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  1. This is from a Credit Sesame article in August 2012, so it's missing any info newer than that. I thought it was a good basic breakdown and also shed light on the differences of FICO models that come from each CRA. For instance, I didn't know why a score was called a "Beacon" score (EQ) vs. Risk Score (TU) vs. Risk Model (EX). I'm quite sure this is posted elsewhere (a thousand times, perhaps) on CB. But I wasn't patient enough to find it.
  2. Hi all, I posted earlier and have new information. I had my LO pull credit scores. I recently had a 30 day late report on a CC. The next previous date for a late payment was in 2012, before I did all automatic payments. I was approved for a mortgage in May but the deal fell through. Am looking now. The 30 day late report dinged my credit pretty badly- before I had "fair" credit but now it's iffy. According to my LO here are the numbers: XP 580 (+46) TU 605 (+36) EF 590 (+47). I will have 20% downpayment. Home I am looking at is listed at 320. LO says the + numbers show that if I reduce the balance of my credit cards, I will have a 620 and can qualify. In the meantime I am writing to Carecredit, where I had the late payment. Maybe they will remove it. I would like to know if these numbers are do-able. I can pay off the balance of the credit cards in two payments. I'm anxious because my house in on the market and now it may be that I can't get a loan for a new one when this one sells. Would appreciate advice!
  3. Hi all, new here. I was approved for a conventional mortgage in May, with a credit score of 690. The seller backed out and that same week, I ended up needing to take care of an aging parent in another state; this was really stressful, and while I was gone, I made the unfortunate mistake of missing a payment with Carecredit. and now I have a 30 day late showing on my credit. It was a really bad oversight. Anyway, I am back in the market for a house again. I looked at CreditKarma and it says my score is between 639 and 665, which is a significant hit for one late payment. However, I checked a free Vantage score and it's terrible -- 587! My mortgage lender said he can work with the late payment, but I'm really worried that the loan will fall through because of this. Two questions: am I likely to get approved (I have 20% down), and what can I do to bring up my score quickly?
  4. Hello all, I'm seeking any real-world, first-hand experiences with adding a Prosper or Lending Club tradeline to your credit report. What was the FICO impact - if any? In theory, since it's an installment loan, should have minimal impact (other than AAOA). But, I've been surprised before... hopefully it's not considered a "finance company" loan...? Would love to hear some actual experiences - did you get any immediate FICO movement as soon as the P2P tradeline posted? Thank you CB!
  5. Hi Marv, Quick question, I went to lease my first car at Accura. Everything was going great, UNTIL I got into the finance office. I just want to make note that I wanted to talk withthe finance lady prior to running my credit, as I had some questions. That was not an option. Ok I get in the office and her deamnor was nasty, ok anyway. She looked at my application, asked basic questions and entered it in the computer, next thing I know she said your denyed, sorry and closed my file. I was shocked, U asked the following: reason: not enough credit history Score: 697 ( she said I qualified for their preferred Tier which is Tier 1) (she didn't know if it was auto enhanced scoring, she asked what is that) who did they pull: Experian ONLY what can be done: co-signer who can show payment history She said she couldn't print anything out but moved the screen to show me what America Honda Finance gave her. I saw my one credit card that I opened back in Oct 2013 CL 2000 ( i have 2 other cc I was approved for but are not reporting yet) I have no baddies never been late. my questions MarvBear is: when trying to get a lease approval from the bank, the negotiated price is the amount they are requesting right? In my case it was $34,155 Am I entitled to something in writing stating that I was denied and based off what factors? I never actually seen the denial Should I request to speak to an under writer @ American Honda Finance on Monday and explain anything? (the finance lady didn't know what or who it was) Could I have chosen a different model less than the amount she entered requesting an approval? or is it just denied regardless? Should I try again when these two cards start to report? How long should I wait to retry again? Are there any car financing companies that are first time leasing friendly that you can recommend? would I face the same issue with other car financing companies? Should I just take out a loan from my local credit union and just pay it as per terms just to show that I am responsible? and for how long do you recommend that I have the term for? The income is there and was given proof via 6 months of pay-stubs. I was putting 0 down as I knew I qualified for at least preferred tier 1 I went on a mini app spree, well I only applied for one (and I truly believe that is an app spree) cc and was approved instantly. They pulled Experian despite the fact that 5 minutes prior I refroze it! Even though I didn't drive off with my car, I appreciate the experience!! It has taught me that I can face these car dealers and have the confidence and wisdom to show that I know what the bleeeeepppp I am talking about!! Except when it comes to financing All help is appreciated!! I look forward to your feedback!
