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Getting Your US Credit Report & Score- My Experience

Getting Your US Credit Report & Score- My Experience

Old Oct 31st 2004, 1:01 am
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Thumbs up Getting Your US Credit Report & Score- My Experience

First, I want to make it clear that I'm not promoting the site, myfico.com but simply relating my recent experience of obtaining my US credit report and FICO (Fair Isaac Corporation) score.

Background: I've been living in the US for just under 2.5 years now and working for the last 1.5 years. I don't have any credit cards in my own name (as in I am the main account holder) and only have one store card. I bought a house in May this year and my spouse is a USC.

I was I've been turned down once for credit (applied for a credit card in my own name soon after arriving in the US. Ironically, it was the credit card company that also issues my spouse's credit card and on which I am a second card holder).

I was most curious to see the state of my credit report and most importantly, my FICO score since I last viewed my credit report (in Jan 2003).

Last time I viewed my credit reports, I viewed the reports provided by the "Big Three", namely Experian, Equifax and TransUnion. So, this time, I did paid to do the same plus I requested my FICO score.

I went to www.myfico.com 'cos I'd read about reviews about various credit report providers and this one seemed OK and it appeared that one Epinions reviewer included a discount code to get one's reports (the code is still valid. Please PM me if you're interested in getting a 20% discount).

Seeing all three bureaux's reports is an interesting exercise. You can compare:
how up-to-date the data held on you is between the bureaux
compare the amount and details on your report between bureaux

Most importantly, you can see whether there are errors, especially ones that impact negatively on your report.

In my case, I've been working for the same employer for the last 1.5 years and each of the bureau does not note any employer for me. I don't know why this info is missing but it pissses me off.

Nevertheless, looking at my FICO score, this omission doesn't seem to have impacted too badly on my all important FICO score (frequently used as in indicator of loan worthiness). Between the three credit bureaux, the difference in score is 21 (lowest is with TransUnion, the highest with Equifax).

The funniest aspect of looking at the reports is that all three bureaux record my credit history as being 11 yrs 8 ths old! I've been in the US for less than three years. The extraordinary length is a result of me piggybacking on my US spouse's credit (being second cardholder on one of his credit cards).

So, things look hunkydory at the moment. I'll shortly be applying for a credit card in my own name which should boost my credit.




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Old Oct 31st 2004, 2:38 am
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Default Re: Getting Your US Credit Report & Score- My Experience

In the words of the oft misguided, sometimes right, Deadmeat...


http://britishexpats.com/forum/showt...94#post1770294

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Old Oct 31st 2004, 6:55 am
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Default Re: Getting Your US Credit Report & Score- My Experience

You can piggy back to improve your FICO score but if it requires subsequent manual processing they will notice how you acquired the score and act accordingly.

FICO does not factor in Salary. Your mortgage company, Credit Card Co will.
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Old Oct 31st 2004, 1:34 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

[QUOTE=Boiler]You can piggy back to improve your FICO score but if it requires subsequent manual processing they will notice how you acquired the score and act accordingly.
QUOTE]


yup - i've been a victim of this....after manual processing I've been denied.

piggybacking can also go against you if the account your sharing adds consideraby to the balance. if you have limited credit limites this can be a serious knock to your fico.

My wife ran up her credit card that i was an AU on and my fico went from 710ish down to 640's

i explained this to a mortgage person when i was ooking at buying a house and through their ignorance they said fico scores don;t move that quickly etc and there was some other reason.

Wife just transferred the balance to another card i am not AU on and magically as soon as the lender reported the cleared balance my score jumped 70 point to 720
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Old Oct 31st 2004, 3:59 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Originally Posted by Boiler
You can piggy back to improve your FICO score but if it requires subsequent manual processing they will notice how you acquired the score and act accordingly.

FICO does not factor in Salary. Your mortgage company, Credit Card Co will.
I'm not so concerned about my FICO score because that's a respectable figure.

It's the fact that it appears I have no employer when creditors pull up my credit report.

One of the questions I was asked when I applied for my own credit card was my annual salary. At the time, I didn't have a job (nor had even started to look for one to be honest). Now, I have a job but if the creditor looks at my credit report, it appears I don't (have an employer). That's what pissses me off.

A credit card company would look for a steady source of income before approving credit and having a job is the most obvious source.





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Old Oct 31st 2004, 4:23 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Originally Posted by NC Penguin
It's the fact that it appears I have no employer when creditors pull up my credit report.
This doesn’t matter because when you fill out the credit application it always asks you the name of your employer, years worked there, and salary. The underwriter will base his information on this, not your credit report, and then possibly verify it. The information you give on the application may eventually wind its way through to the credit bureau, though it is often garbled by the time it reaches there!

