@Anonymous wrote:
@Anonymous wrote:On Credit Karma, when it says 0% derogatory, it means no outstanding late balances. A paid and closed collection that is just sitting there riding out its seven year reporting period is still harming a score but CK will not show it under derogs because it's paid. Going in to see your full report on there, you'll see it.
Yes, you need a new score source. CK and the other monitor services provide scores based on the VantageScore 3.0 model, not FICO. Any correlation between FICO and VS3 scores is coincidental - their algorithms are considerably different. Your scores may line up perfectly, they may differ by over a hundred points, or the differences may fall somewhere in between. The key takeaway is that Synchrony Bank is the only major player known to base lending decisions primarily on a VS score (they use the newer VS4 score). Other lenders may take a cursory look at it but they base almost all decisions on some variant of FICO score. Therefore, those are the ones you want.
You can get your FICO8 scores at www.creditchecktotal.com for a dollar. Just cancel before seven days pass or you'll be enrolled in an auto-billed $30/month subscription. Pay a buck, get scores, cancel. Rinse and repeat as often as you like. That will give you your true standing on scores that matter and will help you gauge your odds with lenders.
Okay, I managed to do the anual credit report thing, and before the website crashed (or so I think it did) there was a message on the EQ and Trans tabs that read:
"Sorry we can't show you today's 3 credit bureau. This might mean that Equifax has no record of your credit history or different personal details for you on file. Until this is resolved, you won't be able to see your report".
Sounds like it's time to make some calls to EQ.
I would send it to EQ only to avoid confusion. Keep it handy for the other bureaus just in case though.
@Anonymous wrote:UPDATE FEB 2021: Happy new year y'all. After all of the hassle ive gone through, now all of my info is "updated". I went to try an apply for Discover Secure Credit card, and they didnt approve me. I did the pre-qualify before signing up for a secure credit card, but they only offered me cashback cards (I dont know if that makes a difference). Can you guys suggest something? I only have the PayPal cashback credit card open, but like Ive said before, they dont report to credit bureaus.
Hi! Okay -- so i've read through this entire saga of a thread and I have questions...
You say all of your info is updated with the credit bureaus now so have you been able to retrieve your current FICO scores (not scores from credit karma)? If so, what are they for all three bureaus (Experian, Transunion, and Equifax)?
Earlier in the thread, you said you had no open accounts reporting -- so what's on your credit reports (any closed loans or closed cards) and how long has it been since you've had any credit activity?
You mentioned a collection for an ATT account that had been paid -- has that now been updated to correctly reflect payment on your reports?
I'm just trying to get an accurate picture of your current situation to better advise where you may go from here...
Don't use myequifax or CK for scores, as they don't offer FICO 8s, which are the gold standard for most lending decisions. Use either myfico (not free and no trial offers), or creditchecktotal.com for their $1 7-day trial, just be sure to cancel before the trial ends or else you'll be charged the regular $29.99 monthly rate.
@Anonymous wrote:Thanks for you quick response.
1. TRANS: 597, EQ: 702, EXP: 748. According to myequifax.com and experian app. TransUnion was given by Credit Karma.
2. 4 accounts in total. A paid off student loan, a paid off car loan, ATT Accound which was paid off, and an open PayPal cashback mastercard (but they dont report to credit bureaus)
3. It has not been updated as to my understanding, I tried to call several times to TransUnion but nobody every picked up, and EQ told me to do it via their website, which I did.
You really need to get your 3 FICO scores.
The Experian score you have is your Experian FICO 8 score -- so that's good (good score too).
The Equifax score you have from the myEquifax service is not a FICO score -- it is a score based on the Equifax scoring model that absolutely no lender uses to make credit decisions.
The Transunion score from Credit Karma is your Vantage 3 score - which is a scoring model also not used widely by lenders.
The overwhelming majority of lenders use FICO to make credit decisions -- you need to know where you stand, scorewise, for all 3 bureaus.
You can use your current Experian membership and sign up for the free CreditWorks Premium 7-daytrial -- that will give you all 3 FICO scores (and reports). You can then cancel before the trial ends if you do not want the monthly CreditWorks Premium service ($24.99). https://www.experian.com/consumer-products/compare-credit-report-and-score-products.html
As for the collection -- you can also file a dispute online with Transunion so they can update the collection to reflect its paid status. You will be able to upload any documents you have as proof - no need to speak to them on the phone.
You have a solid loan history so that's good. The fact that you have no active, open accounts and no history of revolving credit card accounts is a hinderance. Do you have a primary banking institution (if so, who)? Sometimes, when trying to establish credit, doing so via an institution with whom you already have an established relationship is a bit easier.
Can you get your other FICO scores and report back please? I'm trying to figure out why Disco declined you for their secured card.