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Credit Score

Posted by hittlets (My Page) on
Sun, Apr 6, 08 at 20:37

I am considering buying a new home, and thus will need a to apply for a mortgage. I am currently going through the Free Credit report process. I am looking at the TransUnion one now. I purchased a credit score from them. When it came up it said it was a 737. I thought this was good (maybe a B or A or whatever), but according to them it is a C. Their analysis said it will be difficult for me to get credit.

Does anyone have experience with transUnion or other credit scores? What are good and what are bad? Do you think I will have difficulty getting a morgage load?

Thanks.


Follow-Up Postings:

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RE: Credit Score

The credit score is only one part of the equation.

What is more important to any lender is how you have used your credit in the past. Have you paid on time, or do you have multiple lates? Do you pay more than the minimum, or just the minimum?


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RE: Credit Score

When it came up it said it was a 737.
I'm guessing that is maybe out of the 850 scoring point system?

Can you pay anything off that might just have a small amount owed? Are you maybe stretched quite thin...like have a lot of open accounts, and owe some on a lot of them?

It should have given you the reason for your score as well, I think. Have you read through it all thoroughly?

Possibly your amount owed to the amount of available credit is out of whack....say for an example available credit $50,000 and you owe $40,000.

Sue


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RE: Credit Score

goto MYFICO.COM and pull you 3 in one score report, NOT the score monitor, but the one time pull. this is your REAL scores. the scores you get direct from each CRA are beacon scores, NOT real FICO scores. myfico.com is the only place a regular consumer can pull their true scroes.other scores give you an idea, but they can be 100+/- points off!


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RE: Credit Score

Not that I'm going to do it, but what does it cost to go to myfico.com. I have never heard of them b4. Why would the score from the credit reporting agencies be off by 100+/- points. Can I ask where you saw, read, or heard this?

Sue


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RE: Credit Score

Sue, if you Google "FICO scores" you'll find lots of articles talking about the discrepancies among different scoring methods, and why FICO (Fair Isaac Corp., myfico.com) is still the score used by the vast majority of lenders. I have linked an MSN money article to help get you started (I think - it's my first try posting a URL :)).

I hope this helps!

Here is a link that might be useful: MSN Article


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RE: Credit Score

you'll find lots of articles talking about the discrepancies among different scoring methods,
It isn't so much discrepancies, is it, but just different types of scores...non FICO scores?

I got my report and score from one CB and it wasn't an actual FICO score (can't remember what it was called) but I was in the top 2% in the nation according to them...It suited me fine.

Sue


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RE: Credit Score

"I got my report and score from one CB and it wasn't an actual FICO score (can't remember what it was called) but I was in the top 2% in the nation according to them...It suited me fine."

I just might suit you fine... but many lenders ONLY go by your FICO scare.
That is the one that counts for lower rates/better terms....


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RE: Credit Score

I just might suit you fine... but many lenders ONLY go by your FICO scare.

So that CB has my FICO score...yet just chose to give me that 'other' score' when I requested my score? Hmmmm...it is about time I pull a free credit report...and will see if the 'score' they offer to send me (for a fee) in indeed called a FICO b4 I submit my request. If it isn't a FICO I'll come back and report just what it was called...well in fact I'll come back and report either way.


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RE: Credit Score

fico scores are the 'real deal'. Each credit bureau has their own scoring models, but vary widely.

Here is a link that might be useful: FICO Scores


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RE: Credit Score

Interesting site, gawdinfever. Thanks for the link. Sandy


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RE: Credit Score

For your free credit report everyone should be using annualcreditreport.com. Others are charging a fee for what should be free to you. If you want your FICO score, you will have to pay a few bucks.

Also, since you are entitled to three free reports a year, spread them out throughout the year, don't get them all at once. That way you can keep track of any misuse of your credit.


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RE: Credit Score

don't apply for or close any credit cards until you get your loan. Every time you do that your credit takes a hit, it takes a big hit if you take advantage of applying for a card to get a discount then close it.


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