FICO score

[melisssasue]

So, I've been wondering about my credit score, because I know it’s not that good.  I went ahead and got my reports and scores from myFICO and I'm confused.  There are 3 major agencies that financial institutions go to for your credit information.  I got a report from each one.  My credit score is very different on one of the reports.  I have a 568, 621, and a 628.  Anyone else have this issue arise?  Also what agency do most banks go through?  And how can I raise my score?

[dsong02]

So, I've been wondering about my credit score, because I know it’s not that good.  I went ahead and got my reports and scores from myFICO and I'm confused.  There are 3 major agencies that financial institutions go to for your credit information.  I got a report from each one.  My credit score is very different on one of the reports.  I have a 568, 621, and a 628.  Anyone else have this issue arise?  Also what agency do most banks go through?  And how can I raise my score?

yes, my credit score varies greatly from one to another (probably by 50 points or so)
- cut down your debt to credit ratio
- if you have more than 5 accounts, close down a couple to just three
- pay your bills on time

[Jeremy]

So, I've been wondering about my credit score, because I know it’s not that good.  I went ahead and got my reports and scores from myFICO and I'm confused.  There are 3 major agencies that financial institutions go to for your credit information.  I got a report from each one.  My credit score is very different on one of the reports.  I have a 568, 621, and a 628.  Anyone else have this issue arise?  Also what agency do most banks go through?  And how can I raise my score?

yes, my credit score varies greatly from one to another (probably by 50 points or so)
- cut down your debt to credit ratio
- if you have more than 5 accounts, close down a couple to just three
- pay your bills on time

The three you're dealing with are Experian, Equifax and Transunion most likely.  It's called a trimerge credit report.  The best way is to clear up any discrepencies with your credit.  Close ALL credit lines with a zero balance and make sure you pay your bills on time better..if you haven't already.  Once you do that,  the credit agencies can re-evaluate your history and rescore it.  The numbers are so different because they each put more emphasis on different areas. 

[Duner]

i've always used equifax...and typically that's the agency people have used to do credit checks on me ie. mortgage, credit cards, etc(coincidence, possibly). as for your score, below 650 is usually the cutoff where higher risk begins. typically 700 guarantees credit for anything. in order to get the lowest rates possible you usually need a 740-750. to be honest, i don't know anybody with a credit score below 650 so i can't give much advice. if you go to equifax.com they've got pages that will tell you exactly what to do and what not to do. unfortunately, typically it takes a couple years properly managing your finances to reverse earlier trends.

[dsong02]

The numbers are so different because they each put more emphasis on different areas. 

not always true.  some credit lenders will only report to certain agencies.  there will be a lot of discrepancies among the three reports on who reports what.  that, as well as the emphasis, causes the difference in scores.

[Jeremy]

I work in the mortgage business for a MAJOR mortgage company and our in house portfolio loans cutoff at a 640 credit score..anything else and you need to go wobbly box shopping.

It's a good idea to consult the bureaus that rate your score to determine what exactly they go by so you can know what to change.  Equifax is the most widely used scoring company.

[sss]

Each of your FICO scores may be different. You have a FICO score from each credit bureau. Since your credit reports may be different, your FICO scores can also be different, sometimes by as much as 100 points.

http://www.myfico.com/Products/FICOOne/Description.aspx?fire=26
 

[Foot Fetish]

You are getting bad advice.  You do not want to close down all your credit accounts.  Actually, you want to leave them open, but pay them down.  Your FICO score is determined in large part by how much credit you have available vs. how much credit you have used.  If you do close out lines of credit, don't close out the old lines of credit.  If you do that, you are knocking out a lot of your credit history.

If you get rid of all your credit, you will have no available credit, and no credit history, and your FICO will fall through the floor.

[BAFF213]

Can I get my FICO report for free anywhere?

I already tried one of those websites that supposedly give "free reports", but I'm pretty sure it was bullsh_t.  They strung me along for a half hour filling out a bunch of sh_t and then they asked for $15 or something and I was like screw this.

I kind of want to look at my credit report - I'm sure it's fine though, so I'm not willing to pay for it.

[wildcataz2004]

Can I get my FICO report for free anywhere?

I already tried one of those websites that supposedly give "free reports", but I'm pretty sure it was bullsh_t.  They strung me along for a half hour filling out a bunch of sh_t and then they asked for $15 or something and I was like screw this.

I kind of want to look at my credit report - I'm sure it's fine though, so I'm not willing to pay for it.

I think Congress has passed a law that says that once a year you are able to pull your credit report for free but it's being staged out geographically. I know that last month Arizonans were able to get it. The only bad thing is that it does not have your score- you have to pay like 10 bucks to get the actual score.