08-06-2012 10:59 AM
Thanks, I fixed my EQ EX typos.
Also, the day that this happened I pulled that a report and looked at it and looked at one I had pulled a few months before to compare. The status of the car loan had been "paid as agreed" and showed the one late payment back in March of 2009 in the transaction history. When I paid it off, it changed my status from paid as agreed to 30 days past due.... when you look at the transaction history you see that the only past due is back in 2009. I called the company, they said that is not how they show it. The other bureaus have "paid, closed, WAS 30 days past due" and those scores remained well into the 700's. Only myFICO seemed to be impacted negatively by me paying off this car loan and it was a big hit.
Everything else is the same or better (lower balances) between the 2 reports... it really had to be this.
Over the weekend, I got an alert that my score "went up" to 687.... so it is still low...
I don't know what to do... I am thinking of calling one of those credit counseling people to see if they know how to get it straigtened out.
10-25-2012 06:40 AM
If I pulled my Equifax score from equifax.com, does this mean that score is my FICO score?
10-25-2012 07:43 AM
It depends. Equifax.com offers their Equifax score and a FICO Equifax score... do you know which one you purchased? In my case, my Equifax score is much higher than my FICO equifax score. 790 vs. 741. The 790 is the Equifax score and a consumer education score or what people on this board refer to as a FAKO score. It is not what the lenders use. For that, you will need to look at your FICO score.
10-25-2012 09:11 AM
Wait, I think I actually got my Equifax Score from ScoreWatch when I did the 10 day trial. Is that FICO?
10-26-2012 12:10 AM
That is an actual FICO score. Now, you have to remember there are many different types of scores out there.
First off there are what we term as FAKOS. There are ones you get from the websites promoting credit scores that can be found all over the web. Most if not all of these are absolutely worthless. No lenders use these scores and they could be way off from the scores the lenders are using. Even the big 3 CRAs, EQ, TU and EX sell FAKOS on their websites.
FICO as they post on the welcome page to myFICO, supplies credit scores to 90 of the top 100 largest financial institutions. Now with that being said, you don't just have one FICO score. There are different models available out there. TU supplies a FICO 98, FICO 04 and FICO 08. It is up to the lender as to which one they use. There are also auto enhanced, mortgage enhance and CC enhanced models that focus on particular areas of credit.
Vantage scores are a scoring system that the big 3 CRAs have come up on their own. There are actually a few lenders that use these, but it's never gotten very popular.
There are proprietary scores that some lenders use. This can be a combination of your FICO score and their own algorithm thrown together to come up with a score or they can just use their own system to determine whether credit will be lended or not.
As you can see, it is very confusing, it is meant to be confusing. If we knew how everything worked, we could work it to our benefit. The lenders still feel like they need an edge. So don't get too consumed by scores. My philosophy is to keep my report clean, only get credit when I need it and keep a nice healthy stable of revolving credit that I can PIF each month.
So, that's my take on the whole situation. Good Luck!
11-04-2012 06:33 AM
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11-06-2012 10:31 AM
Similar situation here. Got a letter in the mail yesterday from a lender pull, shows my EQ score of 803; ScoreWatch alert here this morning shows a 767, which is an increase from the 749 that it was yesterday. Go figure!
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