Credit Scoring 101 - START HERE!

[Anonymous]

Thanks for the breakdown...Do you know if store cards are weighted the same as the major credit cards?

[haulingthescoreup]

Store cards count a little less than majors. They're not bad; they just don't have the bang for the buck.

[Monya]

Hi!!

I will be buying a house in about three months.

I have excellent credit...NEVER missed a payment or paid a bill late in 30 years! But...I'm confused....

my Experian score is 813....my Equifax score is 767...my TransUnion score is 746.....how come there is such a big difference between the scores???  Geeez...especially the Experian & TransUnion!

What gives?????  This is all very recent info (one week ago.) I really want a stellar report when I apply for a mortgage!

Thanks for any help or explanation I can get!

"Monya"

[haulingthescoreup]

Hi, Monya, can you start a new post over on either Understanding FICO Scoring or on General Credit Issues? Please post your accounts (remove any ID) with how long they've been open, what the current credit limit is, what the current posted balance is, and any baddies.

Generally, when scores are that out of whack, it is due to differences on credit reports. You'll probably never see all three scores be identical, but they ought to be closer than that.

[Anonymous]

Very good info....so do not go with one of those fix it quick credit repair agencies?

[haulingthescoreup]

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@Anonymous wrote:
Very good info....so do not go with one of those fix it quick credit repair agencies?

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Lordy, no. Even if you found one where they know what they're doing and are determined to do their best, there's nothing that they can do that you can't do with some homework. And unfortunately, a lot of people have reported that either they didn't get much in the way of results for their money, or they wound up even worse than they were in the first place.

Also, one enormous benefit of doing it yourself is that you will gain an understanding of and respect for credit that will keep paying off for years to come.

BTW, welcome to the forums!

[Anonymous]

I work at a bank and I see credit reports all day. My question is tell me how a report has 2 civil judgements & 3 collection accts out of 5 accts and still have a score of 576. I have a few collections accts & 2 derog accts and I have a dang 513. Down from a 529 from collection agencies passing bad debt and hitting my report as new each time. I have sent proof to these agencies of insurance payments and voided checks of payments and they still won't remove the info. HELP!  I don't understand this scoring.

[Anonymous]

can you do a pfd----after you have paid collections--to have removed---or is it too late

[haulingthescoreup]

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@Anonymous wrote:

can you do a pfd----after you have paid collections--to have removed---or is it too late

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Hi, lala, welcome to the forums! If you paid in full, all that's left is a GW (goodwill letter.) If you settled, you MIGHT be able to PFD for the amount that was written off. (Depending upon how greedy they are.) But that could get you into dangerous waters.

Please read Credit Scoring 101, and then look in Frequently Requested Threads. Both are stickied up at the top of this forum.

[Anonymous]

I have some questions from observing the other threads:

1. Why dont we sign any of the letters?

2. Why dont we put our social security numbers on the letters to identify ourselves?

3. Can any loan be "rehabbed"? Or just student loans?

Thank you!!!!