Okay, as I posted yesterday, Generations declined my application because they say my TransUnion score is only 598. I checked my score again and my credit report and the bogus score they gave me was 668 (down now to 653 due to inquiries). Now how is it possible that my "real" TU score is only 598? No derogs, no lates, no public records...no nothing except for 15 positive tradelines and now about 8 inquiries (five of which are Cap One). I'm high on my d/c ratio (at about 80% utilitzed), but that should not drop me into the 500's. I know no one knows why scores are what they are, but does anyone have any insight on how this could happen? Is something being coded wrong and even though it says No Adverse Accounts, maybe there is something adverse there? Please help. There's nothing left for me to dispute except inquiries. L
Whyspers, The people at Generations are really nice. Maybe you could talk to them and see what kind of information is on the report they have? Maybe it's not the same info your getting, or maybe there is something you don't see? Just a thought. It doesn't make sense to me that your score would be that low with no negatives. I don't think that 80% util. would make your score under 600.
From what you're saying, I don't believe anything is coded incorrectly. What most likely is driving down your score is your balance to limit ratio. 80% is very high. I remember Lizardking (and probably others as well) saying each time they dropped their utilized amount of credit by a chunk(i.e. from 50% utilized to 25% utilized) they saw a somewhat large credit score increase, and especially with TU (since their scores go from 150-934) I bet if you cut your rate in 1/2 (to 40% or so) you'd see quite a jump. The inq's are probably hurting a little as well, depending on how new they are. But like I said, your ratio is doing the most damage.
The score that Generations gave you may not be TU's score. It may be their own internal score derived from the info in your TU report. You can go to eloan and get a creditxpert score based on your TU info. But, the score didn't come from TU. I bet it's the same with Generations.
