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Credit Scoring 101 - START HERE!

New Visitor

Re: Credit Scoring 101

Hi,
I tried to get my credit report and score from TransUnion today but they said that they don't have enough information on my file. What do I need to do to see if I have a credit score or to build one. I've been living in the country for the past 2 years and I don't really know anybody that I could ask to add me on their accounts. Also, when you first start to build a score around what number do you start at: 300 or zero? Please respond. Kind regards.
Stephanie
Message 11 of 272
Regular Contributor

Re: Credit Scoring 101

I'm a loan officer and I'm going to send everyone to this blog. I think you hit the nail right on the head!
Message 12 of 272
Community Leader
Epic Contributor

Re: Credit Scoring 101 - START HERE!

For those wanting an independent and in-debt analysis of credit reports, including simulations and basic concerns, the best analysis I have found is the following 2004 report by the Federal Reserve Board.... must reading!

www.federalreserve.gov/pubs/bulletin/2004/summer04_credit.pdf

Message 13 of 272
Established Member

Re: Credit Scoring 101 - START HERE!

Tuscani,
 
This was great information because transunions always baffles me and I was unware that there was another site for transunion FICO scores...learn something knew everyday.Smiley Happy
Message 14 of 272

Re: Credit Scoring 101

Starting apply dept. store credit cards and buy something low priced items and pay it on time.
Then use dept. store credit cards to apply bank credit cards (Visa, Master Card, AE, Discover), and pay them on time...
And you have built your own credit history along the road...
It depends on your income(credit line) vs debts to determine your credit score, but each credit system pull out the different score from the same source...like...
WaMu get credit score from TransUnion for me...710
American Express get credit score from TransUnion for me...733
Mortgage Fax Inc get credit score from TransUnion for me...752
They all happened in the same day(time)...So what can you say, Which do you believe ???
So, the bottom line is really depending on the "Bank", which credit report(credit score) they will accept...that's all about!!!            
Message 15 of 272

Re: Credit Scoring 101

For those of you wanting an independent and in-debt analysis of credit reports, including simulations and basic concerns, the best analysis...
  
Just apply a Washington Mutual credit card and register an on-line login ID then you have your own credit score from TransUnion every month, even the score is lower than the other agency from the same source (TransUnion)...but it is Free info. for you to see!!!
 
WaMu get credit score from TransUnion for me...710
American Express get credit score from TransUnion for me...733
Mortgage Fax Inc get credit score from TransUnion for me...752
They all happened in the same day(time)...So what can you say, Which do you believe ???
  
Message 16 of 272
New Visitor

Re: Credit Scoring 101 - START HERE!

thank you.
Message 17 of 272
New Visitor

Re: Credit Scoring 101 - START HERE!

Dear Barry:
 
Also happens to be my attorney's name!
 
I have a letter from FICO, this week, no name as usual,saying they have no idea when the three CRAs reported me bankrupt and when -at least two of them- removed it.
 
Kinda the same response I got from TU and Citi for two years and Lexis Nexis.
 
US District Court, Southern Dist. FL., # 07-80031 CIV, Middlebrooks/Johnson, check it out!
 
I requested FICOs assistance and got nothing.
 
FICO does not exactly state the truth about credit apps-after three years -because of bankruptcy issue-I refinanced and FICO dropped me from the eights because of hits within thirty days!
 
Are you going to work with me here, or do I need to file amended complaint or new case?
 
My goal is to remove TU from creditability.You need to think about that also. Few people understand the difference from TU scores and the Gold Seal!
 
Yours truly,
 
Michael Young
Message 18 of 272
WOC
New Visitor

Re: Credit Scoring 101 - START HERE!

Although the FICI range is between 300 / 850 - the scores are not that high or low - I have seen 100,000's of credit report scores and the lowest was 378 and the highest 839 - If a different scoring model is used on the same report is the score different?
Message 19 of 272
Moderator Emeritus

Re: Credit Scoring 101 - START HERE!



WOC wrote:
Although the FICI range is between 300 / 850 - the scores are not that high or low - I have seen 100,000's of credit report scores and the lowest was 378 and the highest 839 - If a different scoring model is used on the same report is the score different?



850 has been achieved. Not so sure about the 300.
Message 20 of 272