Credit Score?
Hi All! I had a quick question.....my husband and I have a Providian Visa credit card and on the website after I log in under my account there is a section that is from FICO, and this is what it says: FICO® Credit Score Last updated: Apr 2007 Source: TransUnion It says our credit score is 735. I was wondering how legit FICO is....and if this is a pretty good estimate of what our credit score would be if it was pulled by a major credit bureau (such as Alliance credit that pulls from Equifax, Experian and TransUnion all together). I am wondering this because my husband and I are in the process of starting to get pre-qualified for a home loan, and I didn't want to pull credit beforehand to check my scores and then have the company pull it AGAIN when they check them. I don't want too many inquiries, especially before we buy a home. Thanks!! :)
Public Comments
- FICO is the score that is used and changes on a daily basis..your score as listed is an "excellent rating"
- I also have a Providian credit card and not long ago I wondered the same thing. I have the ability to pull credit due to my job, so I pulled mine and it was a exact match. Don't worry about inquiries. When you pull your own credit it is a soft pull and doe's not deduct from your score. And when people are applying for a loan on a vehicle or a home the system counts the pulls as one which only cost you 3-points.
- FICO is a formula used by many agencies to make up credit scores; they are the primary score used by creditors to determine the level of risk they have by lending you money or extending you credit; your score of 735 is an excellent FICO score and your good to go for most any loan absent any issues.
- Transunion FICO is one of the three major credit bureaus, but I dont think a lot of people report to them they prefer experian or equifax.
- So the credit score you got was either for you or your husband, not a combined score for both of you. Credit scores are individual, based on each person's history. In this case, the credit score is probably for whoever is listed first on the account - but you could call Providian (now WAMU) to be sure. A score of 735 is considered very good/excellent. The score that the mortgage lender pulls for TransUnion will probably be within a few points of that score, as long as nothing on your report changes. Things that might change it are getting a new account, significantly increasing or decreasing the amount you owe on your accounts, or closing an account. When you are looking to buy a home, it is advisable to make as few changes as possible to your credit history for 3 - 4 months before you buy the home as possible. So - no new cars! As far as pulling your own scores, it's not counted as an inquiry when you pull your score. One of the best things that you can do before applying for a mortgage is to each pull your scores from all 3 credit bureaus and make sure that everything that is reported is accurate. You can get a free credit report once a year from each of the 3 credit bureaus from www.annualcreditreport.com so it doesn't even have to cost you anything. They will offer to sell you scores, though. If you decide to buy scores - make sure that you are buying a FICO score, not a Vantage score - Vantage is a new credit scoring system that very few lenders use. Examine the reports carefully and make sure that everything is accurate. Because the dispute process for inaccuracies takes 30 days or so, you should start this process 30 - 60 days before you plan to apply for a loan, if possible. For more information on credit scoring, www.myfico.com is a good source.
- Your credit score is a number based upon your credit report. As you grow in life you will find that it is one of the most important number affecting life and finances. The higher the credit score, the better it is. A higher score can help you find loans with low interest rates and quick turnaround times for approval. The more you understand your credit score and the factors that affect your credit score the easier it will be for you to keep your financial health in order. The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one. 1. Re-payment history This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score. 2. Outstanding debt The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is 30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum. Read more about it at: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score
- The Providian Visa fico tracker is mostly an estimate. To get a better picture of your real fico score you should go through the company that actually manages your credit score.. MyFico. There tracker gives you a much better estimate and I've been using it for the past year. I did the free trial but I liked it so much I bought the full year. Take a look:
