checking for credit scores

Anonymous · ‎03-12-2007

Never had a mortagage, brought our home from relatives for little or nothing. We wanted to upgrade the house with siding etc. We have checked for our scores to increase but nothing as of yet. Will it count against us to check our credit scores every other week? How can we check?

Anonymous · ‎03-12-2007

Easy, just find any Direct Lender and tell them you are interesting to get a loan, then provide them your S/S, Birthday, address, income etc...and they will pull out your FICO score right on the screen on-line, NOT only one score, they can get three scores (TU, Exp, Equ), you can ask the loan officer read the result back to you right on the phone...after that, do you want to use their business it is really up to you. and It is Free!!!

Anonymous · ‎03-12-2007

Dobetter you can check your own scores as many times as you wish without impacting your score. If you are unsure about your scores and want to check your progress. I would recommend the scorewatch product. If you are not yet ready to take on a loan DO NOT go to a lender to have your credit pulled. Unlike checking your own scores, the lenders pulls DO count against you the most I got hit with is six points for one pull that can make a major difference if you're on the fence for the rate you want. You can pull each of the three bureaus here with score but they do not as of yet have a 3-in-1 for people who do heavy monitoring.. You can also get your free credit report from www.annualcreditreport.com once a year. The scorewatch comes with two free Equifax pulls.

Message Edited by Brammy on 03-12-2007 08:37 PM

Anonymous · ‎05-13-2007

Hi, Brammy

I recently checked my Experian score after I received an alert from My FICO Score Alert due to a mortgage lender checking my score...IT DROPPED 27 points I am baffled because the only thing I have done was pay off an old collection account and the mortgage broker checked my score. I was crying because I am baffled as to what would bring my score down so drastically. I have been paying my bills on time for the past few months, keeping my revolving credit to at least 20% and I have gotten any new credit in almost two years.

Would you have an idea as to the reason? Oh I am aware of the new credit system Vanguard Score but it does not seem to be working.

Tuscani · ‎05-13-2007

Vi1976 wrote:
Hi, Brammy

I recently checked my Experian score after I received an alert from My FICO Score Alert due to a mortgage lender checking my score...IT DROPPED 27 points I am baffled because the only thing I have done was pay off an old collection account and the mortgage broker checked my score. I was crying because I am baffled as to what would bring my score down so drastically. I have been paying my bills on time for the past few months, keeping my revolving credit to at least 20% and I have gotten any new credit in almost two years.

Would you have an idea as to the reason? Oh I am aware of the new credit system Vanguard Score but it does not seem to be working.

Paying the collection had more of an affect on your score than that inq.

Anonymous · ‎05-13-2007

I have a question, why dropped the score when I pay off a collection account? That makes not science for me. Can somebody explain this, because I have some Medical bill on my CR with collection Agency and I was thinking about to pay them off. But under this view I will better not.

Thanks for information

schnuller

Anonymous · ‎05-14-2007

It doesn't make any sense...but that's how the system is designed. This is why I recommend NOT paying any charge-offs or collections unless the creditor agrees to delete them from your account.

Tuscani · ‎05-14-2007

Your credit score will most likely decrease, as the DOLA will update.

A collection is a collection...paid or not...it doesn't look any better. IMO, The only benefit to paying a collection is if you're trying to obtain a mortgage.

Anonymous · ‎05-14-2007

Geez...I am trying to refinance my home now I regret paying off that collection account.

Tuscani · ‎05-14-2007

Vi1976 wrote:
Geez...I am trying to refinance my home now I regret paying off that collection account.

Don't.. mortgage lenders almost always want any collections paid prior to closing or refi. Be angry that you paid without a PFD.