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I have a queston on Scores. MyFico says my scores are around 640 and fair. Experian report says my scores are around 550 and bad/poor credit. What are my chances for approvals. I am not looking for any new credit and also I am planning on reducing my debt by 90% and that should help my scores go up. I am curious how to interpret these scores and how does lenders look at my scores for decision making,
@Red1Blue wrote:I have a queston on Scores. MyFico says my scores are around 640 and fair. Experian report says my scores are around 550 and bad/poor credit. What are my chances for approvals. I am not looking for any new credit and also I am planning on reducing my debt by 90% and that should help my scores go up. I am curious how to interpret these scores and how does lenders look at my scores for decision making,
I don't know what your post means.
What do you mean "MyFICO says my scores are around 640"? What scores? Where are you seeing them?
What do you mean "Experian report says my scores are around 550"? What Experian report? Where are you seeing it?
This is from My FICO webstie showing my scores as 660+. I have pulled my expeiren scores from USAA website where I have membership. Which says my scores are 540 and bad credit. I am planning on bringing down my debt to under 10% and my scores should go up any way. I was studying towards MD/PhD and accumulated loans on the way. I am taking money from retirement acccount and pay off the loans and start afresh. By the way how do we post the screen captures in the posts?
If you have 550-650 scores you have some serious negative stuff in on your file. What types of delinquencies and derogatories do you have? Things like utilization alone aren't going to take a score down that far. You definitely shouldn't be thinking about applying for anything any time soon as working on strengthening your file should be priority #1 for the next year or so.
It may depend upon which FICO score model they are pulling at USAA. On Experian alone, here are the different score models, to mortgage, bank cards, auto lending.
EX Fico 8
EX Fico Score 2
EX Auto Score 8
EX Fico Auto Score 2
EX Fico Bankcard Score 8
EX Fico Score 3
EX Fico Bankcard Score 2
EX Fico Score 9
Ex Fico Auto Score 9
Ex Fico Bankcard Score 9
Mine swing wildly by 53pts depending on which Score report you pull.
I have in the score model 8 off my 3B here, no collections, no public records, no deliquencies. Although I do have recent new credit, 1 inquiry, high utilization when I first started. Some also show me in the "fair" range. I will have to see when the 3B pulls again in May as to what it will update on other scoring models, as I only get alerts on the Score 8 model. Oldest reporting age is over 10 yrs , but AAoA is around 4 years.
BBS - USAA uses a Vantage Score 3.0 so, that is where the large delta is on OP's scores. I see it on my own scores.
Gotcha, but even so, FICO scores (not VS 3.0) that are in the low-mid 600's outside of very new profiles suggest that there are some negative things going on that are holding those scores back from being "good" - I think it's important that the OP look into these things.
I have been a member of MyFICO forums for at leaset last 12+ years. I was down once. I cleaned up my reports and rebuilt my scores and reached around 770 to 780 and had perfect scores. I had crazy idea to become a doctor and scientist and went back to school to become an MD/PhD and started accumulating the debt and also my jobs have been on and off to accommodate studies. I am still pursing my school and expected to receive my MD/PhD degrees in about 9 -12 months. In the mean time I have decided to clean up credit as it is bothering me. There are 3 accounts that are 1 year+ and I need to make a deal and remove those negatives. Other than that my cards all have been maxed out. That is what is hurting my scores. I am taking money out of my retirement account and pay off the loans. I know it is not advisable to take money out of the retiremnt but I am tired of having to pay high interest rates close to $900/month in interests alone. I am hoping next week the money should come from my retirement and pay off the cards. MyFico simulator says my scores will go up by 60 points. Then I have to look into those 4 accounts that were 1 + year late and make a deal and see how to remove them. I have been a member for MyFico for so many years and I learned a great deal from all the members here on this forum. Thanks for all your help and let us hope my scores will go back again.
@Red1Blue wrote:MyFico simulator says my scores will go up by 60 points.
Never trust anything that a simulator says. Simulators never take into account nearly enough variables to give any sort of accurate prediction.
Thank you very much for the input. I'll take one day at a time and hope for the best.