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Credit?

Discussion in 'Off-Topic Discussion' started by thenomad, Dec 28, 2010.

  1. Dec 28, 2010 at 1:06 PM
    #1
    thenomad

    thenomad [OP] Well-Known Member

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    So for the past year I've taken much interest in getting my credit straightened out but the credit system is so screwy that maybe one of you know it better and can shine in some insight.

    My score between the equifax and experian is about a 70 point difference. The credit reports all show the same stuff. Does anyone know why? Also does anyone know which credit bureau lenders typically use the most? I've been rebuilding my credit for the past year and its taken lots of dedication and sacrifice but in the past year my score has gone up about 150 points. I want my credit to be up to par before I apply for a truck loan and even though I could go out today and get approved I still want the best rate I can get (as well as buy the suspension and wheels before I get the truck).

    This credit thing confuses me and I don't know why there is such a huge gap. Any suggestions and info is much appreciate. Thanks
     
  2. Dec 28, 2010 at 1:15 PM
    #2
    Krazie Sj

    Krazie Sj Resident Jackass

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    They take time to update their crap, like months and months. So one of them might be lagging as compared to the other. I had this same issue where mine was about a 30 point difference. I think most places use equifax, so hopefully that one is the higher of the two.

    I know I got something like 6% on my truck loan when I applied for it.

    Good luck!
     
  3. Dec 28, 2010 at 1:17 PM
    #3
    scottri

    scottri Well-Known Member

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    They will use all three reporting services and they average between them so the 30 point difference isn't that big of a deal.
     
  4. Dec 28, 2010 at 1:18 PM
    #4
    Krazie Sj

    Krazie Sj Resident Jackass

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    Mine was 30, his was 70.
     
  5. Dec 28, 2010 at 1:26 PM
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    thenomad

    thenomad [OP] Well-Known Member

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    See my cousin says lenders don't average. With his mortgage lender (anyway) they pulled his scores and chose his lowest.... but I've googled this and seen some lenders use equifax and some use experian but little use transunion. This is just from google searches.

    The equifax (from my google searches) are always the lowest score. Its ridiculous. The last 2 months though I've paid down a credit card like 3500 dollars and paid off my auto loan (2200) and the auto loan literally increased my score 4 points lol. I was disappointed. Any way, hopefully it won't take much longer.
     
  6. Dec 28, 2010 at 1:29 PM
    #6
    Krazie Sj

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    You can call them too and tell them what you've paid off and ask them to recalculate your score based on the new balances on your loans/Credit Cards etc.
     
  7. Dec 28, 2010 at 1:30 PM
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    spatchley

    spatchley Well-Known Member

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    There has to be some differences, maybe not with the accounts but the balances on the accounts. USAA has a credit monitoring program that lets you look at your credit report from each agency and is very easy to read and understand and they also give you tips on how to increase your score.
     
  8. Dec 28, 2010 at 8:53 PM
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    scottri

    scottri Well-Known Member

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    It depends on the lender but I know several mortgage brokers and they generally average two of the three or all three depending.
     
  9. Dec 29, 2010 at 4:11 PM
    #9
    thenomad

    thenomad [OP] Well-Known Member

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    I called Navy Federal and they use equifax.

    My equifax score dropped today because I disputed 3 items on my report. What a butt load of crap.
     
  10. Dec 29, 2010 at 6:46 PM
    #10
    Gincoma

    Gincoma Special Edition Member

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    Working at a bank and from what I know we use FICO and so do all major lenders. FICO uses a mathematical calculation to determine your credit worthiness for paying debt back, from all three credit bureaus. The 3 different credit bureaus use different ratings that's why u have 3 different scores. Experian being the most popular one out of the 3
     
  11. Dec 30, 2010 at 6:38 AM
    #11
    thenomad

    thenomad [OP] Well-Known Member

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    I use myfico.com and I'm only updated about my equifax fico score...
     
  12. Jan 6, 2011 at 9:38 AM
    #12
    thenomad

    thenomad [OP] Well-Known Member

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    USAA just responded and they primarily use Equifax
     
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