- sgh, out of curiosity, did you happen to pull all 3 FICO (not FAKO) scores, and was your TU lower than the others? -
No, I did the free annual credit report for all 3. TU was the only one offering free credit scores so I used them to get my score. I figured since the info is pretty much the same on all the 3 credit reports then the credit scores would be too. I was just surprised that the refinance showed up as a negative. The other 2 items seemed a bit petty too. Here they are in order: 1. There are too many inquiries on your credit report. 2. There are not enough accounts in good standing on your credit report. 3. Your mortgage account balances are too high in comparison with your credit limits.
Looking at the credit report I have 5 inquiries showing, which isn't so bad. I have 2 Visas an Amex and 1 store credit card (all in good standing), 2 mortgages and a HELOC (also in good statnding). The mortgage on my rental property was refinanced to get a better rate and lower my monthly payments, but the balance to limit changed (what used to a $500K loan is now $365K).
From what I have read in the FICO 101 and other FAQ's my credit score should be close to perfect. I have never had a late payment or anything negative on my credit reports. My oldest credit card is 15 years old and I don't have have any credit cards with balances over 20% of their limits.
In the last 3 years I have paid off both my cars and all my student loans so I don't have any other debt except for my mortgages. So, when I hear that the Fair Isaac algorythem for calculating a credit score does not penelize you for high mortage balances I get a little leary. Needless to say I am not a fan of the company. Most of us would get fired from our jobs if the product we put out was this flawed