Just Got My Credit Scores From Truecredit

[kar]

This is my first look after my discharge to look at all three scores from Truecredit. I am not sure how accurate they are, but I guess it is a start. Let me know what you think. Keep in mind our BK 7 was discharged on 11-29-06.

TransUnion: 706
Equifax: 684
Experian: 583

[FilingOnMyOwn]

Looks pretty good. Experian was a tough spot for me too, but the others look really good.

[BK'd-Betty]

They look pretty good, but I just learned a hard lesson this week about FAKO's - they are EXTREMELY inaccurate.

TU was my highest also - I pulled FICO this week and guess what??? TU was off by 125 points - NOT in my favor. The other two were pretty close - EX was off by about 25, not in my favor - and EQ was off by about 30, but IN MY FAVOR.

I was shocked at the difference.

ETA: When I was looking at my TC FAKO's, I thought TU was my highest score- turns out, it was the lowest and way below EX & EQ!

This is my first look after my discharge to look at all three scores from Truecredit. I am not sure how accurate they are, but I guess it is a start. Let me know what you think. Keep in mind our BK 7 was discharged on 11-29-06.

TransUnion: 706
Equifax: 684
Experian: 583

[kar]

They look pretty good, but I just learned a hard lesson this week about FAKO's - they are EXTREMELY inaccurate.

TU was my highest also - I pulled FICO this week and guess what??? TU was off by 125 points - NOT in my favor. The other two were pretty close - EX was off by about 25, not in my favor - and EQ was off by about 30, but IN MY FAVOR.

I was shocked at the difference.

ETA: When I was looking at my TC FAKO's, I thought TU was my highest score- turns out, it was the lowest and way below EX & EQ!

So when you apply for a credit card what scores do they use then? I thought they pulled from directly from the CRA. I know FICO is use more for things like mortgages. So are all of theses scores bogus?

[BK'd-Betty]

So when you apply for a credit card what scores do they use then?

They do pull from the CRA and they get the same report - but not the same scores you see on TrueCredit. Fico's are complicated. For example, a mortgage lender will see one score, and car loan lender will see another, and a credit card company will see yet another. The scores they see are based on risk assessment based on the type of loan you are applying for.

I thought they pulled from directly from the CRA. I know FICO is use more for things like mortgages. So are all of theses scores bogus?

The simple answer is YES! They are "guidelines". Even the FICO scores you pull from myfico.com are different from what Lenders actually see. However, myfico.com scores are a more accurate picture of your credit score and about as close as they an get for your standard credit card application.

The key to credit repair, in my opinion, is to have as clean a report as possible and not focus as much on the scores until your reports are clean. Then after they're clean, you can start building up the scores by getting new T/L's and paying them ON TIME each and every single month.

The worst thing you can do for your scores after BK is to have anything derogatory on your report.

Hope this helps! Good luck!

[HHM]

Hold on, let's clear this up a bit....

From my understanding, the scores you get from Truecredit, are not your FICO scores. So a 702 for TU, from TrueCredit is not the same as a 702 FICO.

The scores you get from myfico (which is the company, Fair Isaacs Corp. that does the fico score) are indeed, your actual FICO scores. If a creditor requests your "FICO" score, they will see that number. However, creditors don't necessarily request your FICO. There are dozens and dozens of different scoring matrices, and in addition to Fair Isaacs, each CRA has their own scores that they sell to creditors. A mortgage company may request a scoring matrix that is specifically tailored to the risks associated with mortgages, but that score they receive is not your FICO. Same goes with auto finance companies, they can request a scoring matrix specifically tailored to the risks of auto financing, etc etc. It just so happens to be, that most creditors, do in fact, request the FICO score.

So, its not accurate to say that there are "different" FICO's, the FICO is one type of scoring matrix, and the most commonly used. If a creditor requests your FICO, they will see the same number you see if you request your FICO from myfico.com. However, not all creditors request the FICO.

I hope this helps.

[BK'd-Betty]

Yes, this is my understanding of it as well - pardon my broad use of the word FICO - I realize that my lose usage of the work FICO could be misleading.

Hold on, let's clear this up a bit....

From my understanding, the scores you get from Truecredit, are not your FICO scores. So a 702 for TU, from TrueCredit is not the same as a 702 FICO.

The scores you get from myfico (which is the company, Fair Isaacs Corp. that does the fico score) are indeed, your actual FICO scores. If a creditor requests your "FICO" score, they will see that number. However, creditors don't necessarily request your FICO. There are dozens and dozens of different scoring matrices, and in addition to Fair Isaacs, each CRA has their own scores that they sell to creditors. A mortgage company may request a scoring matrix that is specifically tailored to the risks associated with mortgages, but that score they receive is not your FICO. Same goes with auto finance companies, they can request a scoring matrix specifically tailored to the risks of auto financing, etc etc. It just so happens to be, that most creditors, do in fact, request the FICO score.

So, its not accurate to say that there are "different" FICO's, the FICO is one type of scoring matrix, and the most commonly used. If a creditor requests your FICO, they will see the same number you see if you request your FICO from myfico.com. However, not all creditors request the FICO.

I hope this helps.