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Tuscani
Posts: 6,182
Registered: ‎03-29-2007
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Re: Credit Scoring 101 - START HERE!



Jen916 wrote:
First, I have learned so much on this forum, I have improved my score immensly.  One thing, I disputed many inccorect entries on my report and Trans Union very quickly removed them as did Experian, but Equifax has not....should I send a copy of Trans Unions letter of deletion to them, will that help?
 
It's crazy that there are 3 totally different entities to battle with!! 
 
Thanks very much.


One CRA could care less what the others are reporting. Luckily you have already slain the beast (EX).
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Tuscani
Posts: 6,182
Registered: ‎03-29-2007
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Re: Credit Scoring 101 - START HERE!



wonderer wrote:
Thanks! As the first post read after registering i was concerned this would be a waste of my money, but i see i was wrong. Thanks for all the great new info::womanhappy:



Just a reminder.. You do not have to make a purchase to utilize the forums. :smileyhappy:
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mcwadedfx
Posts: 7
Registered: ‎10-04-2007
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Re: Credit Scoring 101 - START HERE!

I have a credit card that automatically gives me my FICO score updated every month, without my having to pay for it.  Just to be clear, does that count as the sort of inquiry that can lower the score?
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Credit Scoring 101 - START HERE!


haulingthescoreup wrote:

fused111 wrote:
HELOCs almost always report as revolving...be responsible with this line just as you would with a CC. Another option is to ask your lender to report it as an installment...no guarantee they will agree though.

Thanks, Fused! USAA said that they report them as a mortgage loan, but that the CRA's don't always post it that way. Can't wait to see what this will do to the scores (snort).


Sure enough, all three bureaus now have the HELOC. One has it as a mortgage, one as an "account in which the exact category is unknown," and one as revolving. The revolving also shows highest balance as $50K (the value of the line of credit), even though I've only used $3060.

Any guesses as to which CRA used which category?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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snookie
Posts: 77
Registered: ‎08-11-2007
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Re: Credit Scoring 101 - START HERE!



haulingthescoreup wrote:

haulingthescoreup wrote:

fused111 wrote:
HELOCs almost always report as revolving...be responsible with this line just as you would with a CC. Another option is to ask your lender to report it as an installment...no guarantee they will agree though.

Thanks, Fused! USAA said that they report them as a mortgage loan, but that the CRA's don't always post it that way. Can't wait to see what this will do to the scores (snort).


Sure enough, all three bureaus now have the HELOC. One has it as a mortgage, one as an "account in which the exact category is unknown," and one as revolving. The revolving also shows highest balance as $50K (the value of the line of credit), even though I've only used $3060.

Any guesses as to which CRA used which category?

I'm gonna guess that EQ shows mortgage, EX shows revolving, and TU is unknown  :smileyhappy:
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RobertEG
Posts: 18,442
Registered: ‎03-19-2007
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Re: Credit Scoring 101 - START HERE!

[ Edited ]
This may sound like a really stupid question... but what is the REAL relationship between a TRUE FairIsaac FICO score,and those offered by any of the CRAs, or even myFICO?  I know that FairIsaac holds the proprietary trademark on the term FICO, and has developed and hold the real trade secret and proprietary rights to the FICO moniker.  "FI" = FairIsaac.  I know than many sites who offer credit scores (e.g., CITI Credit Monitor) do not even mention FICO, because obviously they have no license with or legal right to use that moniker for their offered scores, some of which are simply FAKO Advantage.  Thus, their scores are clearly FAKO, and few lender rely upon them. But what about Equifax and myFICO?  They use the term FICO.  Should that not mean that they are licensed FICO score vendors?  Can one rely upon them as true FICO scores?  But their scores are NOT the same as real FairIsaac FICOs.  Equifax is a CRA, and not FairIsaac.  What is the relationship?  Are we just being ripped off, and even worse, being misled into thinking that the scores we pay for are true FICO scores?  What is the deal on these fringe FICOs?
I have been led to believe that when I get a score from Equifax, it is the real FairIsaac deal.  But Equifax is not FairIsaac.  Are they licensed to deliver real FICOs, or do the run some version of the real FairIsaac model through their own 'puters,delivering a faux FICO, as opposed to a FAKO?
We are paying money for these scores.... we need to know what we are buying...


Message Edited by RobertEG on 10-13-2007 11:56 PM
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Credit Scoring 101 - START HERE!


snookie wrote:

haulingthescoreup wrote:
Sure enough, all three bureaus now have the HELOC. One has it as a mortgage, one as an "account in which the exact category is unknown," and one as revolving. The revolving also shows highest balance as $50K (the value of the line of credit), even though I've only used $3060. Any guesses as to which CRA used which category?
I'm gonna guess that EQ shows mortgage, EX shows revolving, and TU is unknown :smileyhappy:

Sorry, lost track of this thread. Actually, it worked out that EX has it as a mortgage, TU has it as unknown, and EQ, which hates me anyway, has it as revolving.

I think it was netpanther who got slaughtered on the EQ score due to having the audacity to actually use the line of credit (gasp!) My EQ score only dropped 3 points after it posted with $3K used (after all, how much lower could it go???), but I suppose it will tank once the home improvement stuff actually starts. :smileymad:

When I pull myself together, I'm going to start researching the posts to see if any of this is fixable, but I doubt it. Apparently the CRA's can do anything they please with your data, and you are supposed to just lie back and grin. Doesn't look like I'll be app'ing from anyone who pulls EQ for the next while! Not that I'm planning to anyway, but it's the principle of the thing.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Credit Scoring 101 - START HERE!

Robert the Equifax FICO and the Equifax FICO that you would get here at myFICO are exactly the same. I cannot speak for the TU FICO that you can get through Transunioncs though.
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DSILVA8
Posts: 2
Registered: ‎10-17-2007
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Re: Credit Scoring 101

QUESTION:
 
 
I HAD MY IDENTITY STOLEN AND THIS RESULTED IN 17 RECENT LATES ON MY CREDIT REPORT. I AM IN THE PROCESS OF HAVING THEM REMOVED, HOW MANY POINTS WILL THIS MAKE MY SCORE RISE IF THEY ARE ALL REMOVED AT THE SAME TIME?
 
EXACT CALCULATION PLEASE?
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Credit Scoring 101

No one can do an "exact calculation," even if they knew exactly where you are starting from. Don't know your current scores, any baddies that are actually yours, what kind of credit you have etc., so no one can do the math with this little information. I would think that the score jump would be big, if the lates are truly recent.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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