FICO Score Versus Other Scores

[Anonymous]

Hello,

My Equifax FICO score has been steadily improving this year to where it's now 690.

However, I recently saw my credit scores from the 3 agencies and they were very different.

My regular Equifax score was 647, TransUnion was 672, and Experian was 654.

Why would the FICO Equifax score differ so much from the regular Equifax score? 690 versus 647 is a big gap!

Also, I have 2 medical bill collection accounts from 2010. One has a balance of $173 and the other is for $3,527. These are the main reasons why my credit scores are low.

If I pay these off, will it improve my scores at all?

Lastly, we have 3 mortgages now - two on our former house that we're now renting, and a third on our current house that we live in. My credit scores really dropped after we purchased our current home last December. Is there any way to not make this such a negative factor? Thanks!

[myjourney]

Welcome to the forum 

If I understand you right and forgive me if I don't 

Sounds like your comparing scores from here vs scores purchased directly from the CB's (TU,EX,EQ)

If that's the case TU EX and EQ all sell consumers fake scores vs myFico which sells real fico scores.

EQ does sell a real score but you really have to search their site to find it...most end up purchasing the purely educational score also referred to as FAKO scores (fake)

Other means of getting real fico scores are from some of the credit card companies if you have an account with them ...

Barclays ....Walmart.....FNBO....Discover

Edit.....saw another question

Lastly, we have 3 mortgages now - two on our former house that we're now renting, and a third on our current house that we live in. My credit scores really dropped after we purchased our current home last December. Is there any way to not make this such a negative factor?

Time will heal this as you've probably taken a new account ding in terms of fico scoring 

[bdhu2001]

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@myjourney wrote:

Welcome to the forum 

If I understand you right and forgive me if I don't 

Sounds like your comparing scores from here vs scores purchased directly from the CB's (TU,EX,EQ)

If that's the case TU EX and EQ all sell consumers fake scores vs myFico which sells real fico scores.

EQ does sell a real score but you really have to search their site to find it...most end up purchasing the purely educational score also referred to as FAKO scores (fake)

Other means of getting real fico scores are from some of the credit card companies if you have an account with them ...

Barclays ....Walmart.....FNBO....Discover

Edit.....saw another question

Lastly, we have 3 mortgages now - two on our former house that we're now renting, and a third on our current house that we live in. My credit scores really dropped after we purchased our current home last December. Is there any way to not make this such a negative factor?

Time will heal this as you've probably taken a new account ding in terms of fico scoring 

---

I understand that the amount or % you still owe, on the original balance, of an installment loan also matters. Thus, once you pay down your of the original loan balance (approx 20%), your FICO will improve. In other words time and timely payments will make the new mortgage have less impact on your FICO score.

[Anonymous]

Thanks so much for your reply! I guess my next step then is to order my FICO credit reports from the other two agencies to see what my 'real' numbers are.

Also, regarding my question about the 2 medical collection accounts, will it help at this point to pay these off? They are from 2010. However, one of them shows the date as this year which is clearly wrong. Can I call the credit agency to dispute the date?

[bdhu2001]

---

@Anonymous wrote:

Thanks so much for your reply! I guess my next step then is to order my FICO credit reports from the other two agencies to see what my 'real' numbers are.

Also, regarding my question about the 2 medical collection accounts, will it help at this point to pay these off? They are from 2010. However, one of them shows the date as this year which is clearly wrong. Can I call the credit agency to dispute the date?

---

Paying off the medical collections will help, but if you pay them off the right way, it helps more.  Look at PFD and HIPPA letters before paying them off so that you get the best outcome.  For PFD you contact them at state that you'll pay in full if they'll delete the record off your credit reports.  You need to get their agreement in writing, before you pay anything off. If also makes a difference as to collection agency and original creditor so be sure and search this forum or pose questions in the "rebuilding your credit" portion of this forum.

[fused]

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@bdhu2001 wrote:

---

@myjourney wrote:

Welcome to the forum 

If I understand you right and forgive me if I don't 

Sounds like your comparing scores from here vs scores purchased directly from the CB's (TU,EX,EQ)

If that's the case TU EX and EQ all sell consumers fake scores vs myFico which sells real fico scores.

EQ does sell a real score but you really have to search their site to find it...most end up purchasing the purely educational score also referred to as FAKO scores (fake)

Other means of getting real fico scores are from some of the credit card companies if you have an account with them ...

Barclays ....Walmart.....FNBO....Discover

Edit.....saw another question

Lastly, we have 3 mortgages now - two on our former house that we're now renting, and a third on our current house that we live in. My credit scores really dropped after we purchased our current home last December. Is there any way to not make this such a negative factor?

Time will heal this as you've probably taken a new account ding in terms of fico scoring 

---

I understand that the amount or % you still owe, on the original balance, of an installment loan also matters. Thus, once you pay down your of the original loan balance (approx 20%), your FICO will improve. In other words time and timely payments will make the new mortgage have less impact on your FICO score.

