topic Re: Scores different depending on score model?? in Rebuilding Your Credit

Scores different depending on score model??

blackswan22 — Fri, 03 Oct 2014 18:03:56 GMT

Ok, i totally confused because I was told FICO is the score lenders use yet I had my lender pull my score and it was actually lower than whats reported on fico. How do i get my score for the model lenders actually use?? How do i know which model scoring systems fico is using now? Why update myfico to a model that no lender uses as yet? Whats the point of me paying to see a score that isnt being used by anyone???

Also, Has anyone heard of this 609 letter???

Re: Scores different depending on score model??

dashpt — Fri, 03 Oct 2014 18:14:32 GMT

@blackswan22 wrote:
Ok, i totally confused because I was told FICO is the score lenders use yet I had my lender pull my score and it was actually lower than whats reported on fico. How do i get my score for the model lenders actually use?? How do i know which model scoring systems fico is using now? Why update myfico to a model that no lender uses as yet? Whats the point of me paying to see a score that isnt being used by anyone???

Also, Has anyone heard of this 609 letter???

Yes leanders use FICO, however there are different models of FICO.....and who's to tell which model a particular lender will use.....the one we get here is a great tool to use to have an idea of what your scores may be with the lender.....earlier this year my lender score was much higher than the score on here, however that same month I did a credit card app and the score was a litter lower....The thing is no lender is going to tell us what model they actually use....

Re: Scores different depending on score model??

tomfromrictmame — Fri, 03 Oct 2014 18:15:33 GMT

This is a litte dated but may help clear up some of your confusion.

Re: Scores different depending on score model??

Anonymous — Fri, 03 Oct 2014 18:19:12 GMT

Don't get caught up in score numbers, instead concentrate on the CONTENT of your reports. Work on getting UTI below 10%, keeping AAoA as long as possible, maintaining a good credit mix, and removing derogs.

Re: Scores different depending on score model??

blackswan22 — Fri, 03 Oct 2014 18:23:41 GMT

My uti is way below 10% I owe a total of $196.95 and my available credit is $35,351 and my score went up 6 points soooooo........ Im at a complete LOSS

Re: Scores different depending on score model??

Anonymous — Fri, 03 Oct 2014 18:37:50 GMT

I'd say its time to garden and let things 'age'. Any derogs on your reports?, lates? old paid or unpaid collections? old CO credit cards? Whats your credit mix?

Re: Scores different depending on score model??

Anonymous — Fri, 03 Oct 2014 18:48:57 GMT

This gives Fico 08 scores, which a lot of lenders do use. However, mortgage companies use Fico 04. It is frustrating, but I believe there are a lot of different FICO versions, as well as lenders using mortgage or car specific models.. so you're never going to get a one score fits all. The best you can do is worry less about your exact score and just make sure your reports have as few negatives as possible, as well as a mix of credit. Keep credit accounts open to build you average age of accounts.

Re: Scores different depending on score model??

blackswan22 — Fri, 03 Oct 2014 18:49:33 GMT

Below is a breakdown of my negatives:

Space Coast Credit Union Charge Off (car) in 2008- Paid in Full 9/14

Cach, LLC Collection (GE Capital) 6/14- Paid in full 8/14

Focus Financial Collections (mediacl collections) 10/09-Paid in full 9/14

Central Financial collections (medical) 6/13-Paid in full 9/14

Central financial collections (medical) 4/13-Paid in full 9/14

Midland Credit collection (Tmobile) 4/13-Paid in full 9/14

Nationwide Recovery Collections (medical) 11/10-Paid in full 9/14

Nationwide Recovery collection (medical) 5/12-Paid in full 9/14

Portfolio Recovery Collections (Credit card) 11/11-Paid in full 5/13

Portfolio recovery collections (credit card) 11/11-Paid in full 6/13

Today I have mailed each one of these companies GW letters as I have paid them all in full. My credit report reflects the paid in full status BUT my score actually dropped by 29 points!!

Has anyone had any luck with any of these companies in regards to having collection line items removed???

Also, any idea of how long before I can start to see positive results seeing I paid all my collections?? The 29 point drop ruined my day in the worse way. i know my credit wont be fixed overnight but......is there any light at the end of the tunnel......soon? lol

Is April/May of next year a decent time to allow my credit scores to go up? As it is now after the decrease my Eq score is 560, Exp 602 Trans 611

Im tryig to get my highest score to be 640 middle score 630 and lowest score 620 (I know I wont get these exact results)

Re: Scores different depending on score model??

