Credit Score Disparities. Why?

[Anonymous]

Hi all,

I have been cruising the board for a couple weeks now reading, digesting, picking up tips, and trying to see just where my credit report and scores will get me as I contemplate buying a home for myself.  I have a rudimentary understanding of the topics I have read on, which mainly have been credit repair, FICO/FAKO, and to always pay on time!

My post -- my first one (it took a while for me to do it) -- is to see why there are such discrepancies in my scores.  Here is what my scores are and where they came from:

EX: 633 - www.freecreditreport.com

EQ: 713 - MyFICO Score Watch

TU:  754 - paid for the score off the www.annualcreditreport.com site, on top of choosing the TU report (checked report and it seems as if I got a FAKO because the TU url was not the cs.com site)

I have read that certain credit sites report different scores and that the best way to get the scores lenders use s through myFICO.  I have already pumped in some $$$ to get all three reports and don't really feel like spending more $$$ to get the as close to official scores right now.  Based on the sites I purchased my scores from, do you guys think they are from "as close to offficial" as I can get?  From what I have seen, there is usually a difference in between all three scores, but the margin between my high and low of 120 points seems like my scores are fishy...

Any help in helping me understand this gap, or where I can get mor ereliable scores is welcome.  I also did see that a wide range of scors does negatively effect the possibility in obtaing lower interest rates.

Thanks!

Hank

Message Edited by hank71 on 02-16-2008 10:49 PM

[Anonymous]

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hank71 wrote:

Based on the sites I purchased my scores from, do you guys think they are from "as close to offficial" as I can get?

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Hi Hank, and welcome to the forums!

No, the TU and EX scores you have are not even close to official.  They are FAKOs, which means they are essentially worthless.

The only place to get all three FICOs is here at MyFICO.

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hank71 wrote:

From what I have seen, there is usually a difference in between all three scores, but the margin between my high and low of 120 points seems like my scores are fishy...

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They are fishy, because they're FAKOs.  See above.

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hank71 wrote:

Any help in helping me understand this gap, or where I can get mor ereliable scores is welcome.  I also did see that a wide range of scors does negatively effect the possibility in obtaing lower interest rates.

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Understanding the gap is easy.  They are FAKOs, and they're not worth the paper they're printed on (or the electricity used to display them to you in this case).  See above.

As far as where you can obtain more reliable scores, you're already here.

Welcome, again.

[Anonymous]

Cheddar,

Thanks man.  I guess I just lost some lunch money buy buying those darn scores.  It looks like I'll cancel the reporting service I am paying for and look into the myFICO products.  At least the Score Watch was worth it!

A follow up question to this: will my credit report sheets be the same with myFICO as the two other agencies I got them from, or should I use the reports from myFICO to reference in my credit adventures?

Anyone?

Hank

[Junejer]

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@Anonymous wrote:

Cheddar,

Thanks man.  I guess I just lost some lunch money buy buying those darn scores.  It looks like I'll cancel the reporting service I am paying for and look into the myFICO products.  At least the Score Watch was worth it!

A follow up question to this: will my credit report sheets be the same with myFICO as the two other agencies I got them from, or should I use the reports from myFICO to reference in my credit adventures?

Anyone?

Hank

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Hank, if you are going to dispute something on your CRs, you should use the ones that you get here at myfico.com. The reason being, when you get the annualcreditreport.com ones, and dispute from there, you give the CRAs an extra 15 days to complete their investigation and you don't want that.

[Anonymous]

Thanks Byrd. 

I'll take a look at credit compete here and see if that works up my fancy.  it seems to be the most economical to keep tabs on all three reports at once.

Now that I have posted here, I'll have to work up the effort to get my reports from myFICO and see what I can do to work off some blemishes. 

Hank

[Anonymous]

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hank71 wrote:

Cheddar,

Thanks man.  I guess I just lost some lunch money buy buying those darn scores.  It looks like I'll cancel the reporting service I am paying for and look into the myFICO products.  At least the Score Watch was worth it!

A follow up question to this: will my credit report sheets be the same with myFICO as the two other agencies I got them from, or should I use the reports from myFICO to reference in my credit adventures?

Anyone?

Hank

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You may want to keep the reporting service, depending on how much it costs and what you want to do with it.  I use TrueCredit and it's great for keeping track of what's in my reports.  There are a number of services that offer daily report pulls and score.  The score is junk, but knowing what's in your report is very important.

[Anonymous]

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krystofur wrote:

You may want to keep the reporting service, depending on how much it costs and what you want to do with it.  I use TrueCredit and it's great for keeping track of what's in my reports.  There are a number of services that offer daily report pulls and score.  The score is junk, but knowing what's in your report is very important.

