OMG! Credit scores!?!

[OCConfused]

So I used true credit or some online website to try and assess my credit scores after my recent BK discharge (10/9/08). I must admit - I closed my eyes when the scores popped up, but to my surprise - TU - 679, Experian - 609, and Equifax 701. Those scores seem pretty high after a discharge to me - is this normal? Does anyone know why the disparity b/t experian and equifax? strange.

[Cali]

Those aren't your real scores. The only real credit score comes from myfico or if you get it from Equifax.

So I used true credit or some online website to try and assess my credit scores after my recent BK discharge (10/9/08). I must admit - I closed my eyes when the scores popped up, but to my surprise - TU - 679, Experian - 609, and Equifax 701. Those scores seem pretty high after a discharge to me - is this normal? Does anyone know why the disparity b/t experian and equifax? strange.

[2Bshinyandnew]

Those aren't your real scores. The only real credit score comes from myfico or if you get it from Equifax.

True credit looks like the real deal??

http://www.truecredit.com/

The site says they are owned by Trans Union, one of the big three. The scores and credit reports from Truecredit are not your actual credit reports???

[Smalls]

Yea, I've used True Credit. Seems legit to me.

[BK2008]

True credit looks like the real deal??

http://www.truecredit.com/

The site says they are owned by Trans Union, one of the big three. The scores and credit reports from Truecredit are not your actual credit reports???

TU & EX use their own proprietary formulas for scoring.
The lenders don't use these 'fake' scores.

Like Cali said, only myfico.com or equifax gives you real scores.

[2Bshinyandnew]

TU & EX use their own proprietary formulas for scoring.
The lenders don't use these 'fake' scores.

Like Cali said, only myfico.com or equifax gives you real scores.

Wow. I had no idea. what a racket! If the lenders only use myfico or equifax, what is the purpose of the others, other than to confuse and charge consumers for fake scores?

Wow.

[BK2008]

Wow. I had no idea. what a racket! If the lenders only use myfico or equifax, what is the purpose of the others, other than to confuse and charge consumers for fake scores?

Wow.

Exactly. It's a huge profit maker for these companies.
Subscription services are a racket. And there is NO oversight on this, as far as I can tell.

[biotechsolution]

So I used true credit or some online website to try and assess my credit scores after my recent BK discharge (10/9/08). I must admit - I closed my eyes when the scores popped up, but to my surprise - TU - 679, Experian - 609, and Equifax 701. Those scores seem pretty high after a discharge to me - is this normal? Does anyone know why the disparity b/t experian and equifax? strange.

They are right that FICO only gives you FICO scores. True credit can eithe be higher or lower than your FICO scores.

If you were current on your cards and credit before filing your scores could be high because the only negative is going to be the filing and you have no debt.

My scores were all over 700 a couple weeks after filing and over 750 on year later.

[LegalBeagel]

Can I ask a really dumb question? Why does anyone want a high score anyway? Why this obsession? Only in America do we measure ourselves by our ability to get more credit. If you can get more credit, you merely inucr more debt. Wouldn't it be better to measure yourself by how much you have in a savings account?

[oldrocker]

Can I ask a really dumb question? Why does anyone want a high score anyway? Why this obsession?

If you are trying to buy a car or house (financed) right now it will matter like its never mattered before.

[Never_Again]

I am willing to bet, that if you are trying to buy a house with 25-30% down, verifiable income (employment, or tax returns for self employed), alternate credit (utility bills paid, rent paid on time, etc.), and a 15 year fixed rate mortgage that represents 25% of your pay, that you will have no problem financing a house.

As for a car, you probably shouldn't be financing a car anyways.

[Banko]

Can I ask a really dumb question? Why does anyone want a high score anyway? Why this obsession? Only in America do we measure ourselves by our ability to get more credit. If you can get more credit, you merely inucr more debt. Wouldn't it be better to measure yourself by how much you have in a savings account?

Its not really the ability to get more credit its the ability to just get credit.... I work at Wells Fargo as a ag/business banker. We used to more or less go only off of credit score....now not only do you need a good credit score (used to be 650 and above) but you need to have good liquidity, more equity injection and definately a higher score (700 plus). Now I do understand that each bank is different and each WF branch can vary a bit. Also by region it can vary. But what we are seing is people that want loans need a higher credit score than in the past with more money down and we are looking more at there credit report and items in it. I talked with our mortgage rep and she said that she won't look at anybody that file bankruptcy within the past two years because she can't get them approved. Again this is just what I am seeing in my area......