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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 7/24/12 at 7:28 pm to foshizzle
It was an add on credit Karma for trans union. I went in and got my trans score free with credit monitoring. Once in, it only gave you a trans union score. You can purchase the other 2 scores from Eqifax and experian. I did this and they were all high. But the same companies numbers through my lender are way lower than what I saw today.
Experian is 83 Pts difference between the one I pulled as theirs
Eqifax is 105 Pts diference
And trans is 66 Pts difference.
Experian is 83 Pts difference between the one I pulled as theirs
Eqifax is 105 Pts diference
And trans is 66 Pts difference.
Posted on 7/24/12 at 10:47 pm to coonass27
quote:
It was an add on credit Karma for trans union. I went in and got my trans score free with credit monitoring. Once in, it only gave you a trans union score. You can purchase the other 2 scores from Eqifax and experian. I did this and they were all high. But the same companies numbers through my lender are way lower than what I saw today. Experian is 83 Pts difference between the one I pulled as theirs Eqifax is 105 Pts diference And trans is 66 Pts difference.
All those scores are what are called "FAKOs" and your lender will use true FICO scores. You can buy your Equifax FICO which will exactly match the lender from MyFico.com. They also sell a version of the TransUnion FICO but it's an older version. You can't buy a true Experian FICO score anymore. Only lenders can pull them. As for getting your FICO score higher, pay all your credit cards down to a zero balance and leave between 1 and 9 percent on one card. Revolving credit utilization is the quickest way to gain a lot of points on FICO scores.
Posted on 7/25/12 at 7:15 am to JonTheTigerFan
Got you. That's freaking stupid though isn't it? They advertise all the credit monitoring sites with credit reports. You use them and they are wrong. My credit is high enough to get a loan, but their is room for improvement lol. Thanks for your help
Posted on 7/25/12 at 7:30 am to coonass27
whatever equifax says, subtract at least 35-40. have 801 on equifax and 776 IRL.
Posted on 7/25/12 at 7:32 am to ItNeverRains
quote:
whatever equifax says, subtract at least 35-40. have 801 on equifax and 776 IRL
It is more regional. Goes back to when there were individual bureaus. Some areas of the country prefer one over the other.Posted on 7/25/12 at 8:16 am to ItNeverRains
quote:
whatever equifax says, subtract at least 35-40. have 801 on equifax and 776 IRL.
mine is 101 points lower lol
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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