I Am Absolutely Floored

[IBroke]

So order directly from credit companies to get full reports for cleaning up only.

Not necessarily from the credit bureaus because they aren't cheap, either. I'm using the service through USAA which gets me a monthly report from each bureau for a total of $12.25/month. AFAIK, they are also offering a service for an additional $10/month, allowing you unlimited access (one report a day) to all three. That's probably what I'd pick as long as I would be in the process of clearing up several accounts/disputes.

Order from MyFico only for credit scores.

Correct.

[PhillyGuy]

MyFico vs Credit Companies

I'd say that depends what's more important for you in the (near) future: The scores or the content of the reports? I'm asking because MyFICO is THE source to get true scores - but if it's your main agenda to deal with the content of your report (i.e. cleaning it up), there are better and less expensive options.

So order directly from credit companies to get full reports for cleaning up only.

Order from MyFico only for credit scores.

Just trying to get this straight.

[stevie2012]

So another thread here got me to thinking about how bad my FICO must've tanked with my Chapter 7, which was just discharged last month.

A little history first...

My FICO has always been 800+ and that started to drop in February 2008 after I lost a six figure income and subsequently made half of what I was accustom to - trying to manage all my bills on half of my prior 120K/year income.

Long story short, I always had faith, hoped to get employed back in my field, yadda yadda. When the savings ran out, my credit cards became my second job. Five years later, I racked up over 120K in cc debt.

When it was clear my employment situation wasn't going to change any time soon, I filed Chapter 7 BK 5/13. Directly before doing so, I ran my FICO and it was 420.

Due to another thread, tonight I decided to run all three of my credit reports and scores post BK (not even one month since discharge) and I was totally surprised to see ALL of my accounts have already been updated to show included in BK and my BK is even listed as public record on my credit reports.

The biggest surprise??

MY CREDIT SCORES CONSIDERABLY JUMPED UP AS FOLLOWS:

EQ: 693
EX: 679
TR: 690

ARE YOU KIDDING ME????????????? I never thought I'd see this day.

Thoughts??!??!?!

And yes, everything is updated accordingly on my credit bureaus - all three of them.

Well thanks to PJmax who provided such an insightful response, I decided to check my real FICO from MyFico.com. Holy difference!!

Post Ch 7 discharge:

EX: 570
EQ: 615
TU: 546

[stevie2012]

So let me get this straight. I have been ordering individual reports (not the 3 in 1 reports and scores) directly from the 'big' three and monitoring my score and reports that way.

What your saying is I should be ordering my reports and scores from MyFico instead?

That is exactly what I was doing (did). As you can see by my other thread, BIG difference on the actual FICO and scores generated otherwise (outside of MyFico.com).

[IBroke]

So let me get this straight. I have been ordering individual reports (not the 3 in 1 reports and scores) directly from the 'big' three and monitoring my score and reports that way.

What your saying is I should be ordering my reports and scores from MyFico instead?

I'd say that depends what's more important for you in the (near) future: The scores or the content of the reports? I'm asking because MyFICO is THE source to get true scores - but if it's your main agenda to deal with the content of your report (i.e. cleaning it up), there are better and less expensive options.

[PhillyGuy]

So let me get this straight. I have been ordering individual reports (not the 3 in 1 reports and scores) directly from the 'big' three and monitoring my score and reports that way.

What your saying is I should be ordering my reports and scores from MyFico instead?

[AngelinaCat]

Thank you for the explanation...I super appreciate it.

So do I. I didn't know all of this before. Thanks!

[stevie2012]

The 3 scores from Equifax are proprietary scores, Equifax runs your credit reports through their own software, with their own criteria, and comes up with scores 'for educational purposes.' TU and EX do the same, as do the free services Credit Karma, Credit Sesame and Credit.com, and all the other 'credit monitoring' services.

