FICO question
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Joined: Jan 2003
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From: Dedham MA
2015 C300
Originally Posted by plocjim
I checked my score and was bummed...it dropped to the low 700's because I paid a $35 dollar credit card bill late! I had switched to online billing and completely forgot I had used the card and the bill got lost in the gazillion online marketing messages I get from the bank...the bill tipped over the 30 day mark before I found it while just poking around and realized I had the outstanding balance. I tried to get the company to rescind but they wouldn't...so now I'm totally bummed!
Still not a bad score, but I feel like a loser with a 30 day past due sitting there!
Still not a bad score, but I feel like a loser with a 30 day past due sitting there!
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From: FL410
'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by plocjim
Interesting follow-up...I just checked all three scores again this morning and found that 7 months later the scores ranged from mid-700's to just under 800...not a bad rebound from just over 700 in just 7 months...still hate seeing that one little red "30-day late", but I'm feeling much better about the score...and about how quickly it can rebound! Now I can close that one account and tell the bank to shove it..it wasn't a long-standing account and I've been waiting to close it!!!
This is exactly why I put $44,000 down on my car, and financed the remaining $14,000... no recent credit activity can be as bad or worse than a little too much. High 7's is great... my wife is an 806 on the MB credit pull up we did on her two months ago.. go 75 year old mom!
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From: OC
AMG E55, Stage 1, Strait Pipe from Primary Cats
Originally Posted by lig
Keep it going, fellas. More FICO tips would be appreciated. I'd like to get out of the 700s and move into the 800s. 
I used to moonlight as a mortgage broker and have never seen an 800. Plenty of 600-700s. Some def. worse.
Personally the worse their credit - the better for me because those high risk/high interest loans really paid good comissions. It was nice to be able to help folks who were paying really outrageous interest rates because of their lousy credit.
I used to moonlight as a mortgage broker and have never seen an 800. Plenty of 600-700s. Some def. worse.
Personally the worse their credit - the better for me because those high risk/high interest loans really paid good comissions. It was nice to be able to help folks who were paying really outrageous interest rates because of their lousy credit.
....3 on the back 1 on the front...woooohooo!
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From: FL410
'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by benzondubz
I love those sub prime roaches ....3 on the back 1 on the front...woooohooo!
....3 on the back 1 on the front...woooohooo!
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From: OC
AMG E55, Stage 1, Strait Pipe from Primary Cats
Originally Posted by CE750
this is why APR is more important that your quoted rate! People don't know about the yield spread, and that's what kills them! Subprime or otherwise!
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From: Sacramento, CA
2015 E350
Since people are bragging, and since I just checked mine last night....here are two of my credit scores: Equifax= 806 of a possible 850, and TransUnion =880 of a possible 925. I was surprised, but since I have a long, extensive, and all positive credit history, guess I shouldn't have been. I do know when I bought my car last fall, the sales Manager came out to introduce himself and comment on what a great credit rating I had. According to my credit reports, they had checked Transunion.
SL
SL
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From: FL410
'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by sl561
Since people are bragging, and since I just checked mine last night....here are two of my credit scores: Equifax= 806 of a possible 850, and TransUnion =880 of a possible 925. I was surprised, but since I have a long, extensive, and all positive credit history, guess I shouldn't have been. I do know when I bought my car last fall, the sales Manager came out to introduce himself and comment on what a great credit rating I had. According to my credit reports, they had checked Transunion.
SL
SL
That is amazingly good.. You should be proud of yourself. I doubt I'll every break 800 since I just can't go without airline miles and my Visa/Amex.
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From: www.Traben-Trarbach.de
MPG+ ROLFCOPTER
I was under the impression that the FICO is handled by someone else and just reported by the CBs. How can there be such a difference in max score as posted by sl561? 
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From: FL410
'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by amdeutsch
I was under the impression that the FICO is handled by someone else and just reported by the CBs. How can there be such a difference in max score as posted by sl561?
It's true about the 720 however... that's the A+ credit level, anything more is just bragging rights.
Also, it's worth mentioning that I have an in-law who's very well off (very).. and his scores were in the mid 700's.. If they rated your assets and not just you liabilities these scores would mean more.
