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Help understanding credit scores
Posted on 7/24/12 at 6:53 pm
Posted on 7/24/12 at 6:53 pm
I'm in the process of Selling my house and building a new one. In the process of what we an afford, pre approval etc. a few months ago, my credit report cam back with a few things I had to take care of. I did this and just today I paid 30 bucks for a copy of my credit report from All 3 services through Credit Karma. Well the report I got had improved a lot. Like 75 Pts a lot. Well I call my lender to tell her what's going on and we har a meeting scheduled tomorrow to go over everything. She emailed me back said my scores are still a little low and need to come up a hair. I looked at her report she pulled today from the same companies (trans, exp, and eqi) and its a lot lower. How can that be? Any one see this before
2
Posted on 7/24/12 at 7:17 pm to coonass27
There isn't just one credit score. There are many different variations.
Karma uses the Vantage score, which isn't really the same as the FICO most lenders use. Vantage scores do tend to be higher than FICO. Thing is, if you gained 75 points on one you probably did on the other too, or near enough. But the FICO score will still be a good bit lower. That's okay though, the lenders know the difference.
The exact number isn't as important as the direction, sounds like you are doing the right things but it just didn't help as much as you'd hoped. Just be aware that Vantage 700 isn't good, whereas FICO 700 is doing reasonably well. The scale is different, that's all, so you can't make a direct comparison.
Karma uses the Vantage score, which isn't really the same as the FICO most lenders use. Vantage scores do tend to be higher than FICO. Thing is, if you gained 75 points on one you probably did on the other too, or near enough. But the FICO score will still be a good bit lower. That's okay though, the lenders know the difference.
The exact number isn't as important as the direction, sounds like you are doing the right things but it just didn't help as much as you'd hoped. Just be aware that Vantage 700 isn't good, whereas FICO 700 is doing reasonably well. The scale is different, that's all, so you can't make a direct comparison.
Posted on 7/25/12 at 9:06 am to coonass27
If you are going to pay money for a score ONLY use myfico.com. That is the only way to get a FICO score outside a lender for Equifax and TU you cannot get your EXP anymore.
ETA Ok I see all this was mentioned already.
ETA Ok I see all this was mentioned already.
This post was edited on 7/25/12 at 9:08 am
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