The only place to buy your Fico score is MyFico. If the score doesn't say Fico (with a reg. mark next to it) it's not Fico. Then, the scores from MyFico may or may not be the version a lender will use (there are actually dozens of models.) If/when you apply for credit and are denied, you will receive a letter with your score. Again, you have to read the info, as even some lenders use proprietary scores (Walmart/GERCB for one.)

Unless you have a lot of extra money, there isn't much reason to buy (at $19.95/ea.) your scores, unless you are going for a mortgage in the near future.

I feel bad that I broke the bad news to you, but I see so many people really disappointed when they are denied for credit, see the Fico score that was used and go into shock because their Credit Karma score is 50 points higher.

Thank you for the explanation...I super appreciate it.

[Pjmax]

The 3 scores from Equifax are proprietary scores, Equifax runs your credit reports through their own software, with their own criteria, and comes up with scores 'for educational purposes.' TU and EX do the same, as do the free services Credit Karma, Credit Sesame and Credit.com, and all the other 'credit monitoring' services.

The only place to buy your Fico score is MyFico. If the score doesn't say Fico (with a reg. mark next to it) it's not Fico. Then, the scores from MyFico may or may not be the version a lender will use (there are actually dozens of models.) If/when you apply for credit and are denied, you will receive a letter with your score. Again, you have to read the info, as even some lenders use proprietary scores (Walmart/GERCB for one.)

Unless you have a lot of extra money, there isn't much reason to buy (at $19.95/ea.) your scores, unless you are going for a mortgage in the near future.

I feel bad that I broke the bad news to you, but I see so many people really disappointed when they are denied for credit, see the Fico score that was used and go into shock because their Credit Karma score is 50 points higher.

[stevie2012]

It sounds like it's the same? Maybe I'm confused...

[Pjmax]

https://help.equifax.com/app/answers/detail/a_id/386

[stevie2012]

I assume you realize they are not Fico scores? They are still darn good for fakos, just don't want you to be too upset if/when your actual scores turn out to be different.

Oh really, I wonder what scores they are then? Here is what I ordered:

Latest Credit Score
Equifax
As of 09/07/2013
693
GOOD

TransUnion
As of 09/07/2013
690
GOOD

Experian
As of 09/07/2013
679
GOOD

Here is what I ordered:

uifax 3-Bureau Credit Report and Scores
Line-by-line comparison of your credit history with Equifax, Experian, and TransUnion
Equifax Credit Score™ for each of your credit reports, with positive and negative factors impacting each of those scores
Interactive Score Estimator™ enables you to simulate how future actions may impact your score
An explanation of how certain lenders may perceive your risk level when you apply for a loan
Access to customer service 7 days a week

[Pjmax]

No I am registered with Equifax so I got the three in one that incudes the credit report and score for each corresponding bureau. It's $20 cheaper than MyFico.com.

I assume you realize they are not Fico scores? They are still darn good for fakos, just don't want you to be too upset if/when your actual scores turn out to be different.

[stevie2012]

It is very odd....I am 64 years old and have had credit for at least 40 years. I just completed a Chapter 13 bankruptcy in December 2012 and my credit history was listed as 4 years and 6 months (my Chapter 13 payment plan was exactly 4 years and 6 months) at discharge. The 35 and 1/2 years previous to my bankruptcy do not seem to matter at all as far as my credit scores are concerned. My scores hover in the 640-660 range.
I suppose that because you were a high earner with excellent credit prior to a Chapter 7 bankruptcy that you could not avoid due to circumstances beyond your control, your history speaks well with respect to your creditworthiness. And with your debt being discharged, lenders will be glad to make secured loans to you. But I will bet that if you applied for an unsecured personal loan, you would be turned down.

I have no desire to get an unsecured loan. I did already get a secured credit card through my credit union, today in fact. They approved me for 1K but I only wanted $250, regardless. I'm just using the card to reestablish credit.

[stevie2012]

Well, we didn't ask, but are those actual Fico scores from MyFico? Where did you purchase them?

No I am registered with Equifax so I got the three in one that incudes the credit report and score for each corresponding bureau. It's $20 cheaper than MyFico.com.