Credit Scoring Sucks!
I have documented proof now, not that I didn't have it already.
I ran my credit for Experian and it came back a 766. I REALLY wanted to run it on all three CRA's so I immediately ran it again and Experian came back as 738.
Now how in 3 mintues time did it drop 28 points??
These inquiries aren't suppose to hurt you I thought?
Also I can't see anything different about the reports.
CURIOUS. Thoughts?
Relax my friend,
All 3 agencies will have a different score then the other, very very common.
[addsig]
Yeah,but these are BOTH Experian Scores, ran off the same website within 3 minutes of each other.
I've heard that the credit scores that are available to consumers are different than the ones that creditors get. They change the formula a bit, just what i've heard.
FYI
Experian has a Power Score for Consumers which are generally inflated. I see the real lender Experian score and they are lower. Myself for instance my powerscore is 730. My lender score is 670 . big difference.
Thats a bunch of @#$$.
The scores that we use for MTGs are not the same as the ones you pull on line or the one you get from the credit bureaus. We use the system of credit depth and credit worthiness. Just because you have lets say 5 accounts open but never use them and you score is 750. That tells us NOTHING about the way you handle credit. You don't handle credit at all. So you are a risk. Unless of course you have reserves. That is the trick in any scenario. The more reserves you have the better the risk. If two people want the exact same house and one has 750 and one has 590. But the one that has 750 has no reserves because they use cash all the time. And the 590 has reserves the 590 will actually be approved for a better program.
Lori
[addsig]
Credit is a big JOKE anyway! mine was at 642 so I called experian At 1-888-397-3742 and put a fraud alert on my credit this makes it so NOBODY can run your credit without talking to you directly. By doing this it bumps your credit by 35 points overnight (because it shows you havee the intrest in maintaining your credit, this also stops all inquries from your credit cards as you know they run your credit once a month to try to raise your limit. and that dings your score. They then send you a free copy of your credit and you dispute anything bad on your credit, Then I had my folks and a good friend put me on his account as a card holder all of there credit history hit my report sohwing more open trade lines. After doing this and 30 days later my score is now at 790 (TRUE STORY HAVE PROOF)
I'm a mortgage broker in ct and I pull credit reports all day, the big 3 always come up with different numbers the one you want to look at the hardest is trans union and thats only becasue the majority of things that appear on a credit report always show up for tu. Also about 9 out of 10 credit reports have an error on it. When I do credit repair for a client its always either something they have paid already or something that is over 2 years ole that for some reason still doesn't report correctly. For all you investors with shakey credit the biggest scam is that lets say I owe sears 5000 and they charge it off in the year 2000, then 4 years later they sell the account to a collection agency... that agency reports it as a new collection in the year 2004! So you keep paying for past mistakes.
Validation is the key for working with collection agencies. Demand that they "validate" the right that they can collect. They haven't yet with me been able to validate.
Now if they continue to report after you demand this, but before they validate, then they are in violation of the fair credit reporting act or something like that that gives you a statutory $1000 in damages per incident.
I haven't tried to sue for this money and I'm not an expert here. www.creditboards.com is a great resource to those who want to clear up their credit.
Very difficult site to learn on but if you read enough of the posts, you'll learn what to do.
Now for the 28 point drop in 3 minutes--this is ourtragous but I'm sure that there was some new info in the new report even if the info was not shown to you.
There is a lot more info in your credit file than they ever give you when you pull your own credit.
Pulling your own credit = worthless for the most part. Fine if you want to see tradelines to dispute but for scores, etc--see a mortgage broker
GOOD LUCK