Understanding FICO® Scoring

[renov8r]

I was turned down for and Orchard Card based on Experian info, yet my Credit Union just approved a great lease on a 2007 Honda?  Do I have good credit or not?

Experian VantageScore 681

Equifax Fico score 717

Transunion 696

[ilovepizza]

Sounds ok to me. Vantage is a FAKO. So is Experian PLUS. You might have something different on Experian. Still your scores are well enough to get an Orchard card? Even good enough for an unsecured card. When you apply they like to see low to no balance at time of application. Call and find out why you were denied. Write a RECON letter.

Try applying to a bank that checks Equifax only. Your Equifax score is good. You should be applying for a "non secured" card with a score like that! Anything above 700 is good.

What is showing on your Experian that is different from Equifax? Please provide more information. UTL will keep you from getting a card. Even with an 800 score if UTL is too high you can be denied from banks. I am just guessing because I don't have info on your credit report.

Message Edited by ilovepizza on 06-20-2007 10:08 AM

[Tuscani]

Vantage is FAKO.

[MercyMe]

  I so hate my Vantage score.  Nor do I much like my Plus score.

[Boswd]

Yeah that is bizarre.   Even though Vantage is Fako,  I wouldn't think that there was that much of a difference between that score and your Fico score to not get an Orchard Card.   I wouldn't definilty call and find out.

[MidnightVoice]

For example - one of my FAKOs is 90 points less than the equivalent FICO.  And it can go the other way

If this is the one someone looks at......

[renov8r]

I think my HELOC is being viewed as a credit card rather than a real estate loan by the CCC's.  Once I convert it to a fixed rate 2nd mortgage, then they won't add it to util.  The Credit Union treats it as a real estate loan.

[Revike]

Are you sure there's nothing else different between your Experian CR and your other two CRs? A collection, an old account that doesn't report to EX, a lot of inquiries?

I've seen others claim that HELOCs are included in the calculation of total revolving credit and revolving utilization percentage, but I've personally not seen it. For example, my EQ credit report specifically refers to my total revolving credit amount and my revolving credit utilization, and the numbers it cites only match my credit card and charge card totals.

[renov8r]

I will try and figure out why my EX is lower than the other two and let you know what I come up with.  When I talked to AMEX about being turned down for Blue, they brought up the total combined amount.   Maybe EX provides that number to the CCCs when they pull? The Amex person on the phone acted as if it was all credit card debt as if I bought $60k in latte's or something as opposed to using it for business and a room addition.

If so, I would have been better to have taken the lump sum for the equity loan instead of using funds as I needed them for construction.  I wanted to avoid paying interest until I needed the funds...

Current FICOS:

6/20/2007: TransUnion 705 - Equifax 715 - Experian 685

[Boswd]

yeah but even though an Experian Fico of 685 and no Orchard?   Somthing's not right.   You should be able to qualify for about 80% of any cards out there.   Call and find out.