Understanding Credit Report

[JakesKTM]

My CK lists a TransUnion and Equifax score, I've not seen all the other scores that post talks about. Comparing TransUnion CK score to what the finance guy at the car dealership had from TransUnion, there was. discrepancy.

The link also seems to be dead, can you share another?

Edit: link loaded, but took forever.

That post being 4 years old, I don't think is accurate anymore. I remember all the BS "scores" they used to promote, but the platform and services have changed.

It's 4 years old but still very relevant. FlyingFR and the members of the Debtorboards coached me in taking Wells Fargo and Bank of America to task in federal court in pro se where I prevailed.

post great recession posts are valid still. Banks and creditors haven't changed their games. Creditors use all kinds of scoring mechanisms depending on what product you are financing. There are literally hundreds of service products for credit rating used by various creditors.

These products all rely on the three major credit reporting bureaus, TRU, EFX, and EXP. There are smaller reporting bureaus specifically for banks regarding checking services, but they do not affect general consumer credit. Utilities (like PGE) are also coming up with their own reporting product, but it is weak at best since it relies on reports which do not include utilities.

Ask me how I took PGE to task over their deposit "requirement" when they couldn't prove my credit score had anything to do with utility payments.

 

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different FICO credit scores from different sources

i see different credit scores on my discover online account, credit karma, wells fargo online account and citibank online account on any given day. they're rising or falling as i expect them to, so instead of just going by 1 score, i evaluate my own credit worthiness based on where they're all at as a whole.

the commercial banks don't post real-time scores, there are a few weeks (or a month) lag time there; credit karma's credit scores are the most current.


someone already mentioned there is more than 1 credit score being calculated. that is true. whatever credit you're applying for, the person checking your credit will be utilizing some credit reporting agency's score and a specific score model. if you requested a credit freeze at all 3 credit reporting agencies, then you should ask which agency they're going to go to check your credit from before you apply and unfreeze your account first or else your app will be declined. if you have a high 700 score, it should be good enough to obtain a good interest rate on a loan; you don't need to try and wait to get the score up to 800 or more.



stop talking ill about credit karma you guys. if you don't understand something, the worst thing you can do is to call what you don't understand to be "fake".

from my experience, CK reacts pretty quickly in recalculating a score when i rack up credit card debt due to emergencies and special occasions and when i pay down the debt like from a bonus from work, the scores recalculate just as quickly. CK gives tips/recommendations on how you can boost your score like paying down your debt $x amt to lower your credit utilization % or taking on another type of debt instead (installment loan vs revolving credit). And the service includes free credit monitoring service: if there is a data breach somewhere that they've detected, they'll let you know (snapshot of e-mail message below)


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The FICO score's model name and source of data is usually located at the bottom of the graph:

on my creditkarma, there are 2 scores which have been equivalent or close:
Transunion Vantage Score 3.0 which ranges from 300 to 850
Equifax Vantage Score 3.0 (same range);


Discover online shows a FICO Score 8 based on Transunion data which ranges from 300 to 850;
Wells Fargo online shows a FICO Score 9 using Experian data ranging from 300-850;
citibank online shows a FICO Score 8 from Equifax data which ranges from 250 to 900. If I want to mislead myself into feeling good today, I look at this one

all have different ranges on what scores fall into the Good/Very Good/Excellent bucket

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Recent e-mail notification from creditkarma about 1 data breach:

 

[afm199]

If that's the case, I guess it's somewhat worthless then.

Maybe it's about as useful as the Zillow home value estimation.

Anyways, the only reason I signed up for credit karma was as a free and easy way to self monitor my credit after the credit bureau (experian?) breach last year. So far I haven't detected anything that shouldn't be there, so it served that purpose. Unless, of course, what they have on there isn't complete.

My scores are pretty much the same whether on CK or at the paid providers.

 

[RightCoastBias]

stop talking ill about credit karma you guys. if you don't understand something, the worst thing you can do is to call what you don't understand to be "fake".

Um, what? I was asking a question, not criticizing Credit Karma. Do you work for them or something? I don't quite understand the defensive nature of your response to my question.

 

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no it was not directed at you nor to your response. no i do not work at Credit Karma, and i am not the only one on barf that likes to use it

i was trying to be helpful in sharing the info that i have access to about my credit scores


it was in response to the guy who i expected to be offline by now living near a freshwater pond with nothing but US dollar bills in a vault in montana somewhere ... there was another thread a few months ago with the same kind of ramblings about the whole credit system going to fail soon or somethin

 

[bojangle]

Um, what? I was asking a question, not criticizing Credit Karma. Do you work for them or something? I don't quite understand the defensive nature of your response to my question.

These are not the credit reports you are looking for.

 

[JakesKTM]

no it was not directed at you nor to your response. no i do not work at Credit Karma, and i am not the only one on barf that likes to use it

i was trying to be helpful in sharing the info that i have access to about my credit scores


it was in response to the guy who i expected to be offline by now living near a freshwater pond with nothing but US dollar bills in a vault in montana somewhere ... there was another thread a few months ago with the same kind of ramblings about the whole credit system going to fail soon or somethin

How am I being negative toward CK? I am just stating fact. CK is a FAKO score.

FAKO scores are also called “equivalency scores” or “educational scores” and are usually provided by free online credit scoring services.

It is not a true FICO score. How is that negative?

