Credit Scores

[StinkerBell]

I just got off the phone with Experian (or at least a comany servicing them).

My ex hubby has milked a loan from 11+ years ago the court mandated him to pay. He pays about every year 50.00 to keep it alive and to kill my score....... Anyways, thats another story.

I got my score today and it was low. I was surprise at how low. So I did the online thing to get a copy of my report (the bank sent me a letter stating my score from Experian and I was concern the ex opened additional accounts). Within 2 days for no reason at all there is a 50 (yes FIFTY) point difference. I asked why? I can understand a few points but 50...They gave me a bunch of nonsense.

I believe the way they do credit is a scam. That 50 points could cause someone not to get a fair mortgage rate and in some instances not be able to obtain a job.

Sigh. yes the bad ding is still reflected on my credit from the ex, but it is the only ding I have. But it is very frustrating. I might have to bite the bullet and pay it off.

[desdawg]

I think you have the option of doing some letter writing and can get your comments included in your report. I'm not positive about that but it seems like I have heard something to that effect. Whoever said Fair Isaac was fair? It seems to work only for those who aren't self employed. I think that is one of the reasons declared income became part of the credit process and no doubt contributed to the subprime mess.

[benevolance]

hehe

I am close enough to the equifax office in Atlanta that threatening to go there gets them stammering...But yeah it is a scam

My wife had her indentity stolen and all they would do is put a note on the account saying why her credit was terrible...Nevermind updating her account or removing all the blemishes we had her lawyer absolve for her...

It has been 5 years and she owes nobody and has nothing outstanding...We have never bounced a check or been a day late with anything and her credit score is barely over 700...I think like 720 ish

And even today I have to go through the whole song and dance and explain to those idiots every time we call the bank...

I am not a big fan of the whole credit score system... or the banking system either... It is designed to make you poor and they get richer

A credit score is just an enticer... if they can convince you to try for a higher score that means you open more accounts and pay them interest on time for those new accounts to get a few extra gold stars beside your credit score.

The less we try to please the bank or have credit to raise our credit score... the less we need the bank because we are paying no interest back..And we can save that money

It has been 5 years and we worked like mad to clear my wife's name credit speaking... It is a daunting task

Good luck with your credit score

[peternap]

Good Luck! I have almost no credit history (Which I'm told is bad). I think I like having bad credit

You do have the right to attach a letter to your credit file. It won't help your score and most places don't care why, they just look at the numbers. Maybe the old days will come back where they actually LOOK at your history.

[Redoverfarm]

I thought it was very funny about the credit score scam.  I got a home equitity loan.  Of course they did a credit score.  It came up to the low 800's.  The reasons given was that  my accounts are at too many various institutions.   

I just shopped around for the best rates whether it be svings, checking or what ever.  To me that was just the sensible thing to do to get the best possible rates.  I guess if I just stayed with one bank paid them more interest on loans, got less for my investments then I would be OK in their eyes.  But hey it is not their money it's mine.

[desdawg]

I have financed lots of things using teaser rates from CC companies. My score is always penalized for having high balances. I consolidate and take advantage of the lower rates. Very little that I do has to do with Fair Isaac. I have 4 mortgages and three of them were seller carrybacks. Only one went through a commercial lender. I haven't had to worry with it much. Most recently financing vehicles which now sell for the prices I used to pay for houses.