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New Member
Posts: 4
Registered: ‎01-27-2013
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Using Credit Cards

I am new on this side and i am somehow confused! I got 3 CC , how can i improve my scores? I paid every Balance to zero should i always carrie a Balance on this Cards to improve my Fico Score? TU Fico Score 659  EQ 602! EXP ?

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Using Credit Cards

They can improve your scores as they age. You don't need to use them all the time, but use them occassionally to kee them from closing. For best results, get all but one CC to report $0 and get the other to report a balance of under 9% of the CL. You really only need to focus on this prior to applying for future credit, otherwise pay in full monthly if you use the card.

New Member
Posts: 4
Registered: ‎01-27-2013
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Re: Using Credit Cards

Thank you! But i got a other Question about my Scores! My fico score from TU  659  from EQ  602 and now i got to different Scores from EX  from free credit score  650  and from experian  the Vantage Score from 690 which one of the Scores from Experian is are true? Why is there such a big different and can even the score what the Lenders see be lower?

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Using Credit Cards

None of the scores from EX are FICO scores, and lenders really don't use them. Your FICO can be higher or lower than what you received. Experian blocked consumer access to your own FICO score a few years back, but you can still get it from a lender and there are some CUs out there that can provide it if they offer it, most notable of which is PSECU if you happen to be a member.

 

Those scores are different because there were two different score-types used. FreeCreditScore is owned by Experian and they provide a PLUS FAKO score. No lenders use this score and runs off a score range of 330-830, if I recall correctly (vs. FICO's 300-850). The Vantage is offered directly via Experian.com and that has a range of 501-990. Both scores factor in stuff that FICO doesn't and vice-versa. So, it's a toss-up as to where FICO could be at. I know it's frustrating not knowing, but work on all 3 reports equally and your FICO scores will generally move in the same direction. Also if you get both your TU and EQ FICO scores to where you want them, then know that your mid-score could be one of those two, and that's the score the lender will use as a basis for the rate, PMI, etc.

 

AS an FYI to confuse things, myFICO offers an older version of your TU FICO. Some lenders do still use it, but most use a newer version. Your TU FICO could be higher or lower. I recommend boosting your TU FICO as high as possible to counter-act that potential score difference. IME, my TU98 was higher than my lender's pull by 10 pts. DW's was lower by 30 points (which was suprisingly good).

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