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From: www.Traben-Trarbach.de
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Originally Posted by CE750
It's true about the 720 however... that's the A+ credit level, anything more is just bragging rights.
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2001 MB E320
Originally Posted by TestnDoc
Thanks for the info guys. Equifax F###ed up my account, and had the wrong name an address attached to my Social security number. Now I have to write to Equifax and send "proof" that I am who I say I am...what a pain..My Transunion and Experian scores are in the high 700s... 
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From: Dedham MA
2015 C300
Originally Posted by sl561
Since people are bragging, and since I just checked mine last night....here are two of my credit scores: Equifax= 806 of a possible 850, and TransUnion =880 of a possible 925. I was surprised, but since I have a long, extensive, and all positive credit history, guess I shouldn't have been. I do know when I bought my car last fall, the sales Manager came out to introduce himself and comment on what a great credit rating I had. According to my credit reports, they had checked Transunion.
SL
SL
I got my scores off www.myfico.com, and it stated that they were all based on the 850 top number, and further reading online leads me to believe that FICO calculates three difference FICO scores, one based on the information in each of the three separate credit reports. Also, it appears that creditors use the FICO scores, as translated by FICO, not the actual scores from each individual bureau. Here's an excerpt from a recent Washington Post article explaining the difference:
Most of the credit scores you buy or get free online are not the exact ones used by lenders. The gold standard is what's called a FICO score, named after the San Rafael, Calif.-based Fair Isaac Corp., which devised a mathematical model to predict the credit risk of consumers based on information in their credit report. FICO is the model most widely used by lenders.
"The confusion and irritation of (consumers) is understandable," said Craig Watts, public affairs manager for Fair Isaac. "It could be avoided if Experian, TransUnion and their various consumer Web sites would only be upfront to consumers about the nature of the consumer scores they sell — they aren't FICO scores, they aren't widely used (if used at all) by lenders. They are at best someone's estimate of what the consumer's true FICO score is."
To be fair, Experian and TransUnion do have disclaimers that inform consumers that the scores they provide aren't FICO scores. But the information is buried in fine print that many people probably don't notice. When you order your credit score from the three bureaus, here's what you're getting:
Equifax's credit score is called "Score Power." Even though this uses the FICO scoring mode, you may get a different score than one pulled by a lender because the information in your credit file is constantly changing, which means your score can change as well. The score you get this week may not be the same score a lender would get from the credit reporting company the next week.
Experian calls its credit score product "PLUS Score" and is based on factors similar to but not the same as FICO. The PLUS Score ranges from 330 to 830.
TransUnion's credit score product is also not a FICO score, but based on the bureau's own proprietary scoring model, which is why the Los Angeles reader's score was outside the FICO range.
"The confusion and irritation of (consumers) is understandable," said Craig Watts, public affairs manager for Fair Isaac. "It could be avoided if Experian, TransUnion and their various consumer Web sites would only be upfront to consumers about the nature of the consumer scores they sell — they aren't FICO scores, they aren't widely used (if used at all) by lenders. They are at best someone's estimate of what the consumer's true FICO score is."
To be fair, Experian and TransUnion do have disclaimers that inform consumers that the scores they provide aren't FICO scores. But the information is buried in fine print that many people probably don't notice. When you order your credit score from the three bureaus, here's what you're getting:
Equifax's credit score is called "Score Power." Even though this uses the FICO scoring mode, you may get a different score than one pulled by a lender because the information in your credit file is constantly changing, which means your score can change as well. The score you get this week may not be the same score a lender would get from the credit reporting company the next week.
Experian calls its credit score product "PLUS Score" and is based on factors similar to but not the same as FICO. The PLUS Score ranges from 330 to 830.
TransUnion's credit score product is also not a FICO score, but based on the bureau's own proprietary scoring model, which is why the Los Angeles reader's score was outside the FICO range.
