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New Member
m2wise
Posts: 1
Registered: ‎05-24-2007

Re: Credit Scoring 101 - START HERE!

Hello just had a question. Im pretty new to all this, so please bare with me.  Now I read something about AU. Can you explain a little on that?  Also, I noticed that on my report some CC have me as co-signer or joint, when actually it should be AU. What should I do, or go about to fix that?
New Visitor
texasbarbeologist
Posts: 1
Registered: ‎05-16-2007

Re: Credit Scoring 101 - START HERE!

Does credit coumseling that shows on some of my accounts hurt my FICO score....or do credit grantors frown upon this? My balances are being paid down significantly.
Any help would be appreciated
Thx Texas B. :smileyhappy:
New Member
willyr75
Posts: 8
Registered: ‎08-02-2007

Re: Credit Scoring 101 - START HERE!

Great post! Only thing is in 4.5 years of monitoring scores working with people buying homes, I have still never send a score below 400. That kind of score is something that does take intentional disregard for credit to achieve. Many people who have had trouble but may have had a BK recently will have scores in the 530-580 range. The biggest thing you can do in a troubled time is to:
 
1) Don't stop paying all your cards , no matter what a BK attorney tells you. (If you do and have 0 credit that is established and clean after a BK it will be harder to rejuvenate your credit). Pick 1 or 2 with low minimum payments and keep them current and on time. You can reaffirm credit to allow to rebuild after a BK is discharged.
 
2) If it is too late, make sure to start rebuilding your credit immediately! There are many companies who will offer a credit card (if even secured) immediately after a discharge.
 
Again altogether great post Tuscani~
Regular Contributor
Redamagon
Posts: 139
Registered: ‎08-07-2007

Re: Credit Scoring 101 - START HERE!

Someone. Please help to understand this!??
 
     I don't get these scores from the credit companies. I have an account with another provider, which gives a different scores than MyFico. My score range from Equifax range in adifference of 40 points. My score on the other website is Equifax 701(08/06), here is 660(08/07) . My TU there is 616(08/06) here is 599(08/07) the diference is 19 points. My Exp is 654(08/06) and here is 666(08/07) the diference is 12 points. This is insane. Even if my credit score updated on the august 7th, I have nothing different on my report, which means no, new accounts, Inquires, delinquets, and no late payment. Tuscani . Do you have any Idea Why?
 
Member
mmobea
Posts: 6
Registered: ‎08-10-2007

Re: Credit Scoring 101 - START HERE!

Hi
I notice on my credit reports that there are several items (ie. auto loans, installment loans) that were paid off, but the notation of the account is 'Account closed at consumers request'. Does the fact that these accounts appear this way instead of "paid in full" (or the like) have any affect on my credit score?
 
thanks
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Credit Scoring 101 - START HERE!



mmobea wrote:
Hi
I notice on my credit reports that there are several items (ie. auto loans, installment loans) that were paid off, but the notation of the account is 'Account closed at consumers request'. Does the fact that these accounts appear this way instead of "paid in full" (or the like) have any affect on my credit score?
 
thanks



FICO does not weight negatively against closed accounts with the notation, "Closed by Credit Grantor."

However, on a manual review, the credit underwriter is likely to "suspect" that you did something wrong, which, obviously, does not have to be the case. After all, this same notation will show if a credit grantor closes an account due to inactivity.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007

Re: Credit Scoring 101 - START HERE!



Redamagon wrote:
I don't get these scores from the credit companies. I have an account with another provider, which gives a different scores than MyFico.


Depends who the other provider is, but odds are good it's a FAKO score. FAKOs will not match your FICOs.
 
Opinions vary about FAKOs. I see some merit in them as they do serve as a decent, rough guide about where one's FICOs are. Mine tend to remain within 30 points, one way or the other, of my FAKOs.
 
New Visitor
ellensguy
Posts: 2
Registered: ‎08-16-2007

Re: Credit Scoring 101 - START HERE!

I have always operated on a cash basis.  Now, I am trying to purchase a home, and have no FICO  score.  What is the best way to quickly establish myself in FICO?
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Credit Scoring 101 - START HERE!



ellensguy wrote:
I have always operated on a cash basis.  Now, I am trying to purchase a home, and have no FICO  score.  What is the best way to quickly establish myself in FICO?


Do you have any credit at all?
 

 
New Visitor
ellensguy
Posts: 2
Registered: ‎08-16-2007

Re: Credit Scoring 101 - START HERE!

I have utilities in my name, and I have purchased an automobile some time ago.

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