Multiple questions, including FAKO, store cards, and why don't I know this?

[Anonymous]

Okay so i have multiple questions on this post, I want advice and help in understanding the lingo on this forum as well as what my next steps hsould be.

What is a FAKO?

Also, what is a BK? 

Why are my scores on my FICO so different from my Credit Karma?

What is a TL?

Which are more believable?

My scores are below, all in the lower 600s but I want to open a few more store cards, any recommendations?

EQ 615

Trans 644

EX 632

I'm rebuilding my credit so that i can get a new car, and not bring down my future or my fiance's future. He is in the high 700s and I want to get to where he is, which I understand I WILL need to make sure to be patient but I just want advice on anything else I can do before starting my gardening process. I go on a bunch of cruises, like nearly 6 or 7 a year should I apply for a CC card with them? I cruise mostly with Norwegian, and Royal Carribean. I don't want to apply for something that is a guaranteed denial. I want to get a VS store card but the shopping cart trick is not working for me on VS. 

Anywho, ANY advice would be appreciated.

[happypill]

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@Anonymous wrote:

Okay so i have multiple questions on this post, I want advice and help in understanding the lingo on this forum as well as what my next steps hsould be.

What is a FAKO? Any credit score that isn't a real FICO (as obtained on this site)

Also, what is a BK?  BK = Bankruptcy

Why are my scores on my FICO so different from my Credit Karma? Credit Karma is a FAKO, they use a scoring system that isn't totally consistent with FICO scoring.  It's an estimation, but sometimes can be way off.  What is important to know is that most lenders use real FICO scores, so that's what you need to know.

What is a TL?  Tradeline - basically an account

Which are more believable?  FICO from this site is the real thing - it's what lenders actually use.

My scores are below, all in the lower 600s but I want to open a few more store cards, any recommendations?  I'd recommend against opening any more store cards.  Garden your Capital One cards, then try to apply for something new with them in 6 months.

EQ 615

Trans 644

EX 632

I'm rebuilding my credit so that i can get a new car, and not bring down my future or my fiance's future. He is in the high 700s and I want to get to where he is, which I understand I WILL need to make sure to be patient but I just want advice on anything else I can do before starting my gardening process. I go on a bunch of cruises, like nearly 6 or 7 a year should I apply for a CC card with them? I cruise mostly with Norwegian, and Royal Carribean. I don't want to apply for something that is a guaranteed denial. I want to get a VS store card but the shopping cart trick is not working for me on VS. 

Anywho, ANY advice would be appreciated.

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[gdale6]

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Guide-To-Common-Abbreviations/m-p/224988?jump...

[Anonymous]

Commonly used terms are in the thread already referenced,and its quite informative.

I recommend you read as much as you can in the Rebuilding Forum, and check the stickies at the tops of each forum.  Even read things that dont look like they pertain to you.  Someone will mention things that currently do, or in the future will be important to you. 

I recommend you get at least one of your free annual credit reports and read it several times.  I am one of the ppl that gets one of the reports now, then a different one in 4 months, and the last one in another 4 months. Others get all of them at once.  I also subscribe to a monitoring service that allows me to get all 3 Bureaus and also Fico scores.  You can get them here, or Credit Check Total.  If you get them here, you can get all types of Fico scores, like mortgage and auto scores too. 

Identify the baddies that are holding down your scores and determine the best way to get rid of them, wherever possible.  Learn how to approach CAs (collection agency) and  how to handle their calls and letters.

Keep everything current with no new baddies allowed.

Strategically plan for how to get new credit and what types.  If you want to get pre-qual offers, make sure you are in the 'opt in' mode.  If you want the VS store card, make sure your info matches your credit report contact info.  Use the private or incognito mode on a different browser than your usual and check out as a guest, having an amount in your cart, like at least 50 or more.

Keep reading.  It takes a long time to build a solid credit profile.  Its a marathon, not a sprint.

HTH and GL

 ETA:  I like the TU report because it clearly identifies when a baddie is scheduled to roll off your reports.

[takeshi74]

@Anonymous wrote:

Why are my scores on my FICO so different from my Credit Karma?

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They're different scoring models.  Even with FICO there are different scoring models and the model will have an impact on the number generated.  You cannot use a score generated by one model to determine a score generated by a different model.  Different models use different algorithms that assess data in your report differently.  You should expect different algorithms to produce different results.

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@Anonymous wrote:

Which are more believable?

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Believable, real, fake, accurate, etc aren't really what matters with credit scores.  What matters is the relevance of a credit score to a given creditor.  Creditors do not all use the same score/model/CRA so you cannot simply rely on a single score.  If you want to know what score a creditor will pull for you then you need to know the specific model and CRA used and then pull that specific score.  Even then, not all scores are readily available to consumers and creditors can perform pulls with multiple CRA's in certain situations.

Instead of obsessing over the number I recommend learning to assess your own reports.  You won't be able to derive specific scores with that knowledge but any score is based on the data in a report.  Good reports will lead to good scores.

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@Anonymous wrote:

My scores are below, all in the lower 600s but I want to open a few more store cards, any recommendations?

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You want your credit to be in the best shape possible before applying for anything.  With scores like that I recommend working on the issues in your credit profile first.

[Marvelousone]

Thanks kaylaaSmileyy for asking great questions. I wasn't clear on some of those also. That's what is wonderful about these forums. My 2 cents. Be careful with applying for credit you don't need it's dangerous and can get us all in trouble. To be honest when I filed for bk 6 years ago I was so freaked out and felt so guilty I didn't use credit for years. It hurt my numbers but felt good not to owe anyone. I then had trouble buying a house and car so kicked it up again have to be very careful not to see 20k of credit available but not use it or get in trouble quickly. I now have a home and good car and in the 700 club so it's worth it to just bee diligent. Good luck