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I just got my credit scores (which are up for Experian and Transunion). They are:
Experian: 711
Equifax: 598
Transunion: 644
Why the wide range and how do lenders (car dealerships) see me. Can I get a loan without a double digit interest rate?
@Anonymous wrote:
I just got my credit scores (which are up for Experian and Transunion). They are:
Experian: 711
Equifax: 598
Transunion: 644
Why the wide range and how do lenders (car dealerships) see me. Can I get a loan without a double digit interest rate?
Where did you get these credit scores from? This is an important question, because there are different version of credit scoring out there on various websites, but FICO scores are only available from this website and a couple other specific sources. These different scoring versions may also use different ranges (e.g. up to 990 for a Vantage Score vs a maximum of 850 for a FICO score).
As for why your scores might vary, you'd have to look at the individual credit reports from each bureau to see if there are differences that could account for this variation in score. For example, there may be a negative account on Equifax that doesn't appear on Experian or Transunion.
OK. So my Fico score is 569 (WTF). Here's what's bad:
1. Missed/past due payments in the last year or two
2. Large percentage of revolving credit being used
3. An outstanding balance on one account (this just showed up and am investigating).
So, I guess no car for a while. The good news isthat I'm expecting a large financial payment that will allow me to:
1. Pay off 99.5% of my revolving/open credit accounts
2. Ensure there are no outstanding balances
Now, I wonder if I will have a better score in 2 or 3 months?
Also, wondering why I have no bankruptcies, no collections, and/or no closed accounts, but my credit score is lower than anyone I've seen in the forums. really shocked.
Correction: You have the lowest FICO score you've seen reported on the forums. We're all self-reporting here, there's no authentication of the numbers we claim.
Depending on your utilization %, you should see a pretty considerable increase by paying down your revolving credit to under 10%. I was able to increase my EQ score by 90+ points in 4 months by paying down by balances and having my last derog be more than a year old.
Not to say that is going to be your experience, but you will at least be heading in the right direction. Continue to return to these boards and learn as much as you can about scoring, and you should continue to see improvement.
I agree that your utilization is the main show stopper. Getting that down to at least 10% would improve your score.
Send GW letters for the late payments, ask if they would consider removing them.