Re: FICO Scores

KathyPet · ‎03-09-2010

Ford, I just pulled my Experian report directly from the Experian web site.. It cost me a $1.00 for the report and score but then I am agreeing to sign up for their credit monitoring system at $14.95 a month. However, I have 7 days to cancel that service before they start charging you so I will cancel tomorrow with them. Experian gave me their PLUS score which is what they call their own Credit Score. I have a 768 out of 830 which is considered excellent and puts me in the top20% of scores. If you want to see how the specific score from Experian matches up with the score you received from the Credit Sense system and or from My FICO you can do what I did and pay the $1.00 charge and then cancel the service within 7'days.

151949 · ‎03-09-2010

Last summer we decided to buy a new camper because our savings (IRA) had earned enough to pay for it without touchng our principle. When DH called our financial advisor to ask him to send us the money he highly recommended we use credit to buy the camper and take out the payments from our savings each month because we had no debt at all and that makes your FICO score drop very low, plus being retired and having lower income now also lowers our score. Also, since DH will be 70 this year he would need to increase his monthly withdrawal from his IRA anyway starting this year . So many factors play into what those scores are about. It's not just income and if you pay your bills - though certainly those things figure into it. it is much more complicated.

151949 · ‎03-09-2010

sorry

KathyPet · ‎03-09-2010

You need to understand that the credit bureaus make their money from selling your report and scores not primarily to individuals but to businesses that pay a subscription fee to the credit bureaus to get this information. A business however you choose to define that term can choose to,use the subscription ONLY to get credit information or if they agree to also provide information on their customers they pay less to then obtain credit history and scores. However there is a fee involved. it's not free! I know of no medical provider who either obtains your credit report or score or who pays to report your current amount due to a credit bureau. NOW, if you allow a medical bill to go unpaid and your medical provider turns your unpaid bill over to a collection agency then the collection agency WILL report it as a unpaid collection due to your medical provider.

straykatz · ‎03-09-2010

There is some good info on this thread but there is a lot of bad stuff posted...this thread is a good indicator of how many people really know little about how credit is reported and works in this country.

Kathy...great post....too bad it will go unnoticed or be challeneged by the ones who THINK they know how it all works.

KathyPet · ‎03-09-2010

On 3/27/2014 straykatz said:
There is some good info on this thread but there is a lot of bad stuff posted...this thread is a good indicator of how many people really know little about how credit is reported and works in this country.

Kathy...great post....too bad it will go unnoticed or be challeneged by the ones who THINK they know how it all works.

Thanks. There is no truth whatsoever to the statement that your credit score goes down if you are retired. The credit bureaus have absolutely no,knowledge of your monthly income whether retired or working and while a lending institution may factor that in when deciding on a loan application when you have provided them with that information the credit bureaus do not lower your score because you are retired. Also, the statement that medical providers send information to the credit bureaus on a regular basis is untrue and the very idea that your credit score might be lower because you visited a oncologist is so absurd I don't even know what to say.

stilltamn8r · ‎03-14-2010

Yeah, we don't use Equifax- too expensive and not as accurate for us- used mostly for home loans- Not that Transunion and Experian are that great- one runs 30 lines and the other 40-

In fact, there is a huge class action lawsuit going on right now to try and "even out" the scores as the bureaus report them

stilltamn8r · ‎03-14-2010

On 3/27/2014 KathyPet said:
On 3/27/2014 straykatz said:
There is some good info on this thread but there is a lot of bad stuff posted...this thread is a good indicator of how many people really know little about how credit is reported and works in this country.

Kathy...great post....too bad it will go unnoticed or be challeneged by the ones who THINK they know how it all works.

Thanks. There is no truth whatsoever to the statement that your credit score goes down if you are retired. The credit bureaus have absolutely no,knowledge of your monthly income whether retired or working and while a lending institution may factor that in when deciding on a loan application when you have provided them with that information the credit bureaus do not lower your score because you are retired. Also, the statement that medical providers send information to the credit bureaus on a regular basis is untrue and the very idea that your credit score might be lower because you visited a oncologist is so absurd I don't even know what to say.

That is NOT what was said- a poster was asking about their medical records boing reported to the bureaus, and I replied that at most, an unpaid bill COULD be linked to a certain type of physician and a conclusion COULD be drawn by the person reading the report as to the persons health- NOT that that would be used in any type of scoring ...

KathyPet · ‎03-09-2010

On 3/27/2014 stilltamn8r said:
On 3/27/2014 KathyPet said:
On 3/27/2014 straykatz said:
There is some good info on this thread but there is a lot of bad stuff posted...this thread is a good indicator of how many people really know little about how credit is reported and works in this country.

Kathy...great post....too bad it will go unnoticed or be challeneged by the ones who THINK they know how it all works.

Thanks. There is no truth whatsoever to the statement that your credit score goes down if you are retired. The credit bureaus have absolutely no,knowledge of your monthly income whether retired or working and while a lending institution may factor that in when deciding on a loan application when you have provided them with that information the credit bureaus do not lower your score because you are retired. Also, the statement that medical providers send information to the credit bureaus on a regular basis is untrue and the very idea that your credit score might be lower because you visited a oncologist is so absurd I don't even know what to say.

That is NOT what was said- a poster was asking about their medical records boing reported to the bureaus, and I replied that at most, an unpaid bill COULD be linked to a certain type of physician and a conclusion COULD be drawn by the person reading the report as to the persons health- NOT that that would be used in any type of scoring ...

Sorry I thought you were saying that the credit bureau would lower your score based on this. I suppose your statement could be true on a individual credit application but I think,it's a awfully big stretch. If you have a unpaid medical bill that has been turned over to a collection agency and they report it to the credit bureau as being owed to ABC Medical Associates or to Dr John Jones the person looking at your credit report would then have to go and investigate what,kind of medical speciality this particular individual Dr or medical practice specialized in. Rather a stretch IMHO especially if they can just turn you down because you have a unpaid collection on your report.

stilltamn8r · ‎03-14-2010

On 3/27/2014 KathyPet said:
On 3/27/2014 stilltamn8r said:
On 3/27/2014 KathyPet said:
On 3/27/2014 straykatz said:
There is some good info on this thread but there is a lot of bad stuff posted...this thread is a good indicator of how many people really know little about how credit is reported and works in this country.

Kathy...great post....too bad it will go unnoticed or be challeneged by the ones who THINK they know how it all works.

Thanks. There is no truth whatsoever to the statement that your credit score goes down if you are retired. The credit bureaus have absolutely no,knowledge of your monthly income whether retired or working and while a lending institution may factor that in when deciding on a loan application when you have provided them with that information the credit bureaus do not lower your score because you are retired. Also, the statement that medical providers send information to the credit bureaus on a regular basis is untrue and the very idea that your credit score might be lower because you visited a oncologist is so absurd I don't even know what to say.

That is NOT what was said- a poster was asking about their medical records boing reported to the bureaus, and I replied that at most, an unpaid bill COULD be linked to a certain type of physician and a conclusion COULD be drawn by the person reading the report as to the persons health- NOT that that would be used in any type of scoring ...

Sorry I thought you were saying that the credit bureau would lower your score based on this. I suppose your statement could be true on a individual credit application but I think,it's a awfully big stretch. If you have a unpaid medical bill that has been turned over to a collection agency and they report it to the credit bureau as being owed to ABC Medical Associates or to Dr John Jones the person looking at your credit report would then have to go and investigate what,kind of medical speciality this particular individual Dr or medical practice specialized in. Rather a stretch IMHO especially if they can just turn you down because you have a unpaid collection on your report.