  6. So I got an alert just now stating that my Fico score dropped from 555 to 537. It was 545 on Monday then bumped up to 555 before dropping. I am checking my updated report and have an alert for every possible scenario including new inquiry and changes to accounts, however nothing visible has changed since Monday… I'm just wondering what could possibly cause daily fluctuations like this? Do the FICO computers work like slot machines churning out new 3 digit numbers when they feel like? I find it bizarre...
  7. So, I'm in the tail end of the 10-year wait post-BK7, filed in 2005. My FICO 04 scores were well in the 700s until a funny thing happened at the 7-year mark. As soon as all my IIB accounts dropped off a CR.. I lost 40-60 pts off that particular FICO. In other words I got bumped from the "PR+Major Derog" scorecard over to the "PR+0 Major Derog" scorecard. Based on tons of experimentation it seems there's a ceiling right around 700 (assuming all else is perfect) for this scorecard. It just happens that I have an old, miscoded derog on TU... way past the 48-month mark but still hanging around... and my TU FICO is **70** points higher than the rest as a result. So. I need creative ideas. How can I add a 5-6-7 year old baddie while still maintaining control of that account? Very big cookie to anyone who comes up with the answer! Thanks!
  8. Can long term auto financing lower someone's fico score? Does it look bad to other lenders even if you pay it off early? I want the longest loan term I can get, but I want to pay it off early.
  9. Ok, I was soo happy yesterday when I saw my Fico score went up 14 points yesterday to 690. I was giving myself back pats all around and looking at cc's - when today I got a nice fat score alert that my score went down 30 points to a low of 630. Did this happen to anyone else today? or recently? Here's what my Score Alert said: myFICO is pleased to provide you with a complimentary Equifax credit report and upgraded version of your FICO® Score. All of your future score-related alerts and score tracking will be based on this upgraded FICO Score version. Rest assured, all of the FICO® Score Watch features you rely upon will remain intact. Upgraded FICO Score FAQs Why is myFICO upgrading the FICO® Score?FICO Scores have been used by lenders since 1989. FICO periodically re-develops and update the scoring model to make sure it remains an innovative and accurate risk predictor. We also make sure the model keeps pace with changing consumer behaviors and incorporates our newest analytic technology. The majority of FICO Scores being pulled by lenders are generated based on this upgraded version so we have moved to the upgraded version so that you can have access to the same version. Will my upgraded FICO® Score be different?Likely, yes. It’s natural for scores to shift whenever a scoring system is updated. How much it shifts and in what direction will be unique to each consumer. Our research shows that nearly half of U.S. consumers have "updated FICO Scores that are relatively close to their scores from the previous version of the formula. It is possible for a greater score change to occur, but this type of movement simply means the updated model is doing a "better job of identifying those people who are lower credit risks from those who are higher credit risks.
  10. I know this offer will appeal to SOMEONE...
  11. So I currently have Barclays and receive my updated FICO every so often. Today I went to enroll in e statements for my Walmart card and sign up for their free FICO as well and received a message that they are unable to provide my FICO due to my security freeze. No big deal I'll stick with Barclays as I am not removing the freeze. But does anyone know why Barclays would be able to provide the FICO through the freeze and not Walmart? As I understand they both pull TU. Thanks
  12. Question for the pros: I pulled EX from myFICO, and I was surprised by something I saw in the “Why You Have Jacked-Up Digits” section. In raw numbers, I have 7 HPs, 4 of which are technically in the past 12 months. But since EX likes to treat those like milk that it wants to squeeze an extra 2 weeks from the “Best If Used By” date, I was expecting it to say that 5 are hurting me. I was surprised to see it only mention 3. The one that was conspicuously missing from the list…? The 4-month-old Amex HP for a corporate AU card. Now I may be late to the party, but I haven’t seen it mentioned anywhere that FICO ignores these inquiries. Are these HPs entered with FICO-neutral coding…??
