Confused about Credit Report

[overthedebt2]

Okay, so I went to annualcreditreport.com to get a free annual credit check. Everything looks accurate. But how did I get my actual SCORE? I took the bait on Equifax and paid to get a "score" (it was 705). I know this is not reflective of my "true" FICO. How does one find their score? Or does that even matter if the report looks accurate?

For reference, my Ch 7 was discharged and closed October 2012. I was approved for a regular Cap One credit card in February with a $3,500 limit at 0% interest. I've been using it and keeping a small balance to rebuild my credit. It has since been increased to a $4500 with my on-time payments. Also, I re-affirmed my Toyota loan which has never been delinquent pre-Ch 7 and has since been on time.

The time has come to buy a new car as mine is starting to carry costly repairs. Toyota is offering some great incentives and I thought it would be an opportune time to buy. Which is why I wanted to know where I stand before going that route and potentially being unprepared at the dealer! Another reference, I've had 3 loans with Toyota, all paid on-time.

Off topic.. I lost my young husband in February. It has made all of this process seem totally unimportant, considering. For any of you stressed out, embarrassed or discouraged about going through bankruptcy, it really isn't what matters. Cherish your family, friends, spouses. That's all the really matters in the end. Miss him.. we had just started to rebuild our life when this happened. :'(

[bcss]

You don't get a credit score with your free annual report. The only way to get a true FICO score is a myfico.com and its not free. The rest are FAKOs.

[Pjmax]

I'm so sorry for your loss. My heart goes out to you.

The only place to buy your actual Fico score is MyFico.com. All others are known as fakos. The Fico scores are pricey, if you do decide to go for it, check around for a discount. There are usually some for 20% off. When you are car shopping, your lender may have a different score if they are using an auto-enhanced version, just so you are not alarmed if the scores are different.

It's a good idea to check all 3 credit reports at annualcreditreport.com (if you only checked 1 this time.) Some people get all 3 at once, some space them out through the year, a different one every 4 months. Just because 1 report looks fine, doesn't mean the other two won't have issues.

Again, I'm so sorry about DH, I'm sure he's watching over you.

[overthedebt2]

I'm so sorry for your loss. My heart goes out to you.

The only place to buy your actual Fico score is MyFico.com. All others are known as fakos. The Fico scores are pricey, if you do decide to go for it, check around for a discount. There are usually some for 20% off. When you are car shopping, your lender may have a different score if they are using an auto-enhanced version, just so you are not alarmed if the scores are different.

It's a good idea to check all 3 credit reports at annualcreditreport.com (if you only checked 1 this time.) Some people get all 3 at once, some space them out through the year, a different one every 4 months. Just because 1 report looks fine, doesn't mean the other two won't have issues.

Again, I'm so sorry about DH, I'm sure he's watching over you.

Thank you for the condolences. I appreciate that. He'd be here to help me with this. Instead, I'm here alone now. :'(

I got 2 today. Equifax and TransUnion. The 3rd is coming with an on-line code via mail. I must not have answered one of the "security questions" accurately. The 2 from today both look accurate. So people pay for the FICO? Or just wing it going to the dealer? Just paid $7.95 for the "Equifax" score. Which, after reading this, is apparently worthless.

Thanks to both of you for your responses.

[Logan]

I wouldn't keep a small balance on your credit report. It's just a waste of money and as long as you pay your bills on time your credit score will improve. My guess is your credit is on the right track since CapOne gave you a pretty good credit line for being recently out of BK.
Logan

[overthedebt2]

I wouldn't keep a small balance on your credit report. It's just a waste of money and as long as you pay your bills on time your credit score will improve. My guess is your credit is on the right track since CapOne gave you a pretty good credit line for being recently out of BK.
Logan

Thanks, Logan. I thought it was a way to build credit if you show that it can be used responsibly? I have 0% interest until December. I'm only carrying like $200 right now. And, I pay double the minimum each month. I don't need to use it at all really. I could just pay it off every month.

[Pjmax]

Me, personally, I don't buy them. I get a free Transunion Fico with my Walmart card, and I know about where the other two are now from credit applications over the past 6 mos. if you know you want Toyota again, why not just go online and see if you can be preapproved with Toyota Financial? If denied, they'll give you a score and you'll know where you stand and can go from there. From what you've said, you should be able to get financing, if not with TF, there are other options. I'm not a car buying expert, but that's where I would start.

[IBroke]

Thanks, Logan. I thought it was a way to build credit if you show that it can be used responsibly? I have 0% interest until December. I'm only carrying like $200 right now. And, I pay double the minimum each month. I don't need to use it at all really. I could just pay it off every month.

For credit-building purposes, the reported balance doesn't matter. It's just a snap-shot and you can "adjust" your CC-account right before you actually need credit. Somebody who constantly carries the perfect (low) utilization won't have a higher score than somebody who usually carries a higher balance but has the same utilization as the other person the month a credit application takes place.

[Pjmax]

Thanks, Logan. I thought it was a way to build credit if you show that it can be used responsibly? I have 0% interest until December. I'm only carrying like $200 right now. And, I pay double the minimum each month. I don't need to use it at all really. I could just pay it off every month.

A small balance does make a difference in your score, if you are really trying to push for every extra score point at a particular moment in time. A zero balance will score lower than a balance anywhere under 10%. It's not worth obsessing over unless, as I said, you need a few extra points for some purpose. The ideal % is not the same for everyone, mine seems to be 4%. I played around for awhile testing out 0 balance through 15%, and watching my (mostly fakos) scores go up and down. I'm not planning on applying for anything, so I just PIF now because I like seeing 0 balances.

[Logan]

A small balance does make a difference in your score, if you are really trying to push for every extra score point at a particular moment in time. A zero balance will score lower than a balance anywhere under 10%. It's not worth obsessing over unless, as I said, you need a few extra points for some purpose. The ideal % is not the same for everyone, mine seems to be 4%. I played around for awhile testing out 0 balance through 15%, and watching my (mostly fakos) scores go up and down. I'm not planning on applying for anything, so I just PIF now because I like seeing 0 balances.

My credit report shows balances on my credit card every month but I pay them in full. Also, I've never cared about my percentages, just charged what I needed to charge and paid it off and my score has slowly and steadily improved. I've Never paid a dime in interest on my credit cards and I'm exactly 6 years out of BK and my credit is well over 720. I closed on a home loan last March at 3.625% interest and had absolutely no hitches.

Logan

[angel7821]

Sounds like you are doing great Logan.

[Logan]

Sounds like you are doing great Logan.

Thanks, maybe I could eek out a few more points with more effort but I like to point out to everyone that there is a simple formula to a good FICO score. All that is needed is a few lines of credit and then to pay your bills on time.

Logan

[overthedebt2]

My credit report shows balances on my credit card every month but I pay them in full. Also, I've never cared about my percentages, just charged what I needed to charge and paid it off and my score has slowly and steadily improved. I've Never paid a dime in interest on my credit cards and I'm exactly 6 years out of BK and my credit is well over 720. I closed on a home loan last March at 3.625% interest and had absolutely no hitches.

Logan

Congrats on your Home Loan! That's great!!!