topic Re: Helping Uncle Rebuild in General Credit Topics

Helping Uncle Rebuild

Harvey26 — Sat, 25 Feb 2017 04:17:40 GMT

Had a quick question. I am helping an uncle rebuild he has alot of Charge offs, 1 Collections, and tons of 30-60 Day Lates. His AAoA is 6 years. Oldest Credit Line is 30 yrs and is a Visa Credit Card through Local CU and is still active through all the madness. Tried pulling his EX score through EX website and said No score avaliable, so I went to discover personal loan website and did the prequal and of course he was not prequaled but it did give an EX score of 626. Is there any particular reason why he had no score on EX website and Credit Karma also give his scores as TU: 620 and EQ: No score avaliable. Any feedback would be great to help us get back to the green pastures.

Re: Helping Uncle Rebuild

Anonymous — Sat, 25 Feb 2017 19:46:31 GMT

So there are two big ideas here, both of which may explain why a person might have a score or not.

First, it depends on what kind of a score it is. There's a whole family of scores made by a company called FICO. To have a FICO score you need to have:

At least one account opened for six months or more, and
At least one account that has been reported to the credit bureau within the past six months

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

There's another kind of score made by another group. This is called the Vantage Score. The requirements for getting a Vantage score are less stringent, so people can often have a Vantage Score before they have a FICO score.

In your uncle's case, one website might have been trying to pull a FICO score and the other website might have been using a Vantage score (or some other non-FICO model).

The other big idea is that the actual accounts listed at each of the three credit bureaus (Experian = EX, Equifax = EQ, TransUnion = TU) might be a little or even a lot different So it is is possible that your uncle meets the two requirements I mentioned above for a FICO score, except that the accounts meeting these are not both present at EX (whereas they might be present on his EQ or TU reports).

The key step is to pull your uncle's reports, rather than his scores. Reports are the most important thing at first. You have Credit Karma, so you can get his TU and EQ reports there. (I would print them out if I were you and take a red pen to them, circling all the stuff that looks wrong or is unclear or hard to understand.) And do the same thing with his EX report. Almost certainly he'll find that he does not meet both requirements yet on the EX report, though he may soon, depending on what actions you have taken so far.

Finally, when you are pulling credit scores, it's really important to find out what kind of score it is. For example, Karma gives Vantage scores.

Re: Helping Uncle Rebuild

Anonymous — Sat, 25 Feb 2017 22:45:18 GMT

Annualcreditreport.com

Get your free reports from all 3 bureaus.

Re: Helping Uncle Rebuild

Anonymous — Sun, 26 Feb 2017 00:36:32 GMT

@Anonymous wrote:
So there are two big ideas here, both of which may explain why a person might have a score or not.

First, it depends on what kind of a score it is. There's a whole family of scores made by a company called FICO. To have a FICO score you need to have:

At least one account opened for six months or more, and
At least one account that has been reported to the credit bureau within the past six months

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

There's another kind of score made by another group. This is called the Vantage Score. The requirements for getting a Vantage score are less stringent, so people can often have a Vantage Score before they have a FICO score.

In your uncle's case, one website might have been trying to pull a FICO score and the other website might have been using a Vantage score (or some other non-FICO model).

The other big idea is that the actual accounts listed at each of the three credit bureaus (Experian = EX, Equifax = EQ, TransUnion = TU) might be a little or even a lot different So it is is possible that your uncle meets the two requirements I mentioned above for a FICO score, except that the accounts meeting these are not both present at EX (whereas they might be present on his EQ or TU reports).

The key step is to pull your uncle's reports, rather than his scores. Reports are the most important thing at first. You have Credit Karma, so you can get his TU and EQ reports there. (I would print them out if I were you and take a red pen to them, circling all the stuff that looks wrong or is unclear or hard to understand.) And do the same thing with his EX report. Almost certainly he'll find that he does not meet both requirements yet on the EX report, though he may soon, depending on what actions you have taken so far.

Finally, when you are pulling credit scores, it's really important to find out what kind of score it is. For example, Karma gives Vantage scores.

If your in Central Park and hear "hoofbeats" behind you, think Horses not Zebra's.

Re: Helping Uncle Rebuild

iv — Sun, 26 Feb 2017 02:12:19 GMT

@Harvey26 wrote:
Had a quick question. I am helping an uncle rebuild he has alot of Charge offs, 1 Collections, and tons of 30-60 Day Lates. His AAoA is 6 years. Oldest Credit Line is 30 yrs and is a Visa Credit Card through Local CU and is still active through all the madness. Tried pulling his EX score through EX website and said No score avaliable, so I went to discover personal loan website and did the prequal and of course he was not prequaled but it did give an EX score of 626. Is there any particular reason why he had no score on EX website and Credit Karma also give his scores as TU: 620 and EQ: No score avaliable. Any feedback would be great to help us get back to the green pastures.

As mentioned, pull his ACR reports. You may find that his CU card is only reporting to TU (not uncommon for smaller CUs).

Without an active tradeline reporting in the last 6 months, the other CRAs may not meet minimum FICO scoring requirements.

@Anonymous wrote:
If your in Central Park and hear "hoofbeats" behind you, think Horses not Zebra's.

Well, yeah. Everyone knows that you have to go to the Bronx for the Zebras....

Re: Helping Uncle Rebuild

Anonymous — Sun, 26 Feb 2017 13:09:34 GMT

@Anonymous wrote:
If your in Central Park and hear "hoofbeats" behind you, think Horses not Zebra's.

Huh?

Re: Helping Uncle Rebuild

Anonymous — Sun, 26 Feb 2017 15:20:33 GMT

@Anonymous wrote:
@Anonymous wrote:
So there are two big ideas here, both of which may explain why a person might have a score or not.

First, it depends on what kind of a score it is. There's a whole family of scores made by a company called FICO. To have a FICO score you need to have:

At least one account opened for six months or more, and
At least one account that has been reported to the credit bureau within the past six months

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

There's another kind of score made by another group. This is called the Vantage Score. The requirements for getting a Vantage score are less stringent, so people can often have a Vantage Score before they have a FICO score.

In your uncle's case, one website might have been trying to pull a FICO score and the other website might have been using a Vantage score (or some other non-FICO model).

The other big idea is that the actual accounts listed at each of the three credit bureaus (Experian = EX, Equifax = EQ, TransUnion = TU) might be a little or even a lot different So it is is possible that your uncle meets the two requirements I mentioned above for a FICO score, except that the accounts meeting these are not both present at EX (whereas they might be present on his EQ or TU reports).

The key step is to pull your uncle's reports, rather than his scores. Reports are the most important thing at first. You have Credit Karma, so you can get his TU and EQ reports there. (I would print them out if I were you and take a red pen to them, circling all the stuff that looks wrong or is unclear or hard to understand.) And do the same thing with his EX report. Almost certainly he'll find that he does not meet both requirements yet on the EX report, though he may soon, depending on what actions you have taken so far.

Finally, when you are pulling credit scores, it's really important to find out what kind of score it is. For example, Karma gives Vantage scores.
If your in Central Park and hear "hoofbeats" behind you, think Horses not Zebra's.

"Slang" for arriving at "exotic" reasons, where a more "commonplace" explanation is likely.

Re: Helping Uncle Rebuild

Anonymous — Sun, 26 Feb 2017 22:46:12 GMT

Hi Donny. Still don't understand. How does that apply to this thread?