@Anonymous wrote:
I am paying off debt, yet my credit score is decreasing. Anyone have an idea why this is happening?
Hi memcats...welcome to the forums.
When you check your "credit scores," make sure you are comparing apples to apples. There are a lot of scores being sold out there...and very few of those scores are actually your FICO scores. There are Vantage scores...Plus scores...TransRisk scores...and lots and lots of others. The problem is that they are different scoring models, and they have different ranges. So, when you compare a score where the top possible score is 850, it will likely be lower than a score where the top possible score is 950. That's why it's tough to compare the raw numbers in these various scores.
What bankers look at is your FICO score. Even the 3 credit bureaus (Equifax, TransUnion, and Experian) will have different FICO scores. They all use different FICO models. That said...since FICO scores are what the bank or credit card company look at, that's what you want to check out. For Equifax, you can buy your FICO score directly from Equifax or right here at myFICO. For TransUnion, again you can get that here at myFICO, or you can get it at transunioncs.com (note the 'cs'). Experian doesn't sell consumers their FICO scores. So, you can get 2 of the 3 scores yourself.
Check out your true FICO score, and, if you want...come back and give us some specifics. The experts here can tell you what may be happening with your scores. Also, if you are paying off your debt...that's a good thing. That will help raise your FICO scores.
Message Edited by LynetteM on 01-16-2010 07:16 AM
