Credit Scoring 101 - START HERE!

[Anonymous]

Okay, so I'm starting to understand a little,but can someone tell me what the Experian VantageScore was.....Is it a FAKO or a FICO, & how do I know what score is which??  My Experian VantageScore is MUCH higher than my Equifax (100 points); is that normal??    Thanks!!

[Tuscani]

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lrgirl wrote:

Okay, so I'm starting to understand a little,but can someone tell me what the Experian VantageScore was.....Is it a FAKO or a FICO, & how do I know what score is which??  My Experian VantageScore is MUCH higher than my Equifax (100 points); is that normal??    Thanks!!

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Vantage is just another FAKO created by the three CRAs.

[elconejo456]

Why doesn't the FICO have the interest rate the credit card companies are charging the consumer. Because it seems the credit cards companies are allowed to post deliquent payments, but they fail to state their charging 32% percent interest and it may not even be a default by the consumer.

[Anonymous]

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@elconejo456 wrote:
Why doesn't the FICO have the interest rate the credit card companies are charging the consumer. Because it seems the credit cards companies are allowed to post deliquent payments, but they fail to state their charging 32% percent interest and it may not even be a default by the consumer.

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In some cases, it would be difficult for the CCCs to report interest rate information - you could have a CC that includes both purchase amounts and balance transfer amounts, some at special promotional rates. There could be 3 or 4 different interest rates that apply to portions of your balance. Also, the interest rates on your CCs do not indicate whether you are a good or bad credit risk.

[Anonymous]

Awesome post...brings hope to us who have sadly built a poor history, but want very much to fix it by doing the right thing now. 

Thank you!

[chaparritaboricua]

I'm new to the forums so Hello to all,

I have a question or a few!: In everything that I have read it states that it will take at least 12 months to see your credit scores change enough for my husband and I to buy a house. But as I was looking at other posts I have see people say their scores have jumped at least 35 points in weeks instead of months. So my first question is with the scores that I have:

TU: 575

Eq: 551

Ex: 613

Is that truly possible? These are my scores and I'm the one trying to buy the house without help of my husbands scores (which are probably worse than mine right now). I pay all of the bills some late but not 30 days late and I have a bankruptcy that so far has been on my report for 7 years. And tons of student loans, If I keep paying everything on time at least the CC's would that help?

My other question is since this is my second go around with Suze Orman and FICO - would it be best to  check my scores every 3 months or should I wait longer and what other steps do I need to take besides disputing info on my reports (which I just did)?

Any help would be appreciated. And I apologize if this isn't the right thread.

Thanks

chaparritaboricua

[jaylin]

I'm somewhat confused but perhaps somebody can help me to undersand. When I ordered my scores from myfico they were 601,669 and 676 but when I review them on Truecredit which is sponsored by Transunion they are 591,603 and 623. To my knowledge both companies use the FICO scoring model. Why would the scores differ between myfico and truecredit?

Thanks

[Anonymous]

TrueCredit uses FAKO not FICO.

[Tuscani]

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jaylin wrote:

I'm somewhat confused but perhaps somebody can help me to undersand. When I ordered my scores from myfico they were 601,669 and 676 but when I review them on Truecredit which is sponsored by Transunion they are 591,603 and 623. To my knowledge both companies use the FICO scoring model. Why would the scores differ between myfico and truecredit?

Thanks

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Did you even read this thread?

[jaylin]

Thanks for the respone, Yes I did read the thread after the fact and it was very useful.