Seriously, I'm about to cry..or if Houston was on a cliff i'd...

[MzDandylion0527]

JUMP OFF IT!!!

First, let me say that I make no apologies for my credit situation. My improving credit is the result of several bad decisions and the untimely passing of my dear husband. That being said, I've made several positive strides in the past few months to try to get my scores high enough to purchase a home for myself and my two sons. I really felt as if I was on the right track. I paid everything on time, caught up bills (didnt pay any of my old collection accounts because I was advised that it would not help much anyway), opened a few positive trade lines. Finally, in August I had a mortage guy pull my scores. Finally! Light at the end of the tunnel. EX 630 TU 574 EQ 551 (Not much to some, but considering all of my scores were below 500 just two years ago I was happy with that). Since a 640 mid score is my goal and I felt as if it was possible within the next few months, I decided to sign up for Identity guard. I pulled my scores today and yep, you guessed it. MAJOR DROP. EX 586 TU 571 EQ 516. I havent done anything differently in the past three weeks. Why would my scores decline like this? I have done everything the same. I really want to shoot myself. Not really, but you get the point... 

[kjm79]

Please don't jump!

Congrats on the build up and repair.  Want something to smile about?  Those scores from identity gaurd are NOT your scores!!!  Pull your FICO scores from here for TU and EQ and hopefully your frown witll turn upside down.  The scores on identity guard are not FICO scores, so don't be concerned with them.  You can't get your EX FICO score from anywhere but a lender now a days.  So pull your scores from THIS site and see where you stand. 

[MzDandylion0527]

You're awesome! So....I just pulled my FICO from this site. My Transunion score is the one i'm trying to watch as it was my mid score and guess what??? It's 617!!! whoo  hoo (doing a happy dance in front of the computer).

I'm estatic, however...I dont know why the Identity Guard would say one thing and myfico another. Which do I trust?

[kjm79]

Trust myfico.  Identity guard as well as every other credit monitoring service and third-party website will sell you THEIR VERSION of THEIR credit scores.  They are called non-FICO aka FAKO scores.  Only pay attentions to scores that say they are FICO scores.

Not to add to the confusion or stress levels, BUT, since you say you are watching your TU the closest, the version of the TU FICO here is an older version.  Many lenders do still use it.  But there is a possibility that your lender might use the newer TU version (TU 04 I think???).  People have said the difference between the version here and the newer version some lenders pull are close, some say it's higher, some say it's lower.  So different for everyone basically.  But you are better off watching the TU FICO here than another other TU non-fico somewhere else. 

[Booner72]

Eliminate ID Theft had me going this week too w/ their faco scores.  It is hard to ignore them!  I can commiserate.

[MzDandylion0527]

Why do these other companies exist if they arent really helping? Are they selling a bunch of nonsense?  At this point, I dont even know if the changes ive made are working. So, if i assume the FAKO scores are not valid and the myFICO scores are (except that my mortgage lender will use a newer version) how do I know what the lenders see to make their determination unless I ask them to pull my credit which will in turn lower my score. Seems like a catch 22...

[MzDandylion0527]

Booner,

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@Booner72 wrote:

Eliminate ID Theft had me going this week too w/ their faco scores.  It is hard to ignore them!  I can commiserate.

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Congrats on the house by the way. I pray to be there soon.

[llecs]

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@MzDandylion0527 wrote:

Why do these other companies exist if they arent really helping? Are they selling a bunch of nonsense?  At this point, I dont even know if the changes ive made are working. So, if i assume the FAKO scores are not valid and the myFICO scores are (except that my mortgage lender will use a newer version) how do I know what the lenders see to make their determination unless I ask them to pull my credit which will in turn lower my score. Seems like a catch 22...

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Why do they exist? To make $$$...and that's not bad, but unfortunately people see the term "credit score" and automatically assume that it is a FICO score. It is just like saying "Koolaid" instead of "powdery kids drink" or "Xerox" for a "copy machine". It's about tearing down a brand (FICO) with a product that seems FICO-like, when it isn't. Identity Guard sells scores, but they aren't FICO scores as mentioned. In fact, they even say that the scores are not FICO scores, though most don't read the fine print or the FAQs on the page. Scores aside, the report information is OK. Just spead the word that there are FICO scores and then there are everyone else!

Thankfully, FICO scores have a part of their formula that exclude any inquiry damage in the beginning when you apply for a mortgage or car. So, if you want to know your score, you can have a mortgage lender pull it and there won't be any damage at the start. So this way you can continue to mortgage shop without having any ding for a short time. And FICO will lump all of your mortgage inquiries together within that short period. It ranges from 14-45 days depending on the FICO score pulled and the version of FICO used, and will score all of them together as one. In other words, you can apply 100 times in a 2-week period and FICO will ignore 99 of those inquiries. And the damage, if any at all, won't be felt until that 14-45 days expired.

[Booner72]

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@MzDandylion0527 wrote:

Why do these other companies exist if they arent really helping? Are they selling a bunch of nonsense?  At this point, I dont even know if the changes ive made are working. So, if i assume the FAKO scores are not valid and the myFICO scores are (except that my mortgage lender will use a newer version) how do I know what the lenders see to make their determination unless I ask them to pull my credit which will in turn lower my score. Seems like a catch 22...

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Hey there - the info you see on your reports will be the same info that your lender will see, that fico sees etc etc.  It's just the way they score the same reported information that throws us all for a loop. 

[MzDandylion0527]

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@Booner72 wrote:

Hey there - the info you see on your reports will be the same info that your lender will see, that fico sees etc etc.  It's just the way they score the same reported information that throws us all for a loop. 

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True, im in the boat where im soooo close to qualifying for a home loan but soooo far at the same. I need 23 points on my mid score in order to qualify for a USDA loan. I wonder if the scores ive pulled are even accurate. I dont want to let my mortgage guy pull it again for fear my scores are lower than what I pulled on myfico.com. I really, really, want to close before the end of the year...my lease is up, my kids need a yard! Arghhhhh!