topic Re: PLEASE HELP in Understanding FICO® Scoring

PLEASE HELP

Anonymous — Tue, 02 Dec 2014 14:44:16 GMT

Hi guys. As some of you know I have been having trouble with lenders trying to pull my CR an scores. Including MyFICO. Well thanks to many of you I assume this is because my file is very thin. Now I'm not sure as if I am indeed "new" to credit as I removed almost all of my negative accounts. I haven't used my credit in over 7 years. I have never had any CC before until now. As some of you may know, during my renewed credit journey, I was able to obtain 3 secured credit cards. BOA, Cap 1 an Discover IT. I was also able to obtain 2 installment loans. 1 auto loan an 1 shared secure loan. Up until now discover has been giving me a monthly fico scores. As of last month 11/6/2014 Discover says my TU fico is 671. Oddly enough, I don't know what to think. Yesterday morning I decided to see if credit sesame displayed a updated fico. Too my surprise, it's said my score drop over 625 points to Zero. I did go back and look at my CR an my 1st CC an Installment loan was 1st reported in August. Now reading some post from other I can see that I am one month from being active on credit for 6 months. Could this be the reason for my credit fako score is now showing *0*? Is this because as of 1/1/2015 my 6th month on credit will generate a actual fico score? I have also read others try to pin point where they may stand in terms of fico. Some have stated they have seen people around 680 +/-. Now in my situation, being that technically I'm not "new" to credit. I still have 1 collection account that was 1st reported on 10/2011 to Experian an Transunion. An 1 judgment that was 1st reported on 10/2009 to Equifax only. Will I still possibly be around 680+/- when fico decides to calculate a fico for me next month? Also is it a possibility that my Discover IT fico will change as well? I have managed to keep my utilization to only 1% since day one. Any advice that can be offered is much appreciated. Many thanks guys.

Mark

Re: PLEASE HELP

NRB525 — Sun, 07 Dec 2014 01:44:44 GMT

@Anonymous wrote:
Hi guys. As some of you know I have been having trouble with lenders trying to pull my CR an scores. Including MyFICO. Well thanks to many of you I assume this is because my file is very thin. Now I'm not sure as if I am indeed "new" to credit as I removed almost all of my negative accounts. I haven't used my credit in over 7 years. I have never had any CC before until now. As some of you may know, during my renewed credit journey, I was able to obtain 3 secured credit cards. BOA, Cap 1 an Discover IT. I was also able to obtain 2 installment loans. 1 auto loan an 1 shared secure loan. Up until now discover has been giving me a monthly fico scores. As of last month 11/6/2014 Discover says my TU fico is 671. Oddly enough, I don't know what to think. Yesterday morning I decided to see if credit sesame displayed a updated fico. Too my surprise, it's said my score drop over 625 points to Zero. I did go back and look at my CR an my 1st CC an Installment loan was 1st reported in August. Now reading some post from other I can see that I am one month from being active on credit for 6 months. Could this be the reason for my credit fako score is now showing *0*? Is this because as of 1/1/2015 my 6th month on credit will generate a actual fico score? I have also read others try to pin point where they may stand in terms of fico. Some have stated they have seen people around 680 +/-. Now in my situation, being that technically I'm not "new" to credit. I still have 1 collection account that was 1st reported on 10/2011 to Experian an Transunion. An 1 judgment that was 1st reported on 10/2009 to Equifax only. Will I still possibly be around 680+/- when fico decides to calculate a fico for me next month? Also is it a possibility that my Discover IT fico will change as well? I have managed to keep my utilization to only 1% since day one. Any advice that can be offered is much appreciated. Many thanks guys.

Mark

My understanding from other posters is Credit Sesame is a FAKO first last and forever, so there's something boloxed in their formula. You don't have a zero in FICO (or FAKO) because that isn't the low end of the scale.

Discover should update your FICO score with your next statement, soon, and that is a real FICO score. I get that with my monthly Discover statement. CapOne also.

Have you tried the credit score, credit report, and monitoring here? It costs money, but IMO it's worth it not to spend hours searching through bogus websites hoping to find a number you like. Since you are building your score, $20 per month will get you accurate updates of what is being added / changed on your credit reports if you use the 3 Bureau monitoring.

And to reiterate, you should have a FICO score, likely still in that 670 range.

And congratulations on improving your score!

Re: PLEASE HELP

Anonymous — Sun, 07 Dec 2014 01:59:32 GMT

Yes I have tried to buy a fico score from here but they can't pull anything. Me an others have come to the conclusion that until I actually hit 6 months I may not be able to see a fic score anywhere. My confusion comes in when Discover sends me my "FICO" score with each statement every month. How can I not be able to get a Fico score from here or through lenders but Discover can give me one with my statement every month. Now I know that my Discover is TU an the one I was trying to obtain is EX, how could this be? In October my Discover statement said I was a 644. After removing 1 of 2 baddies, my next statement from Discover it (11/6/14) reflected a increase of 44pts (671). I still have one baddie on my CR from a traffic ticket I got in 2011.

Re: PLEASE HELP

Anonymous — Sun, 07 Dec 2014 02:01:15 GMT

Thank you. If it wasn't for you guys I would not be as far as I am tonight.

Re: PLEASE HELP

NRB525 — Sun, 07 Dec 2014 02:04:27 GMT

Ok, well I must be wrong then, the "6-months of any history" could be a requirement.

It still seems like you have to have SOME level of credit history, even if it does not lead to a FICO score calculation. Building to the 6-month mark, that is recording payment history right now. Seems like that should be available for you from the bureaus.

Re: PLEASE HELP

Anonymous — Sun, 07 Dec 2014 02:47:30 GMT

Correct. I am able to obtain a 3 scores directly from the bureau. Wierd!!!

