New to the world of Credit.

[Anonymous]

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@Anonymous wrote:

Anyway, in the letter a credit reporting agency by the name of SageStream LLC says that my credit score is "444". They go onto say that scores range from 1 to 999. Which is weird becuase every credit scoring model I've seen ranges from 300 (the lowest) to 850 (the highest). 

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Check out this LA Times article: Rejected for credit? Newfangled scores may be to blame

"Yet BofA didn’t rejoice in Joseph’s 820 FICO score. Instead, its letter cited something called a Credit Optics score, which in Joseph’s case was 374 out of 999 (no explanation given). BofA said that if he had a problem with that, he could take it up with SageStream, a San Diego credit reporting agency."

"Reemts [Patrick Reemts, SageStream’s executive vice president of credit risk solutions] said he was unable to comment on Joseph’s score, but observed that, generally speaking, 374 “is pretty good.”

[Anonymous]

That article was very enlightening. Thank you for posting it. It seems that SageStream's scoring model is completely baseless and redundant. Still though, it worries me that a financial institution like BoA would take stock in "third party" credit ratings. That would be like the DMV relying on FaceBook to verify someone's information. Just preposterous. 

[Anonymous]

I have another quick question. I put 50 dollars on my Discover card when I first got it and it just posted today. If I pay it off today, and make no new charges until next month, will I still be sent a bill? FYI I went with paper statments instead of paperless.... It's always nice to have things on paper.