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Yep, I completely agree.  I use TC because I think it's the best 3-in-1 report that I've seen.  I like the format much better than any of the others.  Also, TC shows full date fields (mm/dd/yyyy) on TU and EX, which a lot of others don't do.

Just have to remember to not even look at the scores or advice they give you on how to improve your scores.  The scores are definitely worthless, but the "advice" is even worse than that.  Following their advice can often do more harm than good.

For example, TC scolds me because I don't have enough "premium bankcards".  This is complete BS.  To remedy this problem (which doesn't really exist in the first place), they suggest I may want to open a new "premium bankcard" account.  All this at the same time MyFICO is scolding me for already having too many accounts opened in the last year.

I know which one I'm going to believe.

[Anonymous]

<Hank can't figure out how to quote messages here>

1)  I have all three credit reports now.  One FICO score and FICO report (EX) and two FAKO scores and reports.  I ditched score watch as I am not going to pay 80 bucks when I could use that for a CC or my savings account.

2)  I think I am going to get all three FICO reports and scores, then see just how the FAKOs compare.

3)  I am going to get rid of my credit reporting service as it is a $15 FAKO for Equifax only.    

4)  Does Credit Complete give you all three reports for the fee more than just the initial purchase first time?  I called CS and they were closed.

Hank

[Anonymous]

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hank71 wrote:

1)  I have all three credit reports now.  One FICO score and FICO report (EX) and two FAKO scores and reports.  I ditched score watch as I am not going to pay 80 bucks when I could use that for a CC or my savings account.

2)  I think I am going to get all three FICO reports and scores, then see just how the FAKOs compare.

3)  I am going to get rid of my credit reporting service as it is a $15 FAKO for Equifax only.    

4)  Does Credit Complete give you all three reports for the fee more than just the initial purchase first time?  I called CS and they were closed.

Hank

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#4:  No, Credit Complete is a one-time pull of all three reports and scores.  One shot and you're done.

Before you buy anything from MyFico, make sure you Google "MyFICO dicount codes" to get a code you can use for a discount when you check out.

To quote a post you're replying to, click the bubble icon to the left of the smiley face icon above the window you type your post in.

Edited to add: After rereading your post, I'm still not sure you're clear on the FICO/FAKO thing.

There are no such things as FICO vs FAKO reports.  Your report is what it is, and it's used to generate a score.

The FICO vs FAKO distinction only applies to scores.  The vast majority of lenders use FICO scores, so it's a good idea to buy your real FICOs from time to time.  The only place you can do that for all three of your reports is here.  When you buy a FICO score here, you will also get your report with it.  That report is in a different format, but it is the same report you get when you check it through other sources.

Message Edited by cheddar on 02-17-2008 10:50 AM

[Anonymous]

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cheddar wrote:

#4:  No, Credit Complete is a one-time pull of all three reports and scores.  One shot and you're done.

Message Edited by cheddar on 02-17-2008 10:50 AM

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I purchased it.

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cheddar wrote:

Before you buy anything from MyFico, make sure you Google "MyFICO discount codes" to get a code you can use for a discount when you check out.

Message Edited by cheddar on 02-17-2008 10:50 AM

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Thanks to the board, I did!

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cheddar wrote:

To quote a post you're replying to, click the bubble icon to the left of the smiley face icon above the window you type your post in.

Message Edited by cheddar on 02-17-2008 10:50 AM

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I have a brain!!! 

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cheddar wrote:

Edited to add: After rereading your post, I'm still not sure you're clear on the FICO/FAKO thing.

There are no such things as FICO vs FAKO reports.  Your report is what it is, and it's used to generate a score.

The FICO vs FAKO distinction only applies to scores.  The vast majority of lenders use FICO scores, so it's a good idea to buy your real FICOs from time to time.  The only place you can do that for all three of your reports is here.  When you buy a FICO score here, you will also get your report with it.  That report is in a different format, but it is the same report you get when you check it through other sources.

Message Edited by cheddar on 02-17-2008 10:50 AM

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It seems as if all reports should report the same stuff, no matter where it is obtained.  For GW and what not, it is best to use the last reports pulled from here for reference I think?  Then use a three in one to see if anything has been removed.  If anything has changed any credit service should pull the same changed data?  I am pretty sure on this.  Am I accurate?

My credit complete scores:

EX:  680

EQ: 713

TU:  669

I am going to look at my reports to see what is what.  Looks like I'll be GWing a few to knock off the bits I can.  Is there an advantage if the same blemish shows on only one or two reports and not across the board on all three?  Is one CRA have more reporting power or pull than the other?

I have one 30 not due to unemployment in 2004 and the past three years look really good otherwise.  Overall, I think I am happy with my scores and feel much better than the EX 560 I was two years ago.

Hank