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Discussion in 'Credit Talk' started by Momof3, Mar 28, 2000.
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Higher or lower, because if mine is supposed to be higher, I'd like to know why I keep getting turned down for credit. I got a 609 which is about 50 points off from being acceptable (probably all those darn inquries).
I know for a fact that mine is 744 (looking at my bureaus), yet eloan said 644 or something close to that. A few others have told me theirs were off about 100 points as well. As far as I know eloan only pulls your Equifax score not the other two.
As usual Kristi you are correct. I have recent copies of all 3 of my reports and Eloan only shows up on Equifax.
Something to consider. Is this drastically lowered score the result of programming incompetence or deliberate?
Frankly, I cannot imagine this huge variance in score not having been brought up on many occasions to Eloan. The fact that this unacceptable variance has continued leads me to the conclusion that this a deliberate policy on their part to, what else, have a 'justifyable' reason to jack up the interest rates offered to otherwise qualified clients.
They first entice people but advertising heavily "get your credit score for free by just filling in a simple application" then the scenario unfolds where I can just see them saying to somebody who has a true 710 score and would have a multitude of mortgage brokers eager to offer a loan at very competitive prices but instead have Eloan saying "our test shows Mr. Smith that you are below the cutoff point and would have difficulty getting any loan under 20% but we here at Eloans are still willing to offer you at mortgage at 15%" oh yeah its a nice little "scam" that they got running there.
Hey I could be wrong but that would mean their incompetent reason enough to avoid them .
How did you get your score (the 744 not 644)? I have always wanted to know what mine was but haven't been able to figure it out.
If you apply for a mortgage or some other types of loans, the lender will tell you the scores. Especially Mortgage Brokers & Credit Unions. We do not release scores but do release the Factor Legend which tells you the scoring matrix that affects your credit. Example is you score a 39 for delinquency. The legend will tell you this so that you know to reduce delinquency to get a lower factor and in doing so will raise the fico.
You can get your credit score by visiting eloan.com and filling out a few forms.
WARNING: This procedure WILL result in an inquiry. Eloan pulled my Equifax file, and so the score I received was my BEACON score -- the Equifax equivalent of FICO.
I cannot guarantee you that they won't pull files from the other two bureaus. What I will say is that I've read things on the Web that lead me to believe eloan.com uses only Equifax and that they definitely pulled my Equifax file.
Follow the directions carefully at the eloan.com site.
They said mine was 580. Is this bad?
Here is how eloan, in its own literature. rates credit scores:
Excellent: Above 719
Good credit: 680-719
Lender will take closer look at file: 620-679
Higher risk (not eligible for best rates and products): 585-619
Credit products may not be available: Below 585
Sounds as though you're moving up the ladder and getting close to where you need to be. If I were you, I'd not apply for any credit for at least 6 months and continue to keep a clean bill-paying record.
Also, keep balances on credit cards low.
Some lenders will do a mortgage with a 620 credit score, so you aren't that far away from being very loanable. Just keep your nose close to the grindstone. That score will creep up more and more as you keep positive tradelines in your file, get more good months in the book and show responsibile use of your revolving accounts (and any other accounts).
A final thought: What constitues an acceptable score varies among lenders. The approval process is very subjective. What's a "good" score with one lender may not be "good" with another. Firms such as Providian have products to meet the needs of consumers with lower scores.
In my business (home security systems) a score of 580 is considered B credit.
A - 600+
B - 575 - 599
C - 550 - 574
D - 525 - 549
We accept only applicants with A credit for standard service. B credit needs an additional deposit and payments on credit card or automatic withdrawl from a checking account. We can take C and D credit but on a case by case basis. 80% of the chargebacks come from C & D credit applicants so it's kind of stupid to take them when we have so much invested in the equipment.
found this post from years ago..dont know if is still true w/ eloan,...