Credit Score

[Mathius]

I am aware that you can obtain a free copy of your credit report from annualcreditreport.com, but a credit report just tells you what's on your credit history. Important yes, but not altogether helpful when you need to know what shape your credit is in.

Is there any web site that will truly give you your credit score? Or is there a formula to figure it out based on your credit report?

My friend said she went to freecreditreport.com and got her credit score. She insists it's free as long as you cancel their subscription right away.

I remain skeptical. It takes just 5 seconds on google or yahoo to find all kinds of bad publicity about this site.



Mathius

[6'9"Witha69]

The Credit report is free. You gotta pay for the scores. It is vquite difficult to extrapoloate anything from the report wiht the intent of derriving your score. Hell, all 3 burueas can have the same data and yield different results. I have seen a swing of over 100 points between the high and low agencies before. IIRC most CC companies pull reports on a certain frequency (per the terms of use) and may be able to relay that data to you.

[bigvegan]

Your free credit report is what you use to make sure the data is accurate (addresses, accounts, etc.) and that nobody's opened up a card with your name on it.

Annualcreditreport.com is the way to go.

If you're planning on buying a house or something, it's probably worth it to pay the $39.95 and get all three credit reports (experian, equifax, trans union), plus your credit score all in one.

http://www.experian.com/ (The equifax and transunion websites have similar deals).

[Mathius]

Your free credit report is what you use to make sure the data is accurate (addresses, accounts, etc.) and that nobody's opened up a card with your name on it.

Right. I understand that, that's why I said it's still important, but if you're in need of a loan for a house or a car, the creditors seem to put a lot more stock into your credit score. If you don't know your credit score, you're putting yourself in a position to hurt it more, because if you apply for a loan and get rejected, it hurts your credit.

Also, I would like to think if you know ahead of time your credit score isn't good enough, then you have more time to think of an alternative.

Of course every company has their own philosophy regarding credit and its changed since the whole housing market crisis. I filed bankruptcy when I was younger and the bankruptcy lawyer flat out told me that the day I got my letter would be the day I got the most credit card offers in my life because at that point the creditors know you can't file again for 7 years. Nowadays I don't think that philosophy would fly since the banks approved so many bad loans that they're killing themselves.

Mathius

[BA.]

the reason that the scores are different between the 3 companies..at least for the better part, is that only ONE of them gives you a true FICO score. It was either Equifax or Experian I forget which one. I'm thinking Equifax.
(...and before anyone says something, obviously another reason for different scores is actual varying credit data in the report)


I used my Google-fu for days and could not get a free score without any hassles. I ended up paying $15 for the report and score.

[MonzaRacer]

Iwent freecreditreport.com, found out my score, what was still active and such. kept service for ab out 3 months at 14.95 a month till was sure some eroneous internet purchases hadnt befuddled me. then canceled.
you can also write all three credit reporting companies and request a copy of your history/score , qand it may incur a small charge

[Mathius]

Iwent freecreditreport.com, found out my score, what was still active and such. kept service for ab out 3 months at 14.95 a month till was sure some eroneous internet purchases hadnt befuddled me. then canceled.
you can also write all three credit reporting companies and request a copy of your history/score , qand it may incur a small charge

So would you say my friend's story was accurate that if you use freecreditreport.com and cancel right away you can get your score for free?

Mathius

[MonzaRacer]

Yeah the one I used had a 14 day trial, I was going to let it run for a full year to keep an eye on things but anyway it was informative.
Also pick up the Debt Cures book by Kevin Trudeau.
Did you know that you can get a higher FICO score by having a higher limit on cradit cards and such but less balance, they say keep balances to 30-35% works best, and if you have higher interest rate cards CALL them and ask for lower rates.
I havent even made it through the whole book but friend of mine, she was trying to buy a small house $35,000 only, she makes decent money but is paying back school debts and helping her mom and just doesnt have large nest egg yet.
She has 4 credit cards, always kept them paid, but found out they all had higher rates, especially after July 1, she called and got her rates lowered and upped her limits, her credit score went from 610 (her bank wont loan under 635) to 725 in less than a month, then turns out house appraised well over asking price so she borrowed to the max, and paid off her school loans which were 6.75% and home was 4.2%. Absolutely incredible, but it worked. Book is very informative.

[Turbo67camaro]

Another reason for differences between the credit bureau companies in a report, is not all lenders report to all the bureaus. So, in some cases, a credit bureau company can have more or less information than their peers.

[funbnme]

Another tip is to always keep your oldest credit card account active and in good standing. Some people who change cards often to get the balance transfer deals hurt themselves by closing the older account.

Also, the tip above about not maxing out your cards is huge. Maxed out cards will kill your credit score.

Also, did you know that after you get a mortgage ( or any new loan), your score usually drops because it's a new account with no credit payment history. Takes about 3 months to get back up to the normal level for you. That bit is old knowledge...not sure if it still holds true, but it did in 2000.

Order from the free annual credit report site and then pay extra to get your scores.