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hey kb...need for u 2 explain lol

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I just read a post where you said:

Remember that a lender gets a totally different score than what you see, the best you can do is use one set available to you from each CRA, and improve on them using the reason codes. Usually over shoot by 20 - 50 points so you know your report will look the best on the creditors side of things.

My question:

What is the "reason codes" and what does "over shoot by 20-50 points mean? I'm a little lost here lol. I'm trying to learn everything I can to improve mine and DH's scores. Thanx kb

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Ok, on the consumer side when you buy the credit reports with scores, directly from each of the CRAs. There will be a section that says Top Positive Factors / Top Negative Factors affecting the credit report. This is the reason code consumer version.

Not so simple and to the point as the credit side - but it will tell you what helped and what hurt your credit report. Giving you an idea of what needs to be addressed.

Like if it says last derogitory, to recent - then you know you want to find a way to make the derogitory information in the file go away. Once that is done & you pull the score again, it will give another reason for the credit score not being better. Just keep knocking them down.

I forget since I don't monitor my credit often as others to be as familiar with the consumer version credit reports as I am looking at the credit report which creditors use. These explainations on the creditor side is called reason codes. I just asumed on the consumer side something would of mentioned it.

Ok say that your consumer version credit score is 680 (which happens to be the right number for prime loans) but when you went to the bank the loan officer told you that the score they seen was only 630 and that by their standards you did not meet the requirements for the loan. I see people very upset about this all the time, swearing that they had great credit. If you where to push for 730 you might have had a better chance of the loan officer seeing the 680 needed.

There are so many different scoring systems out there (the ones made for the lending industry - is fine tuned grading on more specific things than what you consumer score is). So they will never be the same, sometimes your consumer score might be better then the lenders score, sometimes it might be worse - just never know what to expect.

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