FICO's Carol Dietriechs says items in dispute are not tabulated into the score. http://www.gainsurance.org/CONSUMER/CreditScoringHearings.asp
Thanks Rina! This means my score is a true beacon score. Is this the same score the lenders will see? I will began the home buying process next month. Thanks again!
You're rockin' with the 732 FICO!!!!! The cutoff is about 720 for best mortgage rates. In the 2 months I've gotten mine I'm sure it has improved due to paying off my car & a student loan, and greatly reducing the UR on my 2 CCs... Curiosity is eating me alive, but I'm trying to hold out to 5/14/02 to shell out another $12.95. It'll be the 1 year anniversary of my 636 FICO.
Exactly. So what happens, is when you dispute something, because it isn't figured into your score, your score will go up. If the item is then deleted, your score will stay where it went to when you initiated your dispute. If the item disputed is verified, your score will return to where it was pre-dispute.
I don't want to give misinformation, so someone please correct me if I'm wrong. It is my understanding (reinforced after reading the Georgia 'inquisition') that there are different scores that are calculated (and calculated in different ways) depending on what the purchase is going to be, i.e. house or car. Your EQ, score, therefore, may not be your EXACT score that a mortage lender might see. It could be higher (hopefully) or lower, depending on the particulars of your credit report.
bc, That's correct. The scores we get are based on the overall report, but the lender asks for a score based on their particular criteria. However, scores in the 700s indicate few, if any, negatives. She shouldn't have any trouble finding lenders to compete for her business.
The cutoff for the best mortgage rate is NOT 720. I had a 640 when I got mine, and I got the same rate/downpayment options that I would have received with a 720. Mine was a typical conventional loan, and I put 3% down.
In my research... GF is closing next month... there is a definite cut off at 620... and most of the time you need a 680 to get the best rates.. unless you are going with a special government program.
When we were purchasing our home, my scores were approx 640, gf's were 730's. We got a better rate and lower down, just using her on the mortgage.
I have a quick question.. If I'm disputing items on my equifax, does the fico score go up because I'm in the process of disputing or stay the same? Meaning, that if I get some disputes cleared, will the score go up or stay the same? I sent in some disputes and my score went up while in the disputing process and I didn't know if it was because I was disputing or because it went up due to not applying for anything or getting any negatives lately? So, if it is because of the disputes and, lets say they get verified, that means it'll go back to 537? In like three weeks, I went from 537 to 577. Does anyone really know? Thanks for any answers... Janet
quote LKH :So what happens, is when you dispute something, because it isn't figured into your score, your score will go up. If the item is then deleted, your score will stay where it went to when you initiated your dispute. If the item disputed is verified, your score will return to where it was pre-dispute.
I haven't seen a change in the score on my husband's report through creditexpert.com. I have disputed every negative thing on there including the inquiries and there has been no score change at all. Anyone else have this? Maybe I am just the unlucky one.
I Think Equifax's score power is the only consumer score that changes when things are in dispute. I know from my experiance that Credit Expert doesn't.
