Credit Score dropped (ideas?)

[tar heel]

Is it really true that a mortgage is considered late if paid during the grace period? I've always just mailed my payment around the first of the month. Come to the think of it, I usually did it that way when we were in our old house, too. I didn't think it was late until the 14th when the late charge starts. Yikes.

My mortgage company bills us each month instead of our having a payment booklet and we often don't even receive the bill until the 20th or so.

 

[tinatark]

Is it really true that a mortgage is considered late if paid during the grace period?

It's considered late by your lender - if you try to refinance with them they'll definitely consider your inhouse history. In addition, if they complete a full credit reference (written, usually for a mortgage) those late payments can be included on there - they can list *late* payments, 30 day late payments, etc.

By credit reporting guidelines, late payments are reported to the credit bureau at 30 days late.

 

[Jsme]

I recently found out that my credit score dropped about 100 points in 6 months. It was over 700 and is now in the low 600s. I pulled my report, I don't see anything unusual.

Any ideas what happened?

There are lots of things that can cause that. If you have ever been late on any payment that hurts. If you have too much credit out there and it is being used that hurts. You can have loads of credit and not use it and this actually looks good. If you have opened alot of accounts lately that looks bad. But a 100 points seems like a lot. Also a spouse with a joint account can hurt your credit if they are not paying on time.

Dh and I have a 1 point difference in our credit. I pay his bills for him and we have one of the highest and best credit score you can have.

 

[Poohgirl]

I have always wondered how the credit scores from the 3 companies can vary so much. All the same info, completely different scores over 100 point variation....anyone else have that issue?

 

[etwinchester]

Which option do you recommend buying on myfico.com? There is one for $44.00, one for $7.95 and a one valid for 30 days after purchase for $14.95.

For those who use it, which one did you buy?

 

[geetey]

I know your credit report is free now (once a year). Is there a way to find out your credit number without paying a fee?

 

[keishashadow]

Which option do you recommend buying on myfico.com? There is one for $44.00, one for $7.95 and a one valid for 30 days after purchase for $14.95.

For those who use it, which one did you buy?

Personally, I hate to pay for anything I can get gratis. Have you checked the on-line sites of your current major credit cards? Many (Providian comes to mind) offers a free credit score (that is updated monthly) as part of your credit profile (spending habits, etc. - creditors do so love to track you). Of course, they then try to sell you a full credit report.

Don't forget, Pennsylvanians are now able to receive a free yearly credit report...sign up on line - sorry can't remember the site's name - sure it would come up in a search. Good Luck.

 

[mill4023]

Personally, I hate to pay for anything I can get gratis. Have you checked the on-line sites of your current major credit cards? Many (Providian comes to mind) offers a free credit score (that is updated monthly) as part of your credit profile (spending habits, etc. - creditors do so love to track you). Of course, they then try to sell you a full credit report.

Don't forget, Pennsylvanians are now able to receive a free yearly credit report...sign up on line - sorry can't remember the site's name - sure it would come up in a search. Good Luck.

These "free" credit scores(Providian) are NOT real scores. Sometimes they are close to your actual FICO score and sometimes they are not. Basically, they are meaningless.
If you are wondering about your credit score, it is well worth the $12 it costs to get a real FICO score from www.myfico.com. Because you will actually get a real score this way instead of a made-up one, I would not consider this to be paying for something that you can get for free.

No, your credit report does not say anything about whether you pay the minimum or more than the minimum. It says whether you pay as agreed, but not how much you pay.

No, pulling your own credit report will not have ANY effect on your score.

 

[keishashadow]

These "free" credit scores(Providian) are NOT real scores. Sometimes they are close to your actual FICO score and sometimes they are not. Basically, they are meaningless.
If you are wondering about your credit score, it is well worth the $12 it costs to get a real FICO score from www.myfico.com. Because you will actually get a real score this way instead of a made-up one, I would not consider this to be paying for something that you can get for free.

No, your credit report does not say anything about whether you pay the minimum or more than the minimum. It says whether you pay as agreed, but not how much you pay.

No, pulling your own credit report will not have ANY effect on your score.

