topic Re: Will this help in Understanding FICO® Scoring

Will this help

Anonymous — Wed, 19 Jan 2011 17:46:31 GMT

Hello. Just been reading this board and have found it very helpful

I am currently 620-630 on all 3. I have around 80% utilization that will be all paid off in the next several months due to a condo sell that I own outright. I am a add on signer on a Home Depot account that carries a 10K balance on a 15K limit.

MY QUESTION IS: if i just get removed from the HD account will it reduce my Utilization and how long will it take? Or will it stay on my report and continually effect my score?

From the score simulator, if I pay down all the utilization, my score will bounce to the 700 range.

Thanks for your response.

Re: Will this help

AndySoCal — Fri, 21 Jan 2011 03:51:30 GMT

Yes being removed as an authorized user on the HD card will reduce your credit utilization and help your score. The removal process will take around a month more or less.

Re: Will this help

Anonymous — Fri, 21 Jan 2011 05:58:42 GMT

@jimblack --

Where are you getting your scores from? Did you get them from a lender?

I ask before accessing our Experian FICO score requires that you either got it from a lender after a hard pull or if you are a member of a credit union in Pennsylvania called PSECU. If you're getting your Experian FICO score from someplace else you almost definitely have a non-FICO credit score -- what we call a FAKO around here.

FAKO scores -- they might be called a Plus Score, Experian Credit Score, Vantage Score, etc. -- are rarely, if ever, used in credit decisions and they can't be used to approximate your FICO scoes.

Re: Will this help

Anonymous — Fri, 21 Jan 2011 18:12:06 GMT

I use myfico for EQ and TU. I use freecreditreport.com for experian.

Can we not get Experian from myfico ?

Re: Will this help

Anonymous — Fri, 21 Jan 2011 18:15:33 GMT

@Anonymous wrote:
I use myfico for EQ and TU. I use freecreditreport.com for experian.
Can we not get Experian from myfico ?

Unfortunately we can't. No one has been able to buy their own Experian FICO score since February of 2009. Here is a thread explaining why: http://ficoforums.myfico.com/t5/Experian-has-stopped-offering/bd-p/special_announcement.

Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Will this help

Anonymous — Fri, 21 Jan 2011 18:16:43 GMT

Back in 2009, before I knew about MyFico, Experian stopped allowing consumers to buy their Fico score from MyFico.

FreeCreditReport.com's credit score is the Plus Score (a FAKO score) and not a Fico. It's okay to use their product to monitor your report(s), but it is worthless for determining your Fico score.

EDIT: I should have known that a moderator would beat me to the reply.

Re: Will this help

haulingthescoreup — Fri, 21 Jan 2011 18:31:53 GMT

@Anonymous wrote:
Back in 2009, before I knew about MyFico, Experian stopped allowing consumers to buy their Fico score from MyFico.

FreeCreditReport.com's credit score is the Plus Score (a FAKO score) and not a Fico. It's okay to use their product to monitor your report(s), but it is worthless for determining your Fico score.

EDIT: I should have known that a moderator would beat me to the reply.

By now, mods can type this in their sleep!

Re: Will this help

Anonymous — Fri, 21 Jan 2011 18:42:46 GMT

@haulingthescoreup wrote:

By now, mods can type this in their sleep!

Macros, macros, macros. All of mine are full up