I logged into my Providian (Washington Mutual) credit card to see if my payment of $3.44 had cleared (it had), and while there checked my credit profile. Last month, I only had a FICO of 602. This month (as of February 1, 2008 my FICO had the biggest jump that I have ever seen. It now stands at 669. I guess paying off that credit card really helped improve my FICO. Now let's see what can happen as I pay off my other 3 debts. It will be difficult though, since I am sure, WaMu will shut off my access to their site at the end of the month. Unless they do something really absurd, like charge me interest on the $3.44.
Still though there is a difference between credit bureaus. Last week, my credit was checked by Prosper.com, which uses Experian and they have my credit ranked as an E (599-560). They also have 3 lines of credit with 2 open. So it is possible they either don't have the credit card info or don't have the updated info. If they had the same information, and scored it the same, I would have a Prosper grade of C (679-640)
It is time to run a new check on my credit with the Free Annual Credit Report tool. So I went and pulled the report for Experian and sure enough WaMu was there and it was up to date. With a balance due of $3, of course it may not have been there when Prosper.com pulled it.
In addition, I found a couple of minor items to dispute. Like addresses I have never been at. One in Florida, I even reported to law enforcement several years ago, when I got a notice from a debt collector about that address, but law enforcement seemed less then interested. Since then I reported to the credit bureaus that I never lived there. Heck I never ever lived anywhere in Florida. To top it off, while I went on Spring Break in Daytona and Orlando back in 1990 in never ever visited the city that is listed on my report. Hopefully in the next month or so, Experian will get that off the report.
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go ahead share your thoughts with me now.
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if you kept the wamu open, your fico will rise more. if you closed it, your fico might drop, but not by much.
ReplyDeletedefinitely dispute the false information on your report.
Great to know that ,
ReplyDeletethanks
Tracy Ho
wisdomgettingloaded
It's not that Prosper uses Experian- it's that they use a specific Experian model called ScoreX. Each bureau within itself has many different types of FICOs and other scores. Confusing, I know. If you want to get close to 'apples to apples" the only way to go is to get all 3 "classic FICos" from myfico.com ( they always have a 20-25% off code floating around the internet).
ReplyDeleteAnd then there are what many call FAKO or FACO scores- wont get too much into those. However, they are the scores that many score monitoring services sell that have nothing to do with actual FICOS and are pretty much meaningless.
As far as Prosper goes, IMHO their scores seem more sensitive to more recent activity- seems to reward positive open accounts with few inquiries and low utilization. I actually had an A with them when my Classic FICOs were more like "D." My classic FICOs were being held down by very old negative accounts.
Jon (mcfnord) -
ReplyDeleteI need to talk you about something. If you could email me please