Anonymous — Fri, 03 Oct 2014 18:56:56 GMT

You can get those medical bills deleted since you paid them. Try to get as much deleted as possible and continue using and paying those credit cards every month. I would say that 6 or 7 months is plenty of time for you to get to that score.

Re: Scores different depending on score model??

Anonymous — Fri, 03 Oct 2014 18:58:56 GMT

http://www.ftc.gov/news-events/press-releases/2014/07/ftc-alleges-t-mobile-crammed-bogus-charges-customers-phone-bills

Mentioning the above FCT action might persuade Midland to delete the Tmobile tradeline. Apparently others have had success there.

The medical accounts - Google "Hippa medical collections WhyChat". Can't say more than that here.

Getting some of the negative items off there is what you definitely need to work on.

Good on ya for getting them paid. Its a shame the scoring models don't take that into account.

Re: Scores different depending on score model??

blackswan22 — Fri, 03 Oct 2014 19:01:04 GMT

I sent the below letter to each creditor listed above. can you guys tell me if this is the correct letter to use??

October 1, 2014

Regarding: Master Account No. Credit Bureau Number

Gulf Coast Collection Bureau

PO Box 21239

Sarasota, FL 34276

To Whom It May Concern:

I am writing a letter about my experience with Gulf Coast that is a mixture of a grateful "thank-you" and a pressing request concerning a Collection tradeline in my credit files that I would like to have revised.

I became ill with internal tumors. Later when I experienced the tumors and while working on dealing with treatment and surgeries I became disorganized with respect to, as you saw, making timely payments with Gulf Coast. I fully recognize my responsibility with respect to payable accounts and have worked diligently to rehabilitate my relationship with Gulf Coast in regards to my hospital bills since that time.

To be honest, that year was a "wake-up" call for me regarding fiscal organization. Since then I believe I have learned the essential organizational and financial management principles I desperately needed at that point. Thankfully, responsible credit management is now reflected in my credit records which -- excluding the collection entry -- are excellent.

We are about to shop for a mortgage, and it has come to my attention that the collection notation from Gulf Coast may preclude me from taking full advantage of the very lowest interest rates now available. Since those notations do not reflect my current status because I have paid this debt in full with Gulf Coast , I am requesting that you give me a second chance at a positive credit rating by revising those tradelines. Your customer service representative suggested that I write you for a "goodwill adjustment." I sincerely hope that there is redemption at Gulf Coast and I beg you for such consideration. Please let me know if any additional documentation would assist in reaching a positive outcome, and I thank you again for the time you have spent reading this letter.

Very hopefully yours,

Re: Scores different depending on score model??

blackswan22 — Fri, 03 Oct 2014 19:21:39 GMT

How can I use that link in regards to Midland? I will check out the HIPPA stuff. Thank you

Re: Scores different depending on score model??

Anonymous — Fri, 03 Oct 2014 19:34:13 GMT

"revising those tradelines."

Ooooh, wrong phrase to use there. They most certainly will come back with "Federal law requires us to report *accurately* blah blah blah". You want to stress your request is to "remove or stop reporting the tradelines earlier than required". The word 'revising' indicates reporting something not factual which is clearly not legal. What you want is for them to NOT REPORT AT ALL.

Re: Scores different depending on score model??

blackswan22 — Fri, 03 Oct 2014 19:33:05 GMT

Ok thank you. I will revise my letter. How often should I be sending these letters?

Re: Scores different depending on score model??

Anonymous — Fri, 03 Oct 2014 19:42:28 GMT

I just got Midland to delete a T-Mobile collection from my reports. File a CEPB and BBB complaint if they have done anything shady or if there were any inaccuracies about the debt. CEPB really seems to do the trick though.

Re: Scores different depending on score model??

blackswan22 — Fri, 03 Oct 2014 19:44:25 GMT

Can u tell me how I can file a CEPD?

Re: Scores different depending on score model??

Anonymous — Fri, 03 Oct 2014 20:40:55 GMT

I think that should be CFPB - Consumer Finance Protection Bureau.

Re: Scores different depending on score model??

blackswan22 — Sat, 04 Oct 2014 15:00:24 GMT

Hi can you give me more info on how to do the filing to get midland removed from my credit report?