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-   -   WTF Happened to my credit score??? (https://www.offshoreonly.com/forums/insurance-finance/163239-wtf-happened-my-credit-score.html)

FormulaOne 07-11-2007 04:21 PM

WTF Happened to my credit score???
 
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 07-11-2007 08:08 PM


Originally Posted by FormulaOne (Post 2194573)
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.

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 07-11-2007 08:34 PM

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 07-11-2007 08:39 PM

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 07-11-2007 10:02 PM

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 07-12-2007 11:40 AM


Originally Posted by Von Bongo (Post 2194997)
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.



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 07-13-2007 11:36 AM

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 07-13-2007 11:40 AM


Originally Posted by texaschopper (Post 2196673)
on another note- the government needs to step in and regulate these credit bureau's better. They are in a way destroying consumer spending

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

berns29scarab 07-15-2007 01:07 PM

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 07-24-2007 08:19 PM

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..


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