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From: OC
AMG E55, Stage 1, Strait Pipe from Primary Cats
Originally Posted by sl561
Since people are bragging, and since I just checked mine last night....here are two of my credit scores: Equifax= 806 of a possible 850, and TransUnion =880 of a possible 925. I was surprised, but since I have a long, extensive, and all positive credit history, guess I shouldn't have been. I do know when I bought my car last fall, the sales Manager came out to introduce himself and comment on what a great credit rating I had. According to my credit reports, they had checked Transunion.
SL
SL
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From: FL410
'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by benzondubz
I have to give it up to ya sl561...You are the man.... I have closed over 1,500 mortgage loans in my 7 years of mortgage whoring and I never seen anything above 820... I would imagine you have been well established as far as years of reporting...... I have a 744 middle score which most lenders use the middle of the 3 repositories..... The reason I have closed so many loans is that I cut my teeth for 5 years in the sweat shop known as Ditech.com..Lots of volume.. I am self employed now and smelling the roses
Think Greenspan is going to hike rates until he slows your business down? Seems like he's doing more to cause a bubble than any builder or T-bill.
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From: OC
AMG E55, Stage 1, Strait Pipe from Primary Cats
Originally Posted by CE750
Think Greenspan is going to hike rates until he slows your business down? Seems like he's doing more to cause a bubble than any builder or T-bill.
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From: Irvine, CA
07 M6, 05 Noble, 01 S4, Smart ForTwo
Originally Posted by benzondubz
Without a doubt. He has made it personal and that is dangerous, But there will always be bad credit type borrowers who cannot manage their cash flow and will keep me busy.. I only close a few deals a month now so the rising rates will not have a big impact on me..But alot of the big volume shops will downsize and many others will fold.. I have seen it happen before.
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From: FL410
'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by benzondubz
Without a doubt. He has made it personal and that is dangerous, But there will always be bad credit type borrowers who cannot manage their cash flow and will keep me busy.. I only close a few deals a month now so the rising rates will not have a big impact on me..But alot of the big volume shops will downsize and many others will fold.. I have seen it happen before.
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From: OC
AMG E55, Stage 1, Strait Pipe from Primary Cats
Originally Posted by Brav
I knew you were in the mortgage busines..
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From: OC
AMG E55, Stage 1, Strait Pipe from Primary Cats
Originally Posted by CE750
my best friend is a furloughed United Airlines pilot who's been working for New Century Mortgage bank for the past 3 years.. now he's an Account Exec and sells about 6-9M/month in loans thru various B paper brokers... he's doing well.... not well enough for a Benz yet, but he's climbing up..
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From: Staples Center
w211 & w124
Anyone have a good site to check your score at? I used to use a monthly service but they changed their reporting options from once a day to once a month so I cancelled. I also used another one from an ad on MSN but discovered they don't actually give you actual scores but "estimates" of what your score should be based on the reports.
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R232
Originally Posted by Barry45RPM
My wife is in credit. She says a lot of credit report requests all of a sudden raise all kinds of red flags*. That's why you sould only permit a dealer where you already have the price of the car nailed down & are ready to go barring any last minute games.
*The credit people feel that you are going to be making a bunch of credit purchases, so that makes what they have on file of your past/completed credit purchases not a great predictor of how you will be able to pay for all the new installment contracts at once.
*The credit people feel that you are going to be making a bunch of credit purchases, so that makes what they have on file of your past/completed credit purchases not a great predictor of how you will be able to pay for all the new installment contracts at once.
Not that it raises red flags, it lowers your fico temporarily. It will get back to sonormal aprox after 8 weeks
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R232
Originally Posted by TestnDoc
Thanks for the info guys. Equifax F###ed up my account, and had the wrong name an address attached to my Social security number. Now I have to write to Equifax and send "proof" that I am who I say I am...what a pain..My Transunion and Experian scores are in the high 700s...
J/K.... Good luck w the nightmare
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From: Irvine, CA
07 M6, 05 Noble, 01 S4, Smart ForTwo
Originally Posted by Samoan_Ridah
Anyone have a good site to check your score at? I used to use a monthly service but they changed their reporting options from once a day to once a month so I cancelled. I also used another one from an ad on MSN but discovered they don't actually give you actual scores but "estimates" of what your score should be based on the reports.
I can pull it for you if you want - that is... if you trust me
