Upping my credit score
#31
Re: Upping my credit score
As Pulaski, mentioned above, things were changed to stop people from building credit history off of someone else, but since then, it has some what changed back, in that you can build history if you are a close tie, so immediate family member. Also need to be added as an additional user. Each bank/card might do that differently though.
So yes, you can build up your own history by piggy backing off someone else, but it can't be a random person.
#32
Re: Upping my credit score
Also credit scores vary widely, mu capital one score is the lowest, amex is the highest, all the other are in between. The difference between the highest and lowest is about 100 points
#33
Re: Upping my credit score
All credit companies banks, card issuers, loan companies etc. have their own proprietary internal credit scoring models, which may or may not look anything like a FICO credit score - people could be scored on a scale of 1 to 100, 100 to 1000, or 73 to 317. As the internal models are proprietary they don't have to conform to any external standard or expectation of what a credit score "should" look like.
Credit companies also usually use one or more of the three big credit scoring agencies. The three are: Equifax, Experian, and Trans Union. It is these scores calculated by the three credit rating agencies that are generally referred to as "your credit score", aka "your FICO score". My three scores are usually within about 20-25 points of each other.
#34
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Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Upping my credit score
Ian
#35
Re: Upping my credit score
i can only tell you what my experiences are, I can post screen shots if you really need me to. The biggest thing I can see is the capital one score is reporting credit hits from 5 years ago from Transunion. capitalone is reporting 735 , Amex is reporting a score of 839. So it is in fact a difference of 104 not 100 as I originally mentioned. So mr almighty explain that one.
#37
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Location: Kentucky
Posts: 38,865
Re: Upping my credit score
There are 3 credit reporting agencies: Transunion, Equifax, and Experian. If you want to know why the scores are different, I suggest you use Google. Once you educate yourself, perhaps your writing will improve... although I'm not going to hold my breath!
Ian
#38
Re: Upping my credit score
What is probably confusing people is that most banks and card issuers are now offering "free scores". mrken is I assume saying that when he logs on to his account at one bank it tells him his score is X but when he logs on to a different bank account it tells him his score is Y.
None of these are your actual score. It might have the word "fico" in the name but it isn't your score. It is a commercial product sold to the banks by Fair Isaac.
None of these are your actual score. It might have the word "fico" in the name but it isn't your score. It is a commercial product sold to the banks by Fair Isaac.
#39
Re: Upping my credit score
Basically those scores you see on your credit card companies are never truly accurate to the credit scoring company they purport to come from. My capital one transunion score is over 100 points lower than my actual transunion score. I know this because I have an account to monitor my transunion account directly with them.
Secondly as pointed out so nicely by others, there are 3 credit scoring companies. None of them though create the FICO score. That is actually a 4th company that pulls information from all sources, thats all 3 credit scoring houses, job history, education, banking services, library, criminals histories.
So you might have over 800 scores on all 3 credit reporting agencies but its possible for your FICO to actually be lower.
NOW.
Yes it is possible for a spouses credit to be positively impacted by being added as an additional card holder even IF they are not a joint account holder.
Barclaycard in the USA specifically outlines this when you add an additional family member to your card.
If i could close this out by asking people to look at the forum rules, #2 specifically
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There may be places where sexually explicit, racist, obscene or vulgar language, graphics or behavior is appropriate however BritishExpats.com is NOT one of them. We do not alllow graphics that contain nude body parts, sexually-orientated or violent acts. Should anyone use inappropriate language, encourage someone to break the law, start a personal attack, or engage in hate speech, they will be barred from all further discussions.
#40
Re: Upping my credit score
So in all honesty, if you have to understand the subject better than the person giving the advice in order to be able to understand the advice, the advice isn't actually much use!
.... Basically those scores you see on your credit card companies are never truly accurate to the credit scoring company they purport to come from. .....
Last edited by Pulaski; Feb 9th 2016 at 2:28 am.
#41
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Joined: Feb 2015
Location: New Jersey, USA
Posts: 564
Re: Upping my credit score
What is probably confusing people is that most banks and card issuers are now offering "free scores". mrken is I assume saying that when he logs on to his account at one bank it tells him his score is X but when he logs on to a different bank account it tells him his score is Y.
None of these are your actual score. It might have the word "fico" in the name but it isn't your score. It is a commercial product sold to the banks by Fair Isaac.
None of these are your actual score. It might have the word "fico" in the name but it isn't your score. It is a commercial product sold to the banks by Fair Isaac.
Capital One don't do this - they use their own made up number from Transunion data.
#42
Re: Upping my credit score
You've hit the nail on the head right there, MrKen has the remarkable skill of posting advice that is, to be charitable "isn't the clearest". But what that really means is that you have to understand the subject much better than he does to be able to unravel what he said and identify any elements of truth, and the conditions or assumptions you have to make for what he said to be true.
So in all honesty, if you have to understand the subject better than the person giving the advice in order to be able to understand the advice, the advice isn't actually much use!
I already explained that to him - the credit companies can and do muck around with credit scores for their own purposes, and are entirely free to do so, taking an external credit score and adjusting it any which way they like for their own purposes. So you are correct - getting a score direct from the scoring agencies is the only thing that makes objective sense.
So in all honesty, if you have to understand the subject better than the person giving the advice in order to be able to understand the advice, the advice isn't actually much use!
I already explained that to him - the credit companies can and do muck around with credit scores for their own purposes, and are entirely free to do so, taking an external credit score and adjusting it any which way they like for their own purposes. So you are correct - getting a score direct from the scoring agencies is the only thing that makes objective sense.
#43
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Location: Kentucky
Posts: 38,865
Re: Upping my credit score
Keep that in mind, this thread really got out of hand.
Ian