Guess we'll agree to disagree...Based on my personal experience w/Providian, wherein you can take the next step & purchase your credit report; the number quoted was the same. Certainly, not meaningless IMO. Don't forget, your scores can vary widely based upon the 3 major credit reporting agencies - which, is why it's good to check all three of them.

Additionally, everytime we were on our way out the door to apply for a large ticket item (car, re-finance, etc.), I've checked Providian & the score was right on the money. Of course, our scores haven't moved much in the last several years one way or the other.

Each creditor does keep records as to whether you pay "as agreed" and how much your actual payment is (bare minimum or greater amount).

Why on earth would you pay to yank your score when, under the new laws, you're entitled to 1 each year. Of course, if you're denied credit, you may also request a report. Lastly, if you think you're a victim of fraud, generally the agencies will allow a free pull.

 

[cruisnfamily]

Why on earth would you pay to yank your score when, under the new laws, you're entitled to 1 each year. Of course, if you're denied credit, you may also request a report. Lastly, if you think you're a victim of fraud, generally the agencies will allow a free pull.

You're entitled to a free report not your credit score. To get the score, you have to pay.

 

[mill4023]

Guess we'll agree to disagree...Based on my personal experience w/Providian, wherein you can take the next step & purchase your credit report; the number quoted was the same. Certainly, not meaningless IMO. Don't forget, your scores can vary widely based upon the 3 major credit reporting agencies - which, is why it's good to check all three of them.

Taking the "next step" and purchasing a credit report from Providian still doesn't get you your actual FICO score. It get's you Providian's score based on your credit report.
Yes, they can be close to your real FICO score, but there are no guarantees that they will be and often there is a big difference between your "free" score calculated by a creditor and your real FICO.

And as stated by the last post, you are entitled to a free report, NOT a free score.

Take a look at www.creditboards.com and search for "FAKO" for some good explanations of these free scores.

 

[WatchinCaptKangaroo]

WOW! This is not what I expected when I started this thread. Can we please all take a deep breath and chill?

in
out
in
out

Good.

Carry on now.

Why on earth would you pay to yank your score when, under the new laws, you're entitled to 1 each year.

One free credit report a year from each agency via Annual Credit Report. This does not include your score. Just your credit report. Credit scores are about $6 each or you can buy a package for about $15.

 

[tink2dw]

My oh my!! I just went to myfico.com what a rip off.

You all have mortgages right? Who helped you get them? Go to that person they can pull your credit for $13.00 for 1 person $26.00 for a couple. A credit report is good for 3 mo. before it is too old. Have it pulled when you are going to refi, or purchase a house then they can use the report to help you do your business. In the mean time pay your bills on or before the due date. And

breath be happy love and enjoy life while you still have it!! Gods not goin' care what your fico score was

But your kids might care to have a little fun with you!!

 

[Piecey]

People seem to be pretty knowledgable so maybe I can get some help..

When I turned 18 I applied for maybe four credit cards over the first two months.. stopped because I heard about how that could hurt your credit.

Finally applied in August, randomly, for the Disney Visa and got approved (really oddly) and just pulled my credit report from a link someone posted before and there are a ton of companies listed and I have no idea why they'd be looking..

There are a few that I don't recognize at all and then there is a pull from Progressive and another from State Auto Insurance- and I don't have insurance through either of them! I'm still 18 and still completely covered under my parents (even for my car) and they use Erie.. so what gives? I really don't understand..

 

[deltachi8]

People seem to be pretty knowledgable so maybe I can get some help..

When I turned 18 I applied for maybe four credit cards over the first two months.. stopped because I heard about how that could hurt your credit.

Finally applied in August, randomly, for the Disney Visa and got approved (really oddly) and just pulled my credit report from a link someone posted before and there are a ton of companies listed and I have no idea why they'd be looking..

There are a few that I don't recognize at all and then there is a pull from Progressive and another from State Auto Insurance- and I don't have insurance through either of them! I'm still 18 and still completely covered under my parents (even for my car) and they use Erie.. so what gives? I really don't understand..

Where are the pulls located on the report? What is the title of the section?