myFICO TU 604 GE TU 414?????

[rebuildingincb]

How is this possible? I apped two cards last week, Walmart and Bestbuy. I recently purchased my scores/reports here on myFico, and am trying to get over 650, hopefully 700 over the next 12 to 18mos. I figured I would app now, then garden, then maybe app again later this year.

I am paying my utilization down (paid down from 73% to 56% in last couple of weeks.

This is what I got from GE:

Your Credit Score:  414
Date:  05/06/2013
Scores range from a low of 300 to a high of 620.
Key factors that adversely affected your credit score:

HIGH RATIO OF REVOLVING ACCTS OPENED LAST YEAR TO ALL REVOLVING ACCTS
NUMBER OF MONTHS SINCE CREDIT ACCOUNT IN COLLECTIONS IS TOO LOW
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
AVERAGE RATIO OF REVOLVING BALANCES TO CREDIT LIMITS IS TOO HIGH

So, this morning I bought my TU here on myFico (which I just bought a few weeks ago here) and it still says 604 (TU).

I can see having some differences from lender to lender, but how on earth can you have almost 200 point difference? How can I possibly trust what the info is I get about my credit from ANY source now?


I almost think I am wasting my time worrying about it.... I have 4 cards now, and I don't need anymore. Only reason I even tried was to establish more credit over the next 2yrs so I can get a mortgage......

[CashOnDelivery]

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@rebuildingincb wrote:

How is this possible? I apped two cards last week, Walmart and Bestbuy. I recently purchased my scores/reports here on myFico, and am trying to get over 650, hopefully 700 over the next 12 to 18mos. I figured I would app now, then garden, then maybe app again later this year.

I am paying my utilization down (paid down from 73% to 56% in last couple of weeks.

This is what I got from GE:

Your Credit Score:  414
Date:  05/06/2013
Scores range from a low of 300 to a high of 620.
Key factors that adversely affected your credit score:

HIGH RATIO OF REVOLVING ACCTS OPENED LAST YEAR TO ALL REVOLVING ACCTS
NUMBER OF MONTHS SINCE CREDIT ACCOUNT IN COLLECTIONS IS TOO LOW
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
AVERAGE RATIO OF REVOLVING BALANCES TO CREDIT LIMITS IS TOO HIGH

So, this morning I bought my TU here on myFico (which I just bought a few weeks ago here) and it still says 604 (TU).

I can see having some differences from lender to lender, but how on earth can you have almost 200 point difference? How can I possibly trust what the info is I get about my credit from ANY source now?


I almost think I am wasting my time worrying about it.... I have 4 cards now, and I don't need anymore. Only reason I even tried was to establish more credit over the next 2yrs so I can get a mortgage......

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You were more likely scored on their enchanced CC scoring module.

[rebuildingincb]

What is that? And how do I get it?

[thom02099]

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@rebuildingincb wrote:

What is that? And how do I get it?

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Scores range from a low of 300 to a high of 620.   This would be a FAKO score

It's not FICO, so really nothing to be concerned about.  FICO score range is 300-850.  Anything OTHER than that should be disregarded or considered for educational or entertainment purposes. Unfortunately, folks get upset/confused with diverse scores such as this, but it's really a case of comparing apples and oranges.  Unless the score actually says FICO, it's not one. 

If you look at the percentages, your FAKO score is approximately at the 62% percentile.  If you take 62% of a FICO 850 score, that would put you at a 527 very roughly.  This is only looking at the mathematical part of it, doesn't factor in the actual scoring method but will give you (hopefully) a better feeling than that 400s score!

[rebuildingincb]

If it is FAKO, why are they using it?

Yes it does make me feel a little better. New to this and it can be frustrating... thanks for the clarification.

[thom02099]

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@rebuildingincb wrote:
If it is FAKO, why are they using it?

Yes it does make me feel a little better. New to this and it can be frustrating... thanks for the clarification.

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Lenders don't HAVE to use FICO; unless they have a signed agreement to use FICO, they are under no obligation to use/report a FICO score.  And even companies that use FICO, may also use an internal scoring system.  And YES....it's very frustrating, particularly to folks new to here and to credit management.  My advice would be to read all of the "sticky" notes at the top of each forum to get a better understanding of how all this works.

ONWARD AND UPWARD ! !

[rebuildingincb]

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@thom02099 wrote:

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@rebuildingincb wrote:
If it is FAKO, why are they using it?

Yes it does make me feel a little better. New to this and it can be frustrating... thanks for the clarification.

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Lenders don't HAVE to use FICO; unless they have a signed agreement to use FICO, they are under no obligation to use/report a FICO score.  And even companies that use FICO, may also use an internal scoring system.  And YES....it's very frustrating, particularly to folks new to here and to credit management.  My advice would be to read all of the "sticky" notes at the top of each forum to get a better understanding of how all this works.

ONWARD AND UPWARD ! !

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Thanks for the advice, I am moving forward with cleaning things up and paying less attention to scores. I have goals over the next 12-24 months, and I am determined to reach them. :-)