topic Re: FICO SCORE $28.70 worth of information in General Credit Topics

FICO SCORE $28.70 worth of information

TryingVeryHard — Tue, 04 Dec 2007 23:12:41 GMT

Out of my addiction with this CREDIT REBUILDING effort that I am currently experiencing, I purchased my TU and EQ FICO score and compared it to my FAKO scores from TRANSUNION's dreadful TrueCredit.

Here is the current information

Before:
PREVIOUSLY FAKO: TU (583) EQ (570) EXP (623)

Now:
CURRENT FAKO: TU (597) EQ (570) EXP (623)
CURRENT FICO: TU (607) EQ (639) EXP (---)

I saw that my TransUnion score has a difference of 10 points between the FAKO and FICO, whereas 69 points for Equifax.

At my current score, is my credit still considered "poor" or am I on the "fair" level now. I cant believe I paid 28.70$ just for this.

And with this kind of scores, which credit card do I have the chance of getting approval. I only have 1 credit card and its asking me to pay $10 for monthly service fee and $7 if I make payment through check. Its from myfirstpremierbank, I really want to get rid of it.

I also have HomeDepot Account (charge card) 449/500.
My First Premier bank balance is 73/250.

If I pay this in full, how many points do you think I will be able to add to my credit score.

Thanks

Message Edited by TryingVeryHard on 12-04-2007 03:12 PM

Re: FICO SCORE $28.70 worth of information

Anonymous — Tue, 04 Dec 2007 23:02:23 GMT

If you want some really good answers, you should move this over to the Credit Cards folder:

FICO Forums > Credit Cards

My opinion on the matter is that you should first start by lowering that balance on that Home Depot account. That's at about 89.8% utilization. I would drive that down before trying to get new credit. I know monthly fees kinda stink but its better than a bunch of inquiries and declines. Not much better, mind you. Also you didn't mention what the utilization was on that premier bank account. If its higher than 50%, then I would work on lowering that too. If you haven't opted out of receiving credit in the mail and you haven't received any pre-apporved offers for credit, then in my opinion, that's a good indicator that you might not qualify yet. I stopped receiving offers when I went over 50% utilization on most of my cards and although my credit is in the mid 650's I got declined for a WAMU cc citing "high use of my revolving credit" aka high utilization as their reason for declining.

Re: FICO SCORE $28.70 worth of information

Anonymous — Tue, 04 Dec 2007 23:03:11 GMT

Trying, you are paying for information contained in the CR, like inaccuries, fraud, etc. The score is merely an added bonus. And yes, it DOES get very expensive if you are only interested in knowing your scores.

Asking which ccc will approve you with those scores, is like asking a crystal ball. I've been declined for credit, while others with poorer scores than mine were accepted.

Here's one website I love to go to and play with the numbers. You type in your score, and a list pops up with the appropriate cc's.

http://www.financeglobe.com/ScoreMatch/?gl&gclid=COiUr97s944CFRcbWAodswwy0w

This one, you type in your scores, and a list pops up, of ccc's who extended credit in that range:

http://www.whogavemecredit.com/index.php?page=search.php&srch=score

As far as particular cc's go, I'd suggest Cap1, Orchard, and HSBC. There are several others out there.

Do you belong to a Credit Union? The offer good rates, plus are lenient on credit granting, I've heard.

Re: FICO SCORE $28.70 worth of information

SmartCookie — Tue, 04 Dec 2007 23:18:13 GMT

I would say you are an easy in for Cap1 instant approval. Do their pre-qual online and see what it says. No one can ballpark scores but if you are at 99% UTI on the only cc you have... you should see a 'nice' FICO jump. Can't say if it will be 10 or 40 points or anywhere in between, depends on your entire CBR.

You'll get a better Cap1 if you wait until you know the PIF on Home Depot has hit your reports... so if you are considering app'ing... it is in your best interest to hold off a few weeks and do that first. You'll possibly get a lower or no annual fee, or the 500 starting limit vs the 300. They do automatic CLIs and you can hit over 2k in under a year if you take care of it and use it/PIF.

At that point with a Cap1, you will have 2 TLs and that opens you up to many other cards for your FICO range.

Re: FICO SCORE $28.70 worth of information

TryingVeryHard — Tue, 04 Dec 2007 23:25:05 GMT

I would say you are an easy in for Cap1 instant approval. Do their pre-qual online and see what it says. No one can ballpark scores but if you are at 99% UTI on the only cc you have... you should see a 'nice' FICO jump. Can't say if it will be 10 or 40 points or anywhere in between, depends on your entire CBR.

I am afraid to apply @ Cap1. I messed up with them 7 years ago. The old "PAYMENT AFTER COLLECTION" tradeline just got removed this month (according to TransUnion).

I believe, EQ and EX still have notation showing cap1.

Re: FICO SCORE $28.70 worth of information

SmartCookie — Tue, 04 Dec 2007 23:38:37 GMT

DH had 2 collections with them around 5 years ago. They were later settled with Cap1 as paid legally at less than full... they did not give him any problem with approval. If you can spare the INQ I encourage you to try.

Re: FICO SCORE $28.70 worth of information

SmartCookie — Tue, 04 Dec 2007 23:42:43 GMT

Oh I should add they pull all 3 CBRs. DH still had the 2 TLs on all of them at app. Just get the UTI down first, but play with the pre-qual... it's only a soft promo INQ and no one can see it... doesn't affect score. Looks like the other 2 CBRs with the derog will be dropping that off any day.