Re: Improving Credit Scores
10-08-2012 04:00 PM
Yes, I thought I was best off just letting them stay there and not be "disturbed".
Here is my other question, and it involves the wide discrepency in score reporting between the bureaus. I subscribe to the three free "FAKO" scores, because it does give me some idea of where I stand. With Creditkarma (TU), which can be updated daily, my score has been at 621 for about 3 or 4 months. Creditsesame (Experian), which updates monthly, just raised my score 43 points in one month, to 683. They showed a tax lien as not being paid, that had been paid for years, and it was finally corrected. Quizzle (Equifax), which you can only update every 6 months, LOWERED my score from 590 to 584 between April and October. In that time, my one credit card increased my limit by $200, and I had no late payments or any new derogatories, just a couple of hard inquiries for mortgage applications. This is a HUGE difference, and when I first starting monitoring my credit in Dec 11, my scores were much closer, and also much lower. Why this big difference? If I go by the 682 score, I should easily quaiify for a mortgage. the 584 automatically stops it. The last time I checked myfico.com score, a couple of months ago, it was 637, and that is what two lenders have pulled. What gives?
There's a lot going on here. First, Credit Sesame and Quizzle are both Experian. I don't think there is a Creditkarma/Quizzle/Credit Sesame type service that uses Equifax, but I could be wrong.
Second, not all of your reports are going to have the exact same information. At least, it is unlikely that they will because not all creditors report to all three. So you shouldn't expect all of your scores to be the same. Additionally, even if they did have all the same information, the scoring algorithms weight the information slightly differently depending on which report it is (at least that is true for FICO), so it would be fairly unlikely to have three scores that are the same.
When your score is very high or very low, it is naturally going to be a little bit more in line with your scores on your other reports assuming the information is similar across the three reports. That's because there's either a lot of bad or a lot of good on the reports. You'll see wider variances as your score improves especially if you have baddies removed from one report but not others. This is to be expected.
Finally, you're comparing various different FAKO scores. Not only are those scores fairly meaningless, they operate on different score ranges. So a 584 on a scale that goes up to 850 might not really be that different than a 682 score on a scale that goes up to 990. Or at least not as different as it seems when comparing the absolute numbers.
This is all a long-winded way of saying that you really have to make sure you're comparing apples to apples. You can't expect to see the same scores on reports that have different info, and especially not if you're comparing a Vantage score on one report to some other FAKO score on a different report.
Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720
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