight...then not.

Several changes in my Equifax report, as seen via TrueCredit, bade well for my score's increading, so I thought it was time to finally throw away the FAKOs and get with the FICOs.

And boy was I glad I did ... for a few minutes.

My TrueCredit Scores as of today:

TU: 573

EX: 604

EQ: 537

So, I bought myFICO score with ScoreWatch today.

EQ - 668!!!!

Yay!!!  Keep in mind 1.5 months ago, my FICO EQ score was 420, so this is Hallelujah-worthy.

I was so happy, because this might mean I could successfully apply for that car loan a month earlier than I was wanting to.  But I knew one score wouldn't be enough...

So then I decided, since the FAKOs were so significantly different in EQ's case (EQ has given me the hardest time of all of the CRAs), I would check my other 2 scores using myFICO.

TU: 536

EX: 563

What the hey?!

---

Print all three of your FICO reports and do a side by side comparison.  Obviously there are differences on what is being reported to each CRA.  Do you have late payments reporting, any collections or charge offs.  Is your util high.  etc. etc.  Let us know!

[Neblett]

Okay, here's a question.

When you go to an auto dealer that pulls TU and EQ, like the dealer I want to get my car from, and they pull one that is 668 (my EQ FICO) and one that is 536 (my TU FICO), how do they score you, since there is such a huge disparity?

Thanks!

[fused]

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Neblett wrote:
Okay, here's a question.

When you go to an auto dealer that pulls TU and EQ, like the dealer I want to get my car from, and they pull one that is 668 (my EQ FICO) and one that is 536 (my TU FICO), how do they score you, since there is such a huge disparity?

Thanks!

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You should do a side by side with all three of your reports and tell us what derogs are reporting, what your util is on your cc's and how many inqs you have.  As far as auto loans, check this thread.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=1231

[Neblett]

Just applied for Capital One Auto and received an email from their Custom Finance Program - what does that mean? I also received a rejection email from RoadLoans, even though I didn't apply for a loan through them.

Any clues?

[Calamity]

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Neblett wrote:
Just applied for Capital One Auto and received an email from their Custom Finance Program - what does that mean? I also received a rejection email from RoadLoans, even though I didn't apply for a loan through them.

Any clues?

---

What does the email say?  Did they send you a letter snail mail?

[Neblett]

TEXT OF EMAIL:

As part of our commitment to meet your loan needs, we are considering your application for our Custom Finance Program. We will call or e-mail you tomorrow with more information.

To learn more about our Custom Finance Program, please go to http://www.capitaloneautofinance.com/Public/CustomFinance/Default.aspx

Questions? Feel free to call us during our business hours. We'll be happy to help.

Sincerely,

Capital One Auto Finance
1.800.689.1789
1.888.412.7543 (fax)
Monday - Saturday: 7 a.m. to 9 p.m. CT
Sunday: 9 a.m. to 6 p.m. CT

Capital One Auto Finance and its service providers are committed to protecting your privacy and ask you not to send sensitive account information through e-mail. You can view our privacy policy and contact information at http://www.capitalone.com

Blank Check® is a registered trademark of Capital One Services, Inc.

Copyright 2007 Capital One Services, Inc. Capital One and Capital One Auto Finance are federally registered service marks. All rights reserved.

Message Edited by Neblett on 06-15-2007 09:58 PM

[fused]

It's not a good idea to apply for credit or a loan in your situation.  Fix the baddies reporting on your crs first. 

[Neblett]

I've spent the last 3 months fixing the baddies on my CRs.

My EQ FICO in March was 420. It's now 668. So I think it's pretty obvious I've done some work on this.

My TU and EX reports are still showing some open student loans that are about to report as "Closed (Paid)" because of a loan consolidation. The only other legitimate thing I can do is wait for 4 more years because of some delinquent accounts that have been closed. There is also a Ford Motor Charge-Off that will have a zero balance in a month.

[Neblett]

What I do notice is that the negs on my EQ score report seem to be balanced by a long account history and many bills paid on time. These positive-impact components do not appear in the FICO model for EX and TU, even though all three accounts reflect the same account and payment history.