Still more questions about weird reporting

[SurfaceTension]

The CRAs get this information from loan applications you submit. They do keep track of if you have checking, savings, or both in figuring a FICO score. People who have both checking and savings are considered more reliable under the FICO model because it shows some saving potential rather than living paycheck-to-paycheck (a risk factor) and checkwriting is seen as responsible if there is no major record of bounces (reflected by collections for bounced checks).

The FCRA is silent on the matter of whether or not they must indicate this information they track; so they don't have to show it on a consumer report. It does show up on a "Subscriber Report" which is the report they produce for creditors that buy a report on a consumer for the purpose of determining creditworthiness.

What if one only uses electronic checks? I almost never write a paper check anymore as the bank I use (Wachovia) allows me to write checks to individuals via their online banking. In addition, most of the monthly payments I make are either done through their Bill Pay mechanism, or set up with the account holder to electronically debit the amount from my account each billing cycle.

I'm not worried so much about having bounced checks, since this way of doing things virtually eliminates that possibility, but rather showing any sort of check-writing history at all. Are my regular bill payments shown as checks written without being bounced or are they reported at all?

[Methuss]

What if one only uses electronic checks? I almost never write a paper check anymore as the bank I use (Wachovia) allows me to write checks to individuals via their online banking.

This isn't a problem since I don't know of a single bank that will issue a bill-pay check on insufficient funds.

[Sojourner]

Greetings Everyone,

This my first day - first post. "Weird things..." seemed as good a place to start as any, and "weird" aptly describes the '89' point discrepancy I just learned exists between my Experian score and my Transunion score. [EX has me at 632 and TU at 543]. Though I printed a free copy of all big-three reports, Equifax, unlike the other two, wants to charge me $7.95 for their score. So at present I'm looking at just the aforementioned 632 and 543. Consequently, I haven't the vaguest idea what figure Equifax will pull out of their hat. I know the topic of such discrepancies is most likely covered in another thread(s); just using that "weirdness" to break the ice so to speak.

I've done a lot of surfing, but have to say I'm drawn to this site more than any other like site. For one thing, a lot of you guys really make me laugh. And frankly, the whole subject of credit is for me one more prone to evoke being on the verge of tears rather than laughter. For another, I can see a lot of you guys are really smart and know your stuff. In me you will find an eager student. I have a million questions, but will search the threads first for answers rather than spout them out of context here.

Some of them, some of my questions that is, I think I already (subliminally?) know the answer to; just don't want to admit it 'cause I know it isn't good. (If that makes any sense.) My late husband, one of the funniest and kindest souls you'd ever want to meet, used to say, "There's no problem we can't ignore if we put our minds to it." I'm nothing if not a master of avoidance. Yet, at least I now have copies of my reports which is a mini step in the right direction.

"Thanks for listening." If you guys don't hear from me again it's because I entirely gave up, turned my back on the whole bloody business, bought a cabin tent off ebay and trekked off to become a latter day Jeremiah Johnson. You don't need a home loan to buy a cabin tent do ya?

[chilton1]

I think the difference in score is due to the fact that the scores you are looking at are FACO Scores. Actually the only Credit bureau that will give you a fico score is Equifax.

If you want to find out your fico scores go to Myfico.com and purchase the scores there. Use CPPSAVINGS and you will get a 20% discount. Otherwise you are comparing apples and oranges.

Don't run off as yet; give it some time. Read the credit success stories. If you do run off don't forget your computer. Every once in a while you'll need a good laugh. You are right the folks here are a

[Methuss]

"weird" aptly describes the '89' point discrepancy I just learned exists between my Experian score and my Transunion score. [EX has me at 632 and TU at 543].

Experian, TransUnion, and Equifax each use a "custom" version of the FICO model each with their own score ranges. You can see my post on the subject here:

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=246954

[jasen]

Considering the way scorecards work, it seems that someone with an overall good report will have a higher score if they have a single derog, collection or BK, than if not. So it's almost better to have a baddie on there, than not. If scores are important to you.

That's messed up. Man, do I hate this business.

[direred]

No, because most people's scores improve once the last baddie comes off. But not everyone's does. It depends a lot what's on their reports.

[compubyte]

I think the difference in score is due to the fact that the scores you are looking at are FACO Scores. Actually the only Credit bureau that will give you a fico score is Equifax.

If you want to find out your fico scores go to Myfico.com and purchase the scores there. Use CPPSAVINGS and you will get a 20% discount. Otherwise you are comparing apples and oranges.

Don't run off as yet; give it some time. Read the credit success stories. If you do run off don't forget your computer. Every once in a while you'll need a good laugh. You are right the folks here are a

So the old FACO scores Vs. the FICO scores. and Apples and Oranges thing.. Ok. well there BOTH Fruits.. it's not like an Apple and a Potato's . . But.. is there ANY rule of thumb with these scores? ?eg.. your 8FACO scores are ALWAYS higher or Lower than your FICO scores? and by how much? ..

eg.. if FACO score for TU is 599 and where would you FICO more than likely be? in the 600+ or lower than 599 ? and is there say a 10 point or 20 point diff in these?

Thanks

BTW.. added ASPEN CC .300.00 since May. and AVG credit score up 25 Points.

Frank

[chilton1]

hey compu

It is hard to say. My truecredit faco use to give me a TU credit score one point off from my score from FICO but now it is ~30 points lower than my fico score for both EX and TU; EQ is about 20 lower. (Two months ago the EQ FACo was one point off)

My best advise is to get the FICO ones to know your actual score. The FACOs are all over the place. Somes time they are close other time higher or lower.

It is impossible to tell.

I guess the cheapest way is to get scorewatch for a month for about $7. and you will know where your Equifax score stands.

[compubyte]

Thanks for the reply Chilton1

I'll check out that scorewatch program. I'm thinking of going to a different program to check my scores with. NOT that the one I have now is bad or anything. I JUST FIND IT HARD to believe the FIRST ONE I CHOOSE is the " BEST ONE" or best BANG for the BUCK so to speak.. shop around they say. I have been but nothing is really jumping out at me yet..

Frank

[Nants]

Thanks so far or this additional info`s. So far I have here an existing HSBC card. I would like to comment on the cash advance charges. It is 3% of your credit limit or a specified amount given by the company whichever is higher. Hope to have more updated info`s on this topic.

[lyle7289]

I've got a question for ya....

Ya know how it says on both true credit and FICO when you are looking at your scores things that are effecting your credit scores like..."there is a recently reported collection account on your credit reoprt {transunion, experian}....?

Well, mine says that there are too many recently opened accounts AND that I do not have enough revolving accounts and that I should open a new line of credit....what gives.

From your experience, what is the lesser of the two evils?

I have...

Orchard (unsecured) $300

CU Visa $1000

Hooters $2000

US Airways $500

JCPennys $300

an auto loan

and an installment account

The cards are almost 6 months and the auto loan is 2.5 years all with no lates and great utilization. Any advice would be greatly appreciated.

Thanks...

[mattandallismom]

Great info! I still think CB are incompetent and should be regulated more than they are right now. Why is there a need for 3 agencies that report incorrect information?

[divemedic]

There are way, way more than 3 CRA's.

[Methuss]

There are way, way more than 3 CRA's.

But that's for another thread....