Re: PLEASE HELP

CreditDunce — Mon, 08 Dec 2014 02:50:38 GMT

It is not quite correct that you have to have a good account with 6 months reporting for a FICO score. Here is the link for the exact requirements:

http://www.myfico.com/crediteducation/questions/requirement-for-fico-score.aspx

Could it be that your EX, EQ and TU have different information. TU may still have an account open for more than 6 months. Now that you have positive data being reported, TU generates a report.

EX may not think you have any accounts open for more than 6 months.

If you haven't pulled all of your free annual credit reports, that would be the way to find out. For EX, be sure to write down the report number. With it you can pull update reports as often as you like (EX only).

PS. When you pull credit scores from EX or TU directly, it is not a FICO score. Most of the scores you can pull for EQ are also FAKO, but they do sell one FICO (EQ-04) score.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 02:57:04 GMT

Actually EX has the most open accounts. 6 to be exact. The others have only 5 because my auto loan only reports to EX. Now I do have 2 closed installment accounts on TU from 2005 that are currently reporting to TU only. I am not sure as to why NO one can pull a Ex report on me but Discover has been giving me a TU Fico.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 03:02:43 GMT

Up until December 1st, I was at least getting a USELESS FAKO from credit sesame. When I refreshed my USELESS credit sesame on December 1st it said my score is zero. I was thinking maybe cause as of January will be my 6th month on credit. I don't know. All my open an active account started reporting to all 3 bereaus in August. So would my 6th month be in-fact be January?

Re: PLEASE HELP

CreditDunce — Mon, 08 Dec 2014 03:13:38 GMT

If they all of old TL's showing, I don't know why you don't have an EX score. You should get a credit score as soon as you have a positive trade line reporting and at least one account that is 6 months old. Maybe EX follows different rules for generating a credit score.

The way I read the requirements is it doesnt' matter the number of times an account has reported. It just matters what the account's opening date is. For example, if you had a completely clean credit report and open an Amex CC with an MSD of 2000, you should get a credit score after the first statement. The Amex account will appear to be 14 years old.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 03:33:59 GMT

Well the only TL that I have are the 3 that were open in August, September and October. Other than that the other 3 are installment loans. I really don't understand what is going in with my report. Every month I purchase my experian report an score. That's my way of keeping up with what is being reported. Even when I purchase my Eq report every month they also provide me with 3 scores.

Re: PLEASE HELP

CreditDunce — Mon, 08 Dec 2014 16:05:10 GMT

@Anonymous wrote:
Well the only TL that I have are the 3 that were open in August, September and October. Other than that the other 3 are installment loans. I really don't understand what is going in with my report. Every month I purchase my experian report an score. That's my way of keeping up with what is being reported. Even when I purchase my Eq report every month they also provide me with 3 scores.

Installment loans count as a trade line.

Are you buying your scores directly from EX or TU? If so they only provide a FAKO score. It is worthless. EQ does provide a FICO score directly from their site, but they also sell FAKO scores. It should clearly say the score you are purchasing is a FICO score. Or at least that is my understanding. Personally, I don't purchase scores. I just use the scores provided by credit cards/CU's. I don't have EX covered yet, but I am hoping American Express will eventually provide that for me.

MyFico sells FICO-08 scores for all CRA's. If you are buying a FAKO score, then all bets are off on what it takes to get a score.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 16:11:47 GMT

I purchase a useless vantage score from experian. I also purchase the complete advantage plan from EQ too. But I don't think either one are Ficos. I'm hoping to get Amex Charge card next month. Fingers crossed but probably not likely with that collection account from 2011 an the thin file, but it's my plan.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 16:14:07 GMT

I believe TU is my only true Fico. Being that it's provided by my Discover card every month.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 16:17:49 GMT

Last month Eq gave me my scores as,
Eq 645
Ex 650
TU 663

Re: PLEASE HELP

MarineVietVet — Mon, 08 Dec 2014 18:00:44 GMT

@Anonymous wrote:
Last month Eq gave me my scores as,
Eq 645
Ex 650
TU 663

Those are part of their "Equifax Complete" offering and none of these are FICO scores.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 18:02:42 GMT

Lol as I figured. I can only assume that my only Fico I have is the score that my Discover card gives me every month. That's if that's even a fico. I don't know.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 18:07:50 GMT

@Anonymous wrote:
Lol as I figured. I can only assume that my only Fico I have is the score that my Discover card gives me every month. That's if that's even a fico. I don't know.

You can be assured that the score provided by Discover is a True TU FICO 08 version.

Re: PLEASE HELP

Anonymous — Mon, 08 Dec 2014 18:08:43 GMT

Let me ask this. My 6th month on credit will be January. Will my scores generate on the 1st or do I have to wait for one of my accounts to report the 6th month? I really want to purchase my EQ an Ex from here again.

Re: PLEASE HELP

CreditDunce — Mon, 08 Dec 2014 21:01:52 GMT

You currently have a TU FICO if Discover is giving you a score. I think you should have an EX and EQ score, too. In which case, you may be able to purchase a score now from MyFico. I understand the desire to see your score. However, what is on your report is much more important than your score.

If you are going to regularly be purchasing FICO scores, you might want to consider other ways to get FICO scores. Amex is currently doing a beta test with EX-08 FICO scores. And Citi has announced they will start providing EQ-08 scores next year. Here is an old thread with more ideas:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Where-to-obtain-FREE-monthly-FICO-scores/td-p/2555469

topic Re: ***PLEASE HELP*** in Understanding FICO® Scoring

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topic Re: PLEASE HELP in Understanding FICO® Scoring

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