U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-29-2018, 11:28 AM
 
Location: Boise, ID
7,924 posts, read 21,699,248 times
Reputation: 8970

Advertisements

The problem is that you've been misled by the Credit Karma commercials where people have a credit score tattooed on their arm.

You don't have one credit score. Your score changes constantly. If I pull my score today and then go and make my monthly payment on my credit cards and pull my score again tomorrow, it could be different. (it might take longer for the payment to be reflected, but the point stands)

Also, your score is different for different scoring models. Equifax, Transunion and Experian will almost never show the same score. Sometimes, they are as much as 50 points different on the same day, even with no errors.

Also, different purposes use different models that have different ranges. Some are 350-850. Some are 300-1000, and many other varieties. If you get a house loan, it could be a different scale than you see on your Chase website, or from Credit Karma. So your lender says you need a 760 to qualify for some certain interest rate, and you work for a year to get your Credit Karma score to over 760, only to find out that they use a different scoring range.

I look at credit reports often as a property manager, and I've had people tell me "I have excellent credit, my score is 780." Well 780 IS great, if it is on a scale with 800 or 830 or 850 max, but then I look at their report and it is out of 1000 max. Well, that's just average at that point, not all that good.


Anyway, it it much more important to get the report and know what items are on your report that need work, than the actual score is. The only purpose to the score is if you are going to buy or rent a house or buy a car, then you need to meet certain breakpoints to get approved or get better rates. If that is the case, you SHOULD talk to a lender, who can help you figure out what you need to do over the next year to be able to qualify. But if your goal is just to get things cleaned up, the score is not as important as the report. You can get the report for free at annualcreditreport.com once a year for free from each of the 3 reporting agencies.
Reply With Quote Quick reply to this message

 
Old 01-29-2018, 01:20 PM
 
2,326 posts, read 1,197,387 times
Reputation: 1858
Quote:
Originally Posted by LifeIsGood01 View Post
You are actually allowed one free copy per year of each agency, Exquifax, etc once a year. The score you do have to pay for from them, but that's easy to obtain online.
Indeed- very true and available @ www.freeannualcreditreport.com

The OP needs full scores and reports though, so what I said is just as effective.

cheers
Reply With Quote Quick reply to this message
 
Old 01-29-2018, 09:29 PM
 
104 posts, read 81,545 times
Reputation: 195
yes, so confusing. my chase score last month showed 64, then this month 583. and nothings changed!! all payments made on time. things should be a lot simpler
Reply With Quote Quick reply to this message
 
Old 01-30-2018, 09:24 AM
 
Location: 5,400 feet
1,765 posts, read 2,089,678 times
Reputation: 2233
Quote:
Originally Posted by damba View Post
Indeed- very true and available @ www.freeannualcreditreport.com

The OP needs full scores and reports though, so what I said is just as effective.

cheers
That is NOT the web site one should use to obtain the free annual credit report from each agency as dictated by federal law. I don't know who operates that site, but the correct site is:
https://www.annualcreditreport.com
Reply With Quote Quick reply to this message
 
Old 01-30-2018, 06:28 PM
 
Location: MID ATLANTIC
7,433 posts, read 16,997,136 times
Reputation: 7762
Quote:
Originally Posted by Lacerta View Post
The problem is that you've been misled by the Credit Karma commercials where people have a credit score tattooed on their arm.

You don't have one credit score. Your score changes constantly. If I pull my score today and then go and make my monthly payment on my credit cards and pull my score again tomorrow, it could be different. (it might take longer for the payment to be reflected, but the point stands)

Also, your score is different for different scoring models. Equifax, Transunion and Experian will almost never show the same score. Sometimes, they are as much as 50 points different on the same day, even with no errors.

Also, different purposes use different models that have different ranges. Some are 350-850. Some are 300-1000, and many other varieties. If you get a house loan, it could be a different scale than you see on your Chase website, or from Credit Karma. So your lender says you need a 760 to qualify for some certain interest rate, and you work for a year to get your Credit Karma score to over 760, only to find out that they use a different scoring range.

I look at credit reports often as a property manager, and I've had people tell me "I have excellent credit, my score is 780." Well 780 IS great, if it is on a scale with 800 or 830 or 850 max, but then I look at their report and it is out of 1000 max. Well, that's just average at that point, not all that good.


Anyway, it it much more important to get the report and know what items are on your report that need work, than the actual score is. The only purpose to the score is if you are going to buy or rent a house or buy a car, then you need to meet certain breakpoints to get approved or get better rates. If that is the case, you SHOULD talk to a lender, who can help you figure out what you need to do over the next year to be able to qualify. But if your goal is just to get things cleaned up, the score is not as important as the report. You can get the report for free at annualcreditreport.com once a year for free from each of the 3 reporting agencies.
Best post here and dead on.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top