---

How did you arrive at that conclusion? My experience hasn't been anything like you're describing. I just finished paying off an auto loan. It was for about 28K. My score didn't move one point when the balance was paid down to 20%. In fact, I only took a small hit for the new inq and a few points for the new account when they were placed on my reports. Installment balances and util carry far less weight than revolving balances and util.

[fused]

---

@Anonymous wrote:

Thanks so much for your reply! I guess my next step then is to order my FICO credit reports from the other two agencies to see what my 'real' numbers are.

Also, regarding my question about the 2 medical collection accounts, will it help at this point to pay these off? They are from 2010. However, one of them shows the date as this year which is clearly wrong. Can I call the credit agency to dispute the date?

---

You might want to post your questions on med collections in the Rebuilding Credit Forum.

[myjourney]

---

@Anonymous wrote:

Thanks so much for your reply! I guess my next step then is to order my FICO credit reports from the other two agencies to see what my 'real' numbers are.

Also, regarding my question about the 2 medical collection accounts, will it help at this point to pay these off? They are from 2010. However, one of them shows the date as this year which is clearly wrong. Can I call the credit agency to dispute the date?

---

Forum trick ....Quoting 

Under the message you wish to reply to:

Click reply 

Top right hand corner 

Click quote 

Enter response 

[bdhu2001]

---

@fused wrote:

---

@bdhu2001 wrote:

---

@myjourney wrote:

Welcome to the forum 

If I understand you right and forgive me if I don't 

Sounds like your comparing scores from here vs scores purchased directly from the CB's (TU,EX,EQ)

If that's the case TU EX and EQ all sell consumers fake scores vs myFico which sells real fico scores.

EQ does sell a real score but you really have to search their site to find it...most end up purchasing the purely educational score also referred to as FAKO scores (fake)

Other means of getting real fico scores are from some of the credit card companies if you have an account with them ...

Barclays ....Walmart.....FNBO....Discover

Edit.....saw another question

Lastly, we have 3 mortgages now - two on our former house that we're now renting, and a third on our current house that we live in. My credit scores really dropped after we purchased our current home last December. Is there any way to not make this such a negative factor?

Time will heal this as you've probably taken a new account ding in terms of fico scoring 

---

I understand that the amount or % you still owe, on the original balance, of an installment loan also matters. Thus, once you pay down your of the original loan balance (approx 20%), your FICO will improve. In other words time and timely payments will make the new mortgage have less impact on your FICO score.

---

How did you arrive at that conclusion? My experience hasn't been anything like you're describing. I just finished paying off an auto loan. It was for about 28K. My score didn't move one point when the balance was paid down to 20%. In fact, I only took a small hit for the new inq and a few points for the new account when they were placed on my reports. Installment balances and util carry far less weight than revolving balances and util.

---

My comment wasn't meant to be pay it down to 20%, it was pay 20% down from the original balance.  That's gets the loan to  -80% instead of the original 100%. I got the information from the Internet and from myFICO http://myfico.custhelp.com/app/answers/detail/a_id/166/~/how-debt-affects-your-score 

[fused]

---

@bdhu2001 wrote:

---

@fused wrote:

---

@bdhu2001 wrote:

---

@myjourney wrote:

Welcome to the forum 

If I understand you right and forgive me if I don't 

Sounds like your comparing scores from here vs scores purchased directly from the CB's (TU,EX,EQ)

If that's the case TU EX and EQ all sell consumers fake scores vs myFico which sells real fico scores.

EQ does sell a real score but you really have to search their site to find it...most end up purchasing the purely educational score also referred to as FAKO scores (fake)

Other means of getting real fico scores are from some of the credit card companies if you have an account with them ...

Barclays ....Walmart.....FNBO....Discover

Edit.....saw another question

Lastly, we have 3 mortgages now - two on our former house that we're now renting, and a third on our current house that we live in. My credit scores really dropped after we purchased our current home last December. Is there any way to not make this such a negative factor?

Time will heal this as you've probably taken a new account ding in terms of fico scoring 

---

I understand that the amount or % you still owe, on the original balance, of an installment loan also matters. Thus, once you pay down your of the original loan balance (approx 20%), your FICO will improve. In other words time and timely payments will make the new mortgage have less impact on your FICO score.

---

How did you arrive at that conclusion? My experience hasn't been anything like you're describing. I just finished paying off an auto loan. It was for about 28K. My score didn't move one point when the balance was paid down to 20%. In fact, I only took a small hit for the new inq and a few points for the new account when they were placed on my reports. Installment balances and util carry far less weight than revolving balances and util.

---

My comment wasn't meant to be pay it down to 20%, it was pay 20% down from the original balance.  That's gets the loan to  -80% instead of the original 100%. I got the information from the Internet and from myFICO http://myfico.custhelp.com/app/answers/detail/a_id/166/~/how-debt-affects-your-score 

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Got it!