FormulaOne

I used to think I was pretty credit savvy. I had a descent score in the 700's and monitored all 3 bureaus monthly for a heafty price of $18/mo.

I dropped it after I bought a new house in nov. Long story sort...I apply for credit with my bank. They decline due to a low credit score and tell me the score.

I freaked and thought Identity theft, oversight on a bill on my part, credit bureau error????

So, I get my credit report and scores for all 3 bureaus again through True Credit (which I think is owned by transunion or one of them). The score I received is about 70 points higher than the one the bank used. I think the bank used experian.


How could the score from th same bureau differ from what my bank received and what I received?

Any help is appreciated.

DaveP

I have seen as much as a 50 point swing between credit agencies. Diffent agencies weigh things differently: Debt load, inquiries, latyes pays, newly open accounts.

FormulaOne

I'm not talking between different agencies. The bank received a score from experian. I got my score independantly from experian. There was a 70 point difference between the two Experian scores. Thats the weird part.

irepo

Bank could be weighting an older negative credit item differently. From my experience monitoring sights seem to be more forgiving on negative items that are older than 5 years.

Von Bongo

You would need to sit down with the bank and compare reports line for line to make sure they are the same.

I've seen them vary 5-15 points a couple days apart but never 70 points apart.

FormulaOne

Thanks. I called the woman I originally talked with and she basically used my favorite expression..."It is what it is". Stupid btch! I wanted to reach throught the phone and strangle her. She offered no help whatsoever. I suppose I can just close all of my accounts with that bank and tell her Well, It is what it is!

texaschopper

If a mortgage company runs your credit vs. an auto dealer vs. say Home Depot- all using the bureau , all in the same day the score can very. Don't ask why, I have no idea the reason.

on another note- the government needs to step in and regulate these credit bureau's better. They are in a way destroying consumer spending

FormulaOne

True that! They really can hold you by the balls.

berns29scarab

each major bureau has multiple sub chapters depending on the type of business. for instance Trans Union has over 20 different styles depending on the credit use. It needs to be regulated somehow and have no idea how it hasnt been yet. Just went thru a scenario with Trans Union at my place of business and if you dont pay for the upgraded version everytime they upgrade there service you'll never get the right count.

fuse24

all good answers however...your score is also determined by the type of application you are looking for.. such as if you apply for a auto the way your credit is graded is different from that of if you were applying for a home or credit card etc..