credit score lowered

Anonymous · ‎01-11-2011

In novemeber I went to free credit score .com and my my 3 scores were 630 TU, 650 EQ, and 620 EX, had one, I repeat one, hard inquary from ford motor credit and reduced my score to 593 on TU and EX. took me from fair to poor. I ask free credit score why this is and they tell me a lot of factors go into it...blah blah blah....I know how it works, but one inquiry should not reduce my score by that many points..no one has an explanation. nothing changed on my report except the hard inquiry. anyone else have that happen to them? I'm at a loss as to why that is.

Anonymous · ‎01-11-2011

Well for 1 the credit scores on their are FAKOS and dont even matter.. So dont get to worried about it. But their are a ton of things that could have happen to change a score.

llecs · ‎01-11-2011

Ditto. Ignore their scores and advice too. Lenders will never use those scores.

RobertEG · ‎01-12-2011

"Free credit score" reps dont know, and cant tell you, the factors that entered into your actual credit scoring. If they attempt to do so, I would ignore them. They are probably just as clueless as you are about the intricacies of their own FAKO, proprietary scoring algorithms, and even if they did know, it would probably be a violation of their confidentially agreements for proprietary trade secrets for them to tell you how you were actually scored. You will not get an explanation from them. The same would apply, even if it had been a FICO score generated by Fair Isaac.

How credit scoring is done is a proprietary trade secret that is protected under federal intellectual property law. It is akin to writing to Coca-Cola, and asking then to explain their process.

Anonymous · ‎01-13-2011

OK now I get it. it is my plus scores. which I thought was the same but not. Hence the FAKO's...lol I am starting to understand it now, but why the plus scores if it doesn't mean anything? I assume to get my money....sad really. and I understand the secrecy behind all the scoring..the problem is, they are dealing with ppls lives o because the U.S. has become a credit based country. They say it's like an adult report card, so, if you get sick and have ungodly med bills, you get an F... I know it sounds cynical, but...........

MarineVietVet · ‎01-13-2011

@Anonymous wrote:
OK now I get it. it is my plus scores. which I thought was the same but not. Hence the FAKO's...lol I am starting to understand it now, but why the plus scores if it doesn't mean anything? I assume to get my money....sad really. and I understand the secrecy behind all the scoring..the problem is, they are dealing with ppls lives o because the U.S. has become a credit based country. They say it's like an adult report card, so, if you get sick and have ungodly med bills, you get an F... I know it sounds cynical, but...........

Welcome to myFICO.

You catch on fast!!!

Experian has made many dollars selling their "score".

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".