Confused about credit scores

For just about anything you want to get off your chest about credit cards.
5 posts
Tremp
Green Member
Green Member
 
Posts: 3
Joined: Tue Jan 07, 2014 8:35 pm
Location: Midwest

Confused about credit scores

Postby Tremp » Wed Jan 08, 2014 9:38 am

First of all, I am new to this forum, but have been lurking for about a week and have received a lot of good information... so thank you all for that!

Here is a snapshot of my situation... I have been lax on tracking and following my credit in the past couple of years as there were a few bad decisions made and I didn't want to have to look at them on the screen in front me and face the music. I am in a much better position now and want to get serious about getting things fixed and behind me.

Here is my questions. I just pulled my credit scores from the 3 companies hoping to get a clearer picture of what is going on and am left feeling more confused than every. I really don't know what to make of these and where to go from here. Any clarification would be much appreciated.

Here are my scores:
Equifax: 737
Experian: 763
Transunion: 817

I thought that these were all on a scale of 850, but that doesn't seem to be the case either. What am I missing here?

Thanks in advance for the help.

Tremp


takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Wed Jan 08, 2014 11:42 am

850 is top of the scale. Might not be for TU if that's a VantageScore which tops out at 990. As for what's going on, it's impossible to tell you just by looking at your score. You need to review your credit reports. Scores are generated using the data in your reports.

Keep in mind that unless you purchased the scores from FICO (or obtained them from a source that offers a FICO score) then the scores are FAKO's and may not really mean much.

Tremp
Green Member
Green Member
 
Posts: 3
Joined: Tue Jan 07, 2014 8:35 pm
Location: Midwest

Postby Tremp » Wed Jan 08, 2014 12:20 pm

Thanks for the reply... I did actually purchase the reports from each of the companies, so I guess I feel good knowing that they are actual numbers. I looked a bit deeper into the scores which added a bit of clarification, but added another layer of confusion. Here is what I noticed.

Equifax: 737 / 850
Experian: 763 / 830
TransUnion: 817 / 990 (The Vantage Score is what was throwing me off)

I guess the biggest underlying question that I have is which one of these to believe? Is there one of these that the lending companies use more frequently or do they pull all three and then how to do they use them to qualify or disqualify an applicant?

takeshi wrote:850 is top of the scale. Might not be for TU if that's a VantageScore which tops out at 990. As for what's going on, it's impossible to tell you just by looking at your score. You need to review your credit reports. Scores are generated using the data in your reports.

Keep in mind that unless you purchased the scores from FICO (or obtained them from a source that offers a FICO score) then the scores are FAKO's and may not really mean much.

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Wed Jan 08, 2014 3:41 pm

takeshi is right as usual BUT even scores from FICO may or may not mean that much.


Every lender pulls FICO scores BUT we don't know which model they use - different scoring models give different numbers plus the lenders themselves may do further things on top of that.


So I once thought that FICO was the be all end all but in a way it's not, though it's sure more relevant and more meaningful than FAKOs.

Tremp
Green Member
Green Member
 
Posts: 3
Joined: Tue Jan 07, 2014 8:35 pm
Location: Midwest

Postby Tremp » Wed Jan 08, 2014 5:26 pm

Thanks for the reply and insight... It's all a bit overwhelming and confusing, and from the sounds of it, I am certainly not alone.

I am looking to consolidate some debt on a credit card by way of a balance transfer and lower the interest that I am currently paying. I want to make sure that I am doing what I can to be an attractive candidate and be approved rather than have the hard inquiry take my score down and not be approved. Maybe the hard inquiry isn't as big of a deal as I have been lead to believe it is either.

Do you either of you have a good recommendation of a card to look at that is good for a balance transfer? I have looked into Chase Slate and Discover IT. Any others that I should be looking at?

Thanks again for your help.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests