Archive for the ‘Credit Scores’ Category

by ShashiBellamkonda

Question by T.J: Why do I have 3 different credit scores from the credit reporting agencies?
I am currently monitoring my credit report from the 3 credit bureaus. I filed bankruptcy almost 2 years ago and I currently have no balances on any of the 4 credit cards I have and have never been late on a payment to them. I monitor my credit report with Experian and I now have a 620 credit score. With experian I have seen a steady increase in my credit score since I filed my bankruptcy. With the other two agencies, I haven’t seen much of a change. Experian is at 550 and Transunion is at 505. I have checked my report with all 3 bureaus and they all have the same information. Can anyone tell me why there is such a difference in the three credit scores? As of right now, I have $ 100 balances. I pay all my bills on time and from everything I’ve read, a discharged bankruptcy from 2 years ago should have my credit back to about the 650 -670 range. Am I missing something?

Best answer:

Answer by wade2diesel
Each of the three main credit bureaus uses a slightly different system to assess the worthiness of their customers.

Here is how the three bureaus use credit scores:

Equifax uses the FICO scoring model. They don’t call it that; they call it “Score Power.” Nevertheless, the system is the same one as that developed by Fair, Isaac and Co.

Experian uses a system they call “PLUS Score” Their system is very similar to the FICO model but uses slightly different factors to generate the figure.

Trans Union’s system is proprietary; it is a system they have developed themselves for their own use.

Give your answer to this question below!

Credit scores, on the scale assigned by FICO, range from 300 to 850. Who has an 850 credit score and what canyou do to get one? Less than 1 percent of the population has a credit score above 800, so it’s very unlikely you will have an 850 credit score. However, if your credit score is above 720, you will probably still receive the best rates. Watch more credit and identity theft videos from Expert Real Estate Tips to learn how to raise your credit score.
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by Bart Claeys

Question by erika: Credit Scores?
I just got a copy of my credit report, and I am curious as to what these different values mean. My Beacon score was 652. My FICO classic is 718. My Isaac Model score is +668.

Are these good? What’s the different types of scores mean???

Thanks in advance!

Best answer:

Answer by Credit Advisor
Your FICO score is what matters most, I’m assuming that is the one you scored a 718 on.

Congrats, you have excellent credit.

Banks will review your FICO score to evaluate your credit worthiness.

Many companies that cannot legally report FICO scores will give you an estimate. While these are nice to have it’s like comparing a report card to a note from mom. Both are nice to have, but only one gets you into college.

Good luck — remember to use your credit responsibly.

What do you think? Answer below!

Newport Beach, CA (PRWEB) December 01, 2011

The concept of providing discussion boards is not uncommon for financial websites. The industry has found them to be particularly useful in a climate in which interest rates, terms of service, bank rates, credit card offers, and other variables are consistently changing. More importantly, since these factors related to the global economic climate are always in flux, consumer financial websites often struggle to deliver pertinent and accurate information to those who need it most. CreditQ.com believes that discussion boards are just one of several approaches that help connect financial experts and financial newbies more effectively and efficiently.

Currently, the Money Forum contains a range of categories, including personal financing, investing, credit reports and scores, and credit cards. Because CreditQ.com is a financial clearinghouse of sorts, and includes information on credit cards, credit report monitoring, personal loans, mortgages, insurance, education financing, retirement and other investments, etc., the discussions that may be generated can include a combination of those topics, and more.

Consumers that visit the website and the Money Forum will be able to sign-up to join the conversation, search previous discussions, and/or start a new discussion of their own. The website anticipates that some of the forums will be co-sponsored by industry experts, so that discussion topics and questions will be answered by those who know the most about the field.

CreditQ.com hopes that the addition of a discussion interface will help consumers obtain news and information about financial issues that most affect them, while offering resources to help people become active participants in their financial futures. The site anticipates that two of its most popular discussion boards will be those pertaining to the responsible use of credit cards, and strategies for improving ones credit score. Both of these topics are currently trending during the holidays, but also these types of discussions are particularly pertinent in such difficult economic times.

Ultimately, CreditQ.com expects the inclusion of Money Forums to complement and supplement its efforts to provide the most current and accurate financial advice and information to consumers. The company is always looking for ways to not only connect consumers to financial resources, but to offer ways to help people lead better financial lives. CreditQ.com expects to roll out its new Discussion Forum in a few days.

About CreditQ.com:

CreditQ.com strives to deliver pertinent, accurate, and useful information to consumers interested in all aspects of financial planning and personal finance. As an online financial resource center, the company provides direct access to credit card applications for all types of credit (ex.: credit cards for bad credit, balance transfer credit cards for good credit,secured credit cards for people with limited credit, instant approval credit cards), insurance providers, investment guidelines, and more. Additionally, the site also endeavors to disseminate appropriate and helpful information through the publication of articles, news-related releases, blog postings, discussion forums, and additional content that addresses changes within the financial industry. The company is always looking for financial experts, and/or anyone with specialized knowledge and interest in financial topics, to contribute in a meaningful way to its site.

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