Understanding Credit Report Score

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bascially my lender has my score at 650, but with my experian credit report with the three scores I have a middle score of 706. I understand scores from lenders can be different, but far off as 50 point? What credit report can I look at that would have the same score as the lenders?

Best Answer

The official score is at myfico.com. This should be the one the bank is using. BTW, it's not free to see it - you have to pay.

I'm trying to deal with my deliquent credit and have the option of having "settled" or "paid charge-off in full" in my credit report. I understand that these comments do not affect credit score, but do have an effect, say if a lender makes a judgement call when reviewing your report. This balance is small, $2000, and old, last payment in 2004. Do the comments really matter? I have hardship reasons and I think that these will be understood by my lender. what's your take? thanks!!!

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datrik, I put comments on my credit report to explain a simple and stupid mistake on my part. When I looked at my credit report a few years later, the comment was on one of the last pages, and completely illegible. To top that off, when my potential mortgage lender questioned me on the debt and I referred them to the comment section, they straight up said they don't read them. AND...most creditors are only looking at the score, not the report.

I recently received my credit report, and saw that my bank of america credit card, still reports a balance of $120.90, though i paid this online via bank of americas website, and have even called to confirm they've received it. What my question is, if the update doesn't occur till after the due date has passed. The due date for payment is 10/1/06, and was paid on 9/18/06. So does this mean once 10/2/06 rolls around, it will update on my report to saying.. current balance : $0, or otherwise the balance i have now from future purchases. .. Can you tell I'm young? lol I'm 18, but have already established a good credit report with a score of 734.

Best Answer

Most creditors report a month behind. They report from the balance you have as of your next billing period.

Background info: I'm 23, financially independent- renting a house, currently paying student loans (and i will attend medical school next fall), and have a car that i am paying off. Today I obtained my free credit reports and FICO score- i'm at 744 ("Very Good"). I found, from my reports, that I had a number of credit cards- most never used- mostly from department stores. I called and canceled them immediately. Now the only thing current on my credit report should be the things mentioned above (and 2 other cards). Could it HURT my credit to have taken those established (some of them 3+ years old) off my report, even if they were never used? There is nothing "negative" reported on my reports- never been late on a payment etc. Thanks for your help!! Is the 'credit limit to credit balance' a summation of ALL your cards? If so, i'm worried that I DID do a bad thing. I hope this won't bring me below 720 (usually the limit for decent interest rates on loans etc.)- any thoughts?

Best Answer

This is what credit scores are based on; 1. Payment history 35% 2. Time in bureau 15% 3. Types of credit 10% 4. New credit 10% 5. Debt to credit ratio 30% By canceling those cards you may very well have actually hurt your credit score a lot if they were old accounts and had no balance you affected numbers 2&5 above. And yes to answer you most recent post your credit to debt ratio is based on totals.

I am of low income and when I was 18 my mother signed me up for a bunch of credit cards. I am now 23 and have not had the means to pay off the maxed out credit cards. I am in college and i work part time. What I would like to know is how can I handle my debt? 85% percent of the items on my credit report have been charged off. I heard that even if I pay the amount owed it would still have a negative impact on my report. I also heard that after seven years the items drop off of your report. Well if the items are no longer on my report will they still affect my credit score. I don't really understand how this works. Please help...

Best Answer

Your credit score is made by using a formula that takes into account all the items on your report. If something drops off after 7 years (which yes, it does) then your score would be as if the item was never there-- so if its a charge-off, it would go up. You cannot pay a charge-off. The credit company took a tax write-off and basically gave up on the debt-- so they cant turn around and collect on it. However, they may have sold it to a collection company- so dont be suprirsed if some new accounts/collections pop up. If you pay a collection company immediately when they contact you, often times it stays off your report. As far as any cards you have that are NOT charged off-- contact them ASAP. Often times they'll waive overlimit/late fees if you agree to a certain payment each month- it saves you money and your credit.

But that seems like a huge discrepreancy. Any thoughts?

Best Answer

There are three major credit scoring organizations. Each one uses slightly different formulas to rate various aspects of your credit profile. ie; debt to income, debt to credit line, on time payment history, length of credit history, average age of credit lines, etc. In addition each organization can put a different weight on each of these aspects of your credit profile. So with the exact same credit information, the three credit rating agencies can come up with a different but usually similar score. BUT ( and this is a big but) not all of your credit grantors may report to all three credit rating agencies. So one good (or bad) credit action may be on only one or two of the three credit rating agencies. That difference (especially when it is a bad report to one rating agency) can cause a major difference between credit scores. REMEMBER, not all information on your credit report may be accurate. Some surveys have turned up data errors of one kind or another in as many as 25 percent of credit reports. So you may have INACCURATE NEGATIVE (meaning bad) data in ONE of your credit reports. That too can cause a difference between your scores. Credit reporting agencies are obligated by law to remove any data that an individual contests if, within a given time (usually 30 days ) the Credit Reporting Agency can not confirm the data is correct. A great deal more information is available on the Fair Credit Reporting Act page, or the section titled something like " Your Rights"on your credit reports. Check that out. That would be your best guide. Keep you existing credit lines paid on time. Keep you existing credit lines active so that they increase the average age of your credit history. Keep your debt to income ratio and debt to credit line ratio low. Avoid establishing new credit lines unless absolutely necessary. Those things will help gradually increase your credit score. Good luck.

On 05/02/08 my credit scores were: Transunion: 679 Experian: 665 Equifac: 624 On 05/16/08: Transunion: 679 Experian: 652 Equifax: 654 On 05/21/08: Transunion: 665 Experian: 652 Equifax: 611 There are no changes on my credit report during the timeframe... No late payments, no accounts opened or closed and no inquiries... Account balances were about the same (a little lower as i am paying things down) I an getting my figures from TrueCredit.com. I am confused about how my credit score (especially Equifax) is dropping lower when i have not done anything wrong

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I have two credit cards both have membership services. Both report to all three credit agencies. And both offer the service of credit watch, with score watch. Why do the scores not match, I understand the the three reporting credit agencies will be different, but shouldn't the info reported be consistant from one wedsite to another. If yes how reliabel are anyone scores who really can give a real reported score. I also understand that the FICO system is only used by Equifax, what are that two other systems?

Best Answer

Hi Speeqtruth, The three are: Empirica Score from Transunion Beacon Score from Equifax Fair Isaac Score from Experian the closest you can for accuracy is a trimerge report from a lender or another company that regularly needs to pull credit for loan purposes. The scores do not match because not all creditors submit to all three agencies. ~Trey