One important factor to note is that your FICO score is rarely ever the sole underwriting criteria in granting credit. Red flags are raised with a short employment history, but do note that this will never be reflected in your FICO score. They are also commonly raised with a short credit history and a credit history that appears incompatible with your age, which is a common problem for new expats!
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Old Oct 31st 2004, 4:39 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

P.S.
Don't waste your money at myfico.com. You can get an accurate and free estimate of your FICO score here.
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Old Oct 31st 2004, 4:49 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Well if I ignore my non US history, I do not get beyond the first page.

If I count in my non US as well, it suggests about 800 ish, which I think is where my Wife is at. So that sounds about right.
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Old Oct 31st 2004, 5:08 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Originally Posted by Boiler
Well if I ignore my non US history, I do not get beyond the first page.

If I count in my non US as well, it suggests about 800 ish, which I think is where my Wife is at. So that sounds about right.
Sorry – if it ain’t US it ain’t no good! Except, I s’pose, in the fact that you already have the spending habits that’ll eventually give you a good US score.

Go open a secured credit card in your name only with one of the big banks for $500. Shouldn’t cost you anything for the card, but you’ll maybe have to pay a little for maintaining the secured deposit account (depends on your account type). Religiously spend $50 to $100 on it every month (gas?) and pay off in full immediately after bill posts. Hey presto, you’re on the ladder!
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Old Oct 31st 2004, 5:29 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Yes, I do realise that. I was trying to make the point about the differing systems. Do not make 'first base' here.

I am not that bothered, I have 4 UK Credit Cards and my Bank Card and am joint on one of my Wife's cards.

If the situation arises where we want to take advantage of any Interest Free deals then I go down as a second name, so I guess that will help over time.

My US Bank card acts as a Visa, I use my UK cards if I need a Credit Card for car hire type situations, so not really a big issue.

I do appreciate that others have differing requirements. I would be very careful about which secured card you use, some are dodgy, do the research.

If I had known, I would have got an American Express in the UK and transferred it over, not poss on any of mine.
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Old Oct 31st 2004, 5:45 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Originally Posted by Boiler
I would be very careful about which secured card you use, some are dodgy, do the research.
Too true. There's a dodgy side to everthing financial. Stick with the big banks or your local CU. As a non-exhaustive list, avoid at all costs: Providian, Aspire, Household, Orchard, Capital One, First Premier, Centennial, Eufora, Four Oaks...
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Old Oct 31st 2004, 7:28 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Originally Posted by fatbrit
P.S.
Don't waste your money at myfico.com. You can get an accurate and free estimate of your FICO score here.
Myfico is the one of the providers of the link that you've given above.

Not surprisingly, using the bankrate.com site's FICO calculator, my FICO score was pretty much the same as the score provided by myfico.com.

The main reason for using the myfico website to see my US credit reports. The FICO score was just a little add on I decided to get.




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Old Nov 1st 2004, 5:19 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Originally Posted by fatbrit
Too true. There's a dodgy side to everthing financial. Stick with the big banks or your local CU. As a non-exhaustive list, avoid at all costs: Providian, Aspire, Household, Orchard, Capital One, First Premier, Centennial, Eufora, Four Oaks...

I have a non-secured household and non-secured providian (both nearly a year)

no issues with either

I think providian is trying to move up the value chain

Although if household try and charge me a annua fee for the second year they are very much mistaken
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Old Nov 1st 2004, 5:35 pm
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Default Re: Getting Your US Credit Report & Score- My Experience

Originally Posted by BritGuyTN
I have a non-secured household and non-secured providian (both nearly a year)

no issues with either

I think providian is trying to move up the value chain

Although if household try and charge me a annua fee for the second year they are very much mistaken
Oh dear! It’s not a matter of if they screw you, rather when!

Be especially vigilant and keep your eye firmly on them. Start applying for a prime card around 15 months after you got your first card. Then put these runts slowly to sleep. However, unless they are actually screwing you, don’t close the accounts as this will have a detrimental effect on your credit score.

A good search for their names together with sucks, predatory and/or class action suits should forewarn you of where they are likely to make the first attack. Google is your friend!
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Old Nov 2nd 2004, 2:43 am
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Default Re: Getting Your US Credit Report & Score- My Experience

Originally Posted by fatbrit
Oh dear! It’s not a matter of if they screw you, rather when!

Be especially vigilant and keep your eye firmly on them. Start applying for a prime card around 15 months after you got your first card. Then put these runts slowly to sleep. However, unless they are actually screwing you, don’t close the accounts as this will have a detrimental effect on your credit score.

A good search for their names together with sucks, predatory and/or class action suits should forewarn you of where they are likely to make the first attack. Google is your friend!

Yeah - i've seen some bad press, but to be honest, its often difficult to tell when its the firm being bad or the consumer being an idiot

There are a LOT of financial idiots out there judging by the number of people frequenting credit boards and juding by the amount of charge-offs, lates and run-ins with collection agencies i'm tempted to believe a lot of problems are reported by people who have messed up and expect the firms they deal with to bail them out.
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