Advice on understanding my scores

[545ier]

Hi All!

I've been keeping an eye on my scores since March, perhaps even earlier than March. Score across MyFico, Credit Karma & Score Sense range from 555-739. I'm on the verge of having a Credit Advisor take a look at it and resolve the discrepensies. I undersand that Fico Score 8 is typically the score that creditors refer to, but which score should use as reference and which score closest reflects the score that lenders will see when they pull my scores? 

MyFico:

Eq: 652

Ex: 646

Trans: 640

Score Sense:

Eq: 597

Ex: 555

Trans: 632

Credit Karma:

Eq: 739

Ex: 

Trans: 734

The scores aren't the greatest and my hopes are to get them all above 750-800. I'm ultimately looking to buy a home within the next year.

[Thomas_Thumb]

Your MyFICO scores are derived from the Fico 08 model. These are the scores that most credit card issuers look at to see if you qualify for their card and if so, what APR you will get. [score range for model is 300 to 850]

Your Credit Karma (CK) scores are derived from the VantageScore 3.0 model. This model weight factors differently than does Fico 08. Some people have higher VS 3 scores, some have higher Fico 08 scores. It depends on the individual profile.Scores from this model are not widely used by lenders in decision making but some do look at this score. [score range for model is 300 to 850].

I don't know what Score Sense uses for a model in their reported scores.

I would not bother with a credit advisor and not worry too much about score differences between the companies as different models are used. There are fundamental principals that can be used to strengthen your credit file and improve your scores be they Fico 08, VS 3.0 or something else.

A frequent poster, CGID, often is willing to provide some detailed advice that can help - if suficient background data is provided on your current credit profile and future goals.

[Anonymous]

Uh oh.  Now I am really in trouble.  TT just nominated me to help you out.  :-)

TT's response was very sound.  I really like the way he emphasized that the important thing was the big principles at stake, and that once you get a sense of those they will work for you whether you are using Vantage or FICO.  That's a great (and true) way to approach it.

[bdhu2001]

I have a few questions

1. How long ago did your score on myFICO and do you still have access to the simulator?
2. Have you reviewed your credit report & have you worked to have your negatives removed?
3. Are you allowing only one credit card to report a balance?
4. Do you have funds saved for your down payment and have you checked for the amount of house you'd be able to qualify for based on your income?

[545ier]

Back again! 

Based on my last post, I've since been able to delete a few negatives with the Credit Reporting Agencies. It's a slow process. Scores have risen to 736 EQ, 748 TU, 750 EX. 

Items remaining are 2 late payments with Capital One from 2011 & 2013 and an outstanding 305$ Verizon collection bill which I won't pay because I never owed them but the only way I will pay it is if they agree to stop reporting it... not sure how that is going to work out or how to strike that deal. Any info would help.

Lastly, there is a State Tax Lien which was reported in 2013 and paid in 2015, TU has already removed it, EQ & EX are holding onto it dearly. Disputing it has been a major concern given mortgage companies do not tend to like the fact that there is a tax lien on the CR. Disputing it with the CRAs once again is an ongoing process and I will also be filing with the Superior Court of NJ to have the lien withdrawn. Hopefully the judge finds it in his heart to withdraw it from the record, then the CRA's are obligated to remove it... info based on my finding online, if anyone else wants to chime in, please do.

As far as a home purchase, we currently have a 20% down payment, the only thing hindering the process is this tax lien for the most part. My wife's scores are all above 780 with a clean history.

[Anonymous]

A number of people have a lot of experience with liens and mortgages (together).  Revelate is one such person I believe.  You might want to send him a PM, alert him to this thread, and ask him for his help.

Also Brutal Body Shots is very generous with his time in explaining the removal of lates and collections.

[Revelate]

State tax liens are all over the map based on state and I don't personally know anything about NJ, but one important thing: no mortgage lender is going to care in your case.

Open/unpaid liens, you betcha no fly zone as they can attach to the property; however, paid ones are irrelevant.  Proceed with confidence on from that front at any rate; of course, if you can get it off it'll help scorewise potentially, but having it on there isn't going to torpedo the mortgage application... my own paid tax liens weren't even commented on by any lender actually for one anecdotal experience, if it's listed on the credit reports as paid or released, you're good.

Ask about the Verizon account over in Rebuilding Your Credit, lot of good information there.