First off hello everyone, I just joined the site.
My wife and I are trying our damnest to get our credit fixed so we can eventually in the next year move into a better home / location. It's for the kids and me before I snap and kill someone =).
That said we've been going through our credit reports like crazy and I'm finding myself getting lost at times. We have been members of freecreditreport.com for about a year or so and I was never aware of the differences of credit reporting (Fako vs Fico) until recently. I can't understand why they even allow this. If people are trying to fix their credit why the heck would you allow something as Fako to even exist. We recently learned our true credit scores when we went to a downpayment assistance program and we were both pretty beat up about it. But anyway here's the gist of it all;
1 credit card that I haven't used in 1 year, it's a very small Discover Platium rewards card. I also have a car payment that we were late on once in 2 years thanks to my bank never sending the payment off and we requested to the finance company to get that removed. I also have a mortgage that I am the secondary on with my father being primary. I never seem to get any good credit off that and only get reported when it's late.
I did a 3 credit bearau pull and these are my following scores as of 3/31/2012 are Experian: 553 / Equifax 589 / Transunion 568. Now I did a recent pull today as I had disputed 3 things on my credit report, paid off 2 collections that were impacting myself and my wife and while I can't do a 3 credit pull until 8 more days I did see my Equifax score (Fako still) jump to a 634.
I signed up today to pull my Equifax Fico score and scored a 598. When the downpayment assistance company pulled my FICO score (Equifax Beacon 5.0) it was a 582. I had already paid my pitiful credit card down to 70
dollars ($300 limit), contacted my bank to get the late payment removed, contacted the car finance company to get the late payment removed and paid off a collection we had with home deport (Screwed us over badly). The only thing I have is a collection with T-mobile who cancelled our account in 2005 and we refused to pay it. Well they decided to send it to not one but two collection agencies. I've been fighting it for years but finally agreed to PFD it with one of the agencies. I contacted the other one and they stated they deleted it in 2009. I called them twice now explaining it's still on my credit and they said they would push it through again.
So Fako scores; Experian: 553 / Equifax 589 / Transunion 568. As of 4/12/2012 Equifax score of 634
Fico scores as of 3/23/2012 Equifax 582, as of 4/12/2012 Equifax 598.
Basically everything I did affected her so there wasn't anything see needed to do plus she has a $2000 credit card that we paid off $1000.00 on recently. When we did the 3 credit breaeua credit pull she scored (Fako) Experian 647 / Equifax 663 / Transunion 659 and today with I pulled her credit she had a (Fako) Experian score of 666. Her Equifax (Fico) score as of 3/23/2012 was a 629 and as of today checking it was a 646, it jumped 17 points.
So Fako scores; Experian 647 / Equifax 663 / Transunion 659. As of 4/12/2012 Equifax score of 666.
Fico scores as of 3/23/2012 Equifax 629, as of 4/12/2012 Equifax 646.
Obviously making sure that we pay our bills on time will help push the scoring up and keeping the credit cards as long as possible, I heard %35 is great, but what else will help?
Also I'm really really thinking about dumping freecreditreport.com. They are already giving us a $8 per month rate as we tried to cancel once and then they threw in a free 3 credit report even month however it's Fako, do I even need to bother with that? Any other recommendations and have has Myfico.com been, since I'm new here.