Credit Repair Secrets - What You don't Know About Your Credit Scores

[lazarit]

825 here

[waiting4guffman]

Your ultimate credit score is ZERO. I agree with Dave Ramsey: "A FICO score is an 'I love debt' score". Stop aiming for high credit scores, people. You are just trying to borrow money, so later, you can borrow money, so, after that, you can borrow more money....Is this healthy for your financial bottom line? I'm worth half a million, and have never made over 75K in my life. Drive that "beater with a heater" & rent if you must, so later, you can move up by USING CASH.

[hifhif123]

Is the FICO score also used in the UK. I just signed up to Experians credit report, I didn't apply for the credit score.

[scoremore1]

@hifhif123 I am not familiar with procedures in the UK. I have recently retained an expert to teach me and get me up to speed.

[HKGJOHN]

@hifhif123 Experian has it's own scoring system. FICO is a proprietary algorithm developed by Fair Issac in the 70's for department stores. FICO has years and years of data, is usually more trusted among creditors as having the most accurate models. That being said, like weather models, FICO models can be applied to any set of data. It is the user/creditor decision what model they would like to use to predict the chances of default by the consumer. Most creditors prefer FICO models for scoring.

[svca12218]

Good info...the problem is that FICO score is used by mortgage lenders, Equifax,Experian,Transunion scores are used by other credit lenders, and Auto Industry Option credit scores uses it own "sometimes" to approve you for auto loans...you need to know all of them to get a good interest rate.

[scoremore1]

@svca12218 Auto lenders have their own FICO score card which weights past car loans differently than a mortgage score card. 99% of lenders use FICO scores though.

[koolaidpuc]

what about EQUIFAX? can you buy ure credit score there? is that legit? is that the real score?

[brokerguy]

Good job brother

[pescespadaisland]

solid info. THANKS !