  13. Hey guys, hopefully you don't get turned off by my low post count. Been lurking for a while and finally wanted to make a quick post, hoping your collective awesomeness and expertise can help me out. Only credit history is a CC with a $700 limit (don't laugh, I'm still a young lad) for 1.5 years. Sadly I missed a payment during my career change last fall, so I'm sitting at 16/17 payments made on time, or ~94%. Currently using up most of my credit on that $700 and that's certainly not helping. TU score at 641, haven't seen others but VantageScore sadly only 573. Aiming to get up to 680. To whit, payment history and debt:limit ratio are the heavier factors and are my focus. Plan of attack: I requested a $1000 credit limit increase on current card and requested 3 new cards (2 already approved, one still waiting for confirmation). Mind you these are measly little $200-500 limit cards, so nothing crazy, but I could be looking at a total limit of upwards of ~$2500. I know this is going to hit my score for all those hard pulls, especially given the smaller sample size of my credit history thus far, but I think longer-term it'll pay off. Here's why: Assuming I get all of what I applied for: Even if I only pay down minimal amounts of my current debt, I'll be below the 30% mark of debt:limit which was my goal. Assuming I don't get as much of a line boost as I thought: I'll be especially quick to pay down to get under that 30% mark. This should help boost a big part of the scoring algorithm. In addition to that, having a total of 3-4 cards instead of a single 1, I'll be making 3-4 payments on record per month. With a single card, next month I'd have 17/18 on time payments, then 18/19, and so on. With 4 payments, I'll be up to 20/21 next month, 24/25 next month, and so on, effectively increasing my paid payment % much much much faster. So, am I heading along the right track here or did I completely miss the mark?
  14. I logged into DCU to check my score and there is nothing there for me nor my DW. Did others get their score already? Perhaps they have decided that we need a checking account now, since we each only have savings accounts?
  15. Hi everyone, I'm new to CreditBoards, but I have been lurking and reading for the past month (Please Read/Newbies/Jack Attack/Credit Forum/Mortgages/Business Credit/Creditpulls). I recently disputed some items with all three CRAs, and then I found this site. So before finding this site, I did several things wrong: - Ordered online CRs - Disputed items via online - Disputed name/address changes at the same time as TL verification - Didn't check if I had Opt Out (however, I apparently was Opted Out per LifeLock) Some background: In Nov 2012 right before my contested divorce hearing, my attorney had me pull a credit report (EQ) to make sure there was no new TLs that I wasn't aware of. I also decide to get my EQ FICO score (540) - yikes. So I decided to work on repairing my credit after my divorce was final. In the past 15 months I have eliminated 3 COs (I have 0 COs now), have gone from 8 negative accounts to 3 negative accounts (these 3 only have lates). No judgements or bankruptcy. I haven't had a credit card (I pay everything in debit/cash) since 2006. So all CRA disputes have wrapped up in the last 3 days with the following results: - 1 negative TL deleted from all 3 CRAs (Advanta CC with 4 lates in 2011 and 2012, and over 10 lates from 2007-2011) - All old addresses and incorrect name variations deleted (my correct name and current address is now correct on all 3 CRAs) So I have a few questions, but I'll start with one: I haven't seen a bump in my FICO scores yet. If this TL deletion has an impact, in your opinion will it have an impact, and if so, how long does it take to affect my FICO scores. Before dispute and currently my scores are: TU per Barclay CC (692), EQ per myfio.com (707), and EX per business CC denial (696) - have no way of checking this one unless I pay for one. I love this site! Thx
  16. I figured this might be helpful to others. I imagine a good majority still rely on the standard FICO 04 model. Feel free to add to this list based on your own experience. Navy Federal (NFCU) - FICO 04 Ryland Mortgage Company - Mortgage Enhanced FICO 04 Standard Pacific Mortgage Company - FICO 04 Wells Fargo Home Mortgage - FICO 04
  17. Dear Credit Boards- My wife and I are trying to approve for an FHA loan. Our loan broker states our middle FICO score is 630. I've been working with a credit repair company for a year now, and much progress has been made. My wife and I and our two children are trying to get an FHA loan (since we had a foreclosure in 2010) and their wait period is 3 years (compared to 7 for a conventional loan) - as I understand it. We have a 20% down payment on a $700k purchase price ready to go. My middle FICO is 630, and I need 640. My question pertains to a 2nd loan I have on a primary home which was then turned into a rental property. The first loan is an ARM at 3%, and the 2nd, if I recall correctly, was used back when I purchased the home as the 20%. I called the lender and confirmed that this loan is a "line of credit" rather than an installment loan. The balance is $20k, and the interest rate is 5.5%. The balance is $20,000 on a credit line of something like $22,000. Do the credit bureaus see this as a maxed out credit line and not as a 2nd on a loan? I read that this might be the case since the balance is less than $30k. Would paying this down to under 30% be beneficial to my credit score, and do you think it would move the needle around 10 points? I thank you very much for your advice! -RetireBy2024
  18. So I joined DCU -- just got all their letters, the debit card, and setup the online access thingie -- for the explicit reason to get free FICO from them. Now I have a few quick questions: How to put/transfer money into that account? I think I originally used a credit card; is that the best way? Should I put money in the checking or savings account? When I registered, the only way to qualify was to do the $5 school contribution thingie. Is that a monthly thing or what? And how is that done? Is it taken from my checking/savings account? How do I get the free FICO? Can't find it in the menus. Do I need something else, like having their credit card? What is the credit-related requirements to have a DCU? Friend of mine could use that (for the free FICO), but has FICOs below 640 and probably some baddies (trying to get him to order reports).
