Someone explain E-loan to me please

Discussion in 'Credit Talk' started by Gemini, Jun 11, 2001.

  1. Gemini

    Gemini Active Member

    I have read reference that you can get your FICO score through them for free, what's the catch? Is it a hard inquiry and will it lower my score? We are going to try to buy a house this fall and I don't think we will be able to. Scores are low, mid 500s (that's what they were last summer). Medical collections are on our report and an over-the-limit credit card. Hope to have that paid off in 2 months, but....paying a card off in August won't do me much good trying to get a house in September I imagine. Feeling hopeless is a nasty feeling.
  2. Nave

    Nave Well-Known Member

    Although these scores are a representation of your credit rating, I think they are not a true FICO score. I am not positive about E-Loan, but ..recently I got my score through CreditExpert which is supposed to give you a score based on Experian (should be a true FICO). The CreditExpert (and e-loan) score being or not being a true FICO score has been debated here and believed to be only an approximation of your FICO score. Do a search on E-loan, or credit score and you will have a bunch of information debating that fact.

    Good luck with attaining your mortgage. Reading this board is a good way to get that score up no matter what e-loan truly can be used as a good gauge of how you are doing "credit repair-ed" tomorrow with respect to how you are "credit wise" today.

  3. tmitchell

    tmitchell Well-Known Member


    I have contacted both of these entities directly. These are not true FICO scores and, at least in my case, these scores were about 40 points higher than my actual FICO.


  4. Gemini

    Gemini Active Member

    Thanks for the good wishes Nave

    I really think a mortgage is out of our reach with scores in the mid 500s. We have land as the downpayment, still think we are just dreaming though and this won't be a reality for a while. Paying down a balance isn't going to raise our scores very much, or fast, I fear.

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