Ex Question

[Anonymous]

My first time here. Great stuff. I'm learning a lot. My qustn-Why is my Experian score so much lower than my other 2?  Do they use FICO? I am trying to get a loan and the lender said they use Experian (great that's my lowest one)  EQ is 660,TU=643, & EX=in the 500's  with 2 30day negatives that I already have gotten removed from the other 2 co's. I thought I had also disputed EX online also but they are still there. I was trying to get my credit up for this loan not realizing they used EX. Now I guess I will have to dispute EX quickly and hope for the best with another lending agency. This lender said even with the 2 removed, from his experience, he didnt think it would raise my score that much. What model do they use and why is it different. I trust someone out there can help. Thanks in advance..

[Anonymous]

welcome.

you answered your own question. the info is diff on ex so the score is not the same.

your fico score is calculated via the information from each cra. so yes ex uses fico.

[Anonymous]

Thanks Ducky, I disputed 1 of my 30 day lates on Experian on 08/29/08 for Sears and now it seems they have sent it back as being correct and It won't let me dispute it again.It seems to have been removed from EQ & TU unless they remove it upon dispute then put it back on after it's verified. Is that the way it works? I only have 1 other 30 day late for Lowes which I just disputed on 09/29/08 on Experian when it wouldn't let me redispute Sears. I pulled my Experian credit report and score again today 10/01/08 & it shows 620 with no Lowes on it but Sears is the only negative. Did my score go up because I disputed Lowes & it's pending? Another lender pulled my credit on 09/30/08 on Exper & it was 572 for him. Why is my score higher than his today? I have had 12 inquires in the past year due to my trying to buy a business and trying to refinance 2 old rental houses I own to pull out the equity.These last 4 hits were 08/28,09/08,09/23,09/30 almost all within 30 days (not 2 wks). Do you think they are effecting my score a lot? No one wants to loan me enough to buy the business due to my Experian score and my credit card,revolving and mortgage debt totals about $80,000.I can't believe that 1/30 day late can cause so much problem. (I know the debt ratio is the problem but they said if my score was over 650 they might could loan me the money). I have another lender I'm working with that hasn't pulled my credit yet and they also use Experian (why do all banking/loan companies use Ex?) The business I am trying to buy needs an answer ASAP or they will sell to someone else who can come up with the money. Should I have them pull my Ex now since I just pulled it and it was 620 today for me? (Before my Lowes dispute shows up again since it's pending? I'm sorry for the long letter but I'm on a time crunch and am trying to "learn quick".Thanks Ya'll. I appreciate any help I can get. (IndebtinTN)

[haulingthescoreup]

Why on earth are you disputing what appears to be valid lates?


Oh, btw, welcome to the forums, and please read Credit Scoring 101, which is stickied above.

Message Edited by haulingthescoreup on 10-01-2008 05:42 PM

[Anonymous]

Thanks for your help, I read part of the 101 to get me started, but I am working 12 hours day & am trying to squeeze this in my "spare" time. I like reading the Q&A's too. I feel my 2 lates were valid. I paid in store on due date and one said I paid @ 5:05pm & should have been 5pm and the other was the same at about 7pm. My argument with them is: as long as you pay the day it's due in store, it should be posted as paid on time. I have appealed to spvsrs and they seem to have been removed from Equfax & TU . Anyone else have these type issues adjusted?

[Anonymous]

I am new to this also, and learning a lot. Hubbie and I have scores from 788 to 813. No problem right? Then we received an Notice of Adverse Action letter from new auto insurance co. citing "accounts opened in the last three years", "low credit limits", "number of credit checks", "High use of available revolving account credit limits". I only have "balances" on four of the 12 accounts (one is owed $7), and those are PAID OFF each month. The others are cards from stores which I used to get "12 months interest free credit" on new appliances or extra 10% off, which gave LOW limits, which are now paid off. I keep low limits on most peripheral accounts, so that I minimize risk to the store if the cards were stolen or copied. Silly me! The card with the largest credit limit was the one we used (for convenience) to pay for everyday expenses, a family trip to Europe, and paid off in full by due date, then charged large items for our home, and paid off by next due date. How is this a bad thing? It seems that the "all-knowing, all seeing" credit reporting agencies have tunnel vision on what someone's 'balance' is, not whether it is paid in full every month. I was trying to add up my 'airline' points by putting everyday expenses on the blasted card, but the reporting is not  a complete view for those who don't 'Carry Balances'. No auto loans--own five vehicles and a boat. No loans other than a fixed rate mortgage that is only 50% of the market value of my home. Maybe they can't believe we really live like this--only mortgage as 'real' debt.

Is this just a scam by my insurance company to up my rates? I am afraid I can't fight these giants. Strictly speaking we do have high balances--Europe and new carpet ain't cheap! But does anybody watch how quickly they are paid off?

Considering poor redemption of airline miles these days, and the economy, probably should go to cash only. Would love to stick it to the credit industry, but I don't think my actions will mean much. Doesn't seem that many of you have much luck getting the purveyors of our personal info to break away from the narrow formula. What now?