  19. I only joined Aug, 2011, so I don't have any earlier e-mails. If you have the times DCU sent out your scores for months prior to Aug, 2011, I'd greatly appreciate it if you would post them, and I'll addd them to the Master FICO Effects Spreadsheet TIA, Bob Started by chugs102, Sep 27 10:14 AM (12:08 PM ET) Started by ckvb, Aug 30 2013 09:39 AM (11:09 AM ET) Jul 26 2013 11:09 AM ET Started by cv91915, Jun 28 2013 09:17 AM (11:12 AM ET) Started by chugs102, May 31 2013 09:44 AM (10:43 AM ET) Started by jkk4life, Apr 26 2013 09:50 AM (10:44 AM ET) Mar 29 2013 10:52 AM ET Started by cv91915, Feb 22 2013 12:37 PM (11:14 AM ET) Started by BDK, Jan 25 2013 11:09 AM (10:53 AM ET) Dec 28 2012 10:28 AM ET Started by Benji, Nov 30 2012 10:01 AM (10:09 AM ET) Started by BobWang, Oct 26 2012 12:57 PM (02:38 PM ET) OCT 01 2012 03:58 PM ET Started by BDK, Aug 31 2012 09:36 AM (11:01 PM ET) Jul 27 2012 10:49 AM ET Jun 29 2012 10:42 AM ET May 25 2012 10:10 AM ET Apr 27 2012 10:30 AM ET Mar 30 2012 10:16 AM ET Feb 24 2012 10:07 AM ET Jan 27 2012 10:06 AM ET Dec 30 2011 10:08 AM ET Nov 25 2011 12:47 PM ET Oct 28 2011 09:38 AM ET Sep 30 2011 10:30 AM ET Aug 26 2011 02:35 PM ET Started by shandrewsca, May 01 2011 10:51 AM
  20. 23tony

    Beacon 0?

    I recently ordered my reports & scores - just got E!, and it says "Your BEACON FICO Score is: 0" I very definitely don't have a thin file. Anyone have any insight on what that might mean? Should I re-request it? (Not sure how to do that - it was all automated the first time) TIA for any thoughts
  21. I figured since there was a previous thread in regard to scores and I didn't know who knew about Vantagescore being revamped to mimic FICO scoring model (I for one never paid attention) so I figured I would post here: http://www.businessinsider.com/facts-about-the-new-vantagescore-3-experian-2013-3 http://www.dailyfinance.com/2013/03/25/revised-vantagescore-credit-score-fico/
  22. So I've been aggressively rebuilding since ch7 discharge back in October 2012. Obtained a Credit One Visa as my first card post ch7 back in November 2012 and it includes the free credit score. Currently about 15k in various credit lines and a 30k auto loan. Anyway, I purchased my actual FICO from Equifax on 12/30/13 which has me at a 650. Today I received an alert from Credit One that my credit score has been updated and I log in and it has me at 643. I know they use Experian for scores but is this a Experian FICO or some other type of internal score? I know the Eq FICO is the one to focus on but I was curious about this one. I'm officially into the garden for 2014, hopefully to get myself into the 700's by the end of 2014 or as close as possible. Side note- I recently went on a Comenity app spree due to the cart trick and obtained HSN for $1500 and Sportsmans Guide Visa for $1500 and Express for $350 all soft pulls. All but the HSN are already reporting.
  23. Go through the pre-qualify procedure, Credit One Bank® - Get Pre-Qualified http://www.creditonecards.com/pre-qualification.php Which is supposed to be a soft pull only. The score range is 350-850, not the usual 300-850 FICO range. But the COB score seems close to my Ex04 and Ex08. So, I’m soliciting volunteers, Especially those with a very recent Experian FICO, To get their COB score, And report back with comparisons. TIA, Bob
  24. Hello - I'm having a hard time finding information on what mortgage lenders are actually using FICO 8 / FICO 08. Can anyone who's applied for a mortgage lately chime in with the lender's name if you know they used FICO 8? I have a "nuisance collection" (under $100) that I'm trying to deal with, but in the event that it does not go away, I'm wondering if there's a way I could only apply for a mortgage with lenders who use FICO 08. After some internet searches, it looks like mortgage lenders have been quite slow to embrace the new scoring system. Thanks!
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