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).
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.”
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.
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.