Credit curiosity

Credit karma? Yeah it's pretty low on me since I had some troubles with credit story. 

TacticalKarma said:

Credit karma? Yeah it's pretty low on me since I had some troubles with credit story. 

What problems did you have in the past time? I have a story when personally [I posted a thing, and mod labled it spam before I could post the spam (above}] and my "wife" decided to make a loan for a canoe, and create a new account and drop the spam right below.  It was yummy

Lenders pull FICO scores. There's like 10 different type of FICO scores that are pulled depending on what you're requesting a loan for. For example, the scoring model used to determine lending for a mortgage is different than the scoring model if determining lending for a credit card or car loan. 

How they come up with these numbers are a mystery. 

But, go to https://www.myfico.com/ and pull a report from there to see all your FICO scores. 

I hate the credit system. It's totally asinine and full of E36 M3. 

My FIL is has been fighting with the insurance company and Experian because the credit report that the insurance company pulls for insurance rates doesn't match what is pulled for loans. And you cannot contest the contents of your insurance pull. In fact, the insurance company can't challenge for you the contents of you insurance credit pull.

Once again, you have approximately 300 different credit scores, not just one.  The scores are weighted towards the reason for the pull so a credit card pull score will be different than the score for a car loan, etc., etc.

The consumer doesn't have access to real scores (which score is the real score? The real score depends upon what credit you are applying for), not even through myfico.com, but places like Credit Karma are the worst as they use models of what they think your  score might be so that they don't have to incur the costs of a credit pull from the credit reporting agencies.  As a mortgage lender we routinely see 100 point differences between CK and real scores.

All 3 major bureaus charge for their services every time you reach out to them and they have 3 different methods of determining score plus, since your creditors aren't required to post your information, the same information won't necessarily be on all 3 bureaus and it won't reach them at the same time.  This is why your score varies per bureau.

Credit scores are more about credit usage than bill paying so using one card to "get points" will give you a lower score than if you put the same charges on 5 different cards.

The scoring models like to see a mix of credit usage types so mix it up.  Have some credit cards (revolving credit), and installment loan (car loan) and a home loan.  Having a mortgage adds about 20 points to your score because of the stability factors and the fact that homeowners traditionally pay their bills in a more timely manner than renters.

Things we have seen.  A 30 day late will drop your score 60-90 points.  A charge off even more.  To get an maintain a 620+ score you will need 5 or more pieces of open credit with a long history.  Any less than 5 and your score will bounce all over the place

Credit and finance appear to be more mystical arts than science.

I work a seasonal job, usually there's a month or 2 I'm off in winter so I decided to pay my car payment ahead in summer but that year I wasnt off at all so I was very far ahead. I owed 1300 on the car and had made a payment of $500 to get me ahead the year before and another $500 later to get me ahead that year. Sounds like a good plan right?

I got a call that they were repossessing my car because I hadn't made a payment in 45 days. At this point I'm literally 6 months ahead and have a due date of 6 months from the date of call. I call up Wells Fargo and ask wtf is going on and look at my account online. Someone had cancelled both the $500 payments and hadn't put the money back in my checking account. They were not helpful at all on the phone, they told me I had better make a payment now because I was destroying my credit etc

Ended up going to my local branch I had dealt with for years and got the manager to fix it all up but I almost got my car repossessed because I was 6 months ahead on payments.

My credit score jumped around everywhere at that point too, dropped like 50 points, went up 75 and bounced around there for awhile. Very strange

Your rejection letter doesn't say it is sharing your TransUnion cerdit score. It says "we USED information from TransUnion"

The 655 is not your TransUnion score. It's a calculated score made up by Credit Karma that is somehow BASED on your TransUnion score. 

I see we probably got canoed again.

Brett_Murphy said:

You should contest the collections charge and get, in writing, a statement that you discharged the debt and submit that to the agencies.

Why? He doesn't even want a loan? Since I don't worship at the alter of debt, I don't understand the whole thought exercise in the first place, but I did get he was just playing around. Why contest something that doesn't even affect him?

Sorry, i didnt see it was a necro post, revived by a canooe

In reply to 03Panther :

Because the report says derogatory public record or collection filed.  It's effecting his score. 

In reply to SVreX (Forum Supporter) :

Right. A score that only maters if he is getting a loan. He's not getting a loan. Or I'm missing something. 

In reply to 03Panther :

Presumably he could one day, or he wouldn't be curious. He has exposed a limitation. There is no reason to NOT correct it. 

I was curious 2 years ago. Since this thread started, I have acquired a mortgage and a small (temporary) line of credit. My score is still awesome, my pulled reports still say good things.

My curiosity has been sated, but the canoes do love a good debt thread.

Leave it open for canoe fodder or shut it down.

CarolWhite said:

My credit karma is in a tough spot since I had problems with managing my finances.

If I ever decide to go fishing for canoes I'm gonna bait the hook with the word 'credit' . They come like flies to E36M3!

paddygarcia said:

CarolWhite said:

My credit karma is in a tough spot since I had problems with managing my finances.

If I ever decide to go fishing for canoes I'm gonna bait the hook with the word 'credit' . They come like flies to E36 M3!

Start a thread about erectile dysfunction.  It would be the day of the dead every day!

aircooled said:

Start a thread about erectile dysfunction.  It would be the day of the dead every day!

I see what you did there...