Or is it you don't like people who don't use credit? Use credit at your own peril. I've been to the cleaners because of bank misbehavior. I know the game is rigged against consumers. But don't let that get in the way of making false assumptions.

 

[JakesKTM]

it was in response to the guy who i expected to be offline by now living near a freshwater pond with nothing but US dollar bills in a vault in montana somewhere ... there was another thread a few months ago with the same kind of ramblings about the whole credit system going to fail soon or somethin

I have land in Montana yes. My money doesn't accumulate. I convert it to durable goods, like building my house, buying supplies, raising a barn for livestock etc.... stuff that needs no FICO score but actually has real world value.

 

[Snaggy]

I've had some large discrepancies in score from CK and what someone at the car dealership/loan/etc gets back from the same agencies. I've had 100 point differences. Been meaning to look into why that is for a while.

Anyone else experienced the same?

Yes, I think it's car lot shenanigans. I once visited my local purveyor of Suzuki Motorbikes attempting to purchase a Gixxer at a promotional loan rate. The salesman ran a report and told me I would not qualify, though I knew I had a very good credit score. I declined the 6% loan the salesman offered me, and asked to speak to the manager. The manager quickly approved the 1% loan and informed the new salesman that I was an established good customer.

 

[westie]

As a landlord I'd deny you for having any negative credit reporting. Now, if GF has good credit and yours is not, I can work with that. Auto dealers are notorious for pulling fast ones i.e. lowering your score as not to give you the 1% loan. I learned the hard way, motorcycle racing, and maxed 4 cards. It took a while to pay everything off but I am debt free, CC's at least, I have an auto loan and a home owners loan but I'm an 850.

 

[Removed 3]

the OP just wanted some advice. there's nothing we can get off of the info he described without knowing his credit score. credit karma is a good place to go without waiting or paying anything to get an idea of where all the history in your credit report ranks you with a 3 digit number.

i volunteered some info that i see about myself in that there is more than one score; doubt that scores are "made up", pulled from thin air. just wanted to put it out there, that you can have more than 1 credit score and that there is nothing fake or dishonest about it: https://www.onemainfinancial.com/resources/credit/did-you-know-you-could-have-more-than-one-credit-score

i have nothing against people who don't use credit. i do have a pet peeve regarding people who try to discredit businesses, mislead the audience into thinking the businesses are piranhas and act like his life story is the little guy against the big institutions and that the big institutions are out there scheming to empty the pockets of working class folks. it is a tiring story

 

[jt2]

Auto dealers are notorious for pulling fast ones i.e. lowering your score as not to give you the 1% loan.

F&I (Finance and Insurance) is a big profit center for dealerships. Most people don't know that when they qualify you for a loan, the rate they're quoted is marked up, and they are paid commission on that markup -- and that it can be negotiable.

Though if you plan to finance a car and don't have your financing locked up before you set foot in a dealership, you're going to lose.

 

[afm199]

F&I (Finance and Insurance) is a big profit center for dealerships. Most people don't know that when they qualify you for a loan, the rate they're quoted is marked up, and they are paid commission on that markup -- and that it can be negotiable.

Though if you plan to finance a car and don't have your financing locked up before you set foot in a dealership, you're going to lose.

Bingo. I negotiated a car price last time I bought new. They gave me a great deal and then loaned me the money at super high rates. I immediately turned around and paid off the loan.

 

[ctwo]

the OP just wanted some advice. there's nothing we can get off of the info he described without knowing his credit score.

I know the number is related to the credit history, so it's mid 500.

GF is 800 with a chapter 7 bankruptcy 9 years ago, but otherwise perfect payment history on several cards - it's a wall of green checkmarks. The only reason she does not qualify alone is income is just short, about $1200/mo to meet the standard 3x gross monthly.

There is no criminal, rent issues, evictions, foreclosure, etc.

 

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I know the number is related to the credit history, so it's mid 500.

GF is 800 with a chapter 7 bankruptcy 9 years ago, but otherwise perfect payment history on several cards - it's a wall of green checkmarks. The only reason she does not qualify alone is income is just short, about $1200/mo to meet the standard 3x gross monthly.

There is no criminal, rent issues, evictions, foreclosure, etc.

i see why you need both you and the gf's current income on the application


try to work out an agreement with the landlord, like paying rent in advance or paying in cash, just to give you an edge over other competing applicants. perhaps others in the audience can offer other advice


whatever credit bureau or source you're getting the mid 500 FICO score from, the score is in the risky bucket. since you have a copy of the credit report, comb thru it and see if you can find any inaccuracies. if some items are 7-10yrs old or older you can request for those items to be removed
https://www.equifax.com/personal/education/credit/report/how-long-does-information-stay-on-credit-report/

 

[ctwo]

All my stuff is accurate and within 5 years.

I guess it is reasonable grounds to deny someone with a bankruptcy showing within 10 years, as they are eligible to file again, even if all credit history is otherwise perfect, and even if their income qualified alone.

 

[JakesKTM]

i have nothing against people who don't use credit. i do have a pet peeve regarding people who try to discredit businesses, mislead the audience into thinking the businesses are piranhas and act like his life story is the little guy against the big institutions and that the big institutions are out there scheming to empty the pockets of working class folks. it is a tiring story

Your pet needs a walk.

 

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my pet can skateboard And piss in a pond. we'll be thinkin of you

 

[JakesKTM]

omg is that yours?

 

[Removed 3]

omg is that yours?

I wish