@Anonymous wrote:
Ok, trying to establish more credit and just opened a secured card with my bank in the amount of $250.00 in June this yr. My uti is at 12% as of 2 Aug. I did recently signed up with myfico, and the 7 day trial for Transunion website. My Fico 8 appears as 533 and on transunion website my score shows 639. I am soooooooo confused as to which one to go by. I know and read here on these boards the most accurate is my fico, but why is it showing a totally diff set of numbers on the transunion website.
It's like I'm damned either way I go.
I also saw on transunion the reason why my score is low, here are the 4 reasons that were stated
1. Bk still on my report, which is due to drop off Nov 28 2015
2. I have no realestate accts. in determining my score
3. My oldest revolving acct. was opened to recently
4. The avail. credit on my revolving acct. is too low
What the hell! At this rate it's like I have to go way beyond the call of duty finacially to get my scores up to some decent digits! I am a disabled veteran on a fixed income from the VA and social security so I only have so much money to devote to a secured card in the first place, along with opening up a fingerhut acct. which only allowed me a $230.00 cl. I will open another secured card with my bank at the end of the month which hopefully will increase in my score as well.
What else is there for me to do? My loan officer told me to get my scores up to the 620 mark so I can purchase a home with the VA
My scores don't seem to be accurate to me bc I'm getting diff. numbers from diff. entities
Scores clarification:
1) Last I checked (June 2015) consumer scores directly from TU were VantageScore 2.0 (score range 501 to 990).
- [edit - TU had switched to VantageScore 3.0 (range 300 to 850) when I got updated scores in October - change made August/September 2015?]
2) Most free scores reported by credit card companies are Fico 8 classic (range 300 to 850)
3) Mortgage lenders typically look at Fico 4 scores (also 300 to 850 range) from EQ and TU and Fico 98 score from EX.
4) You can get a true Fico 4 score either from EQ directly (must select their score power option) or through myFICO 3B report. Unfortunately, these scores are not free.
Opening new accounts often results in a hard inquiry or hard pull (not sure if there is a HP for opening secured cards). Negative impact associated with opening accounts that result in a HP will disappear completely after 12 months and impact should be reduced after 6 months.
Given your situation, build-up credit/payment history to enhance your score. A 2nd account will help you over time - go for it. Maintaining aggregate utilization under 20% should be sufficient while you are building credit payment history. Just try to reduce/maintain Util to under 10% a couple months before getting a mortgage loan.
If your BK reaches 7 years and drops off 11/28 you should see a nice bump up in score in December - perhaps 100 points or more. This would put you above your 620 target.
Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
