Credit Scores and My First Churn

Discussion in 'General Discussion | Credit Cards' started by Traveling Momma, Apr 24, 2013.  |  Print Topic

  1. Traveling Momma

    Traveling Momma Silver Member

    Messages:
    228
    Likes Received:
    246
    Status Points:
    385
    Can anyone help me understand why my scores being reported by Credit Karma, Credit Sesame and Myfico are so vastly different? I'd like to better understand what the credit card companies will be seeing when I do my first Churn on May 17th?

    Here's the deal: my Credit Karma score shows my score at 733 and Credit Sesame at 734. However, Myfico showed two significant score increases over the past 3 weeks. First, it was recorded as 740 then 745 then 756 and today (when I went to cancel my 10 day free trial) it was listed as 762. I'm wondering what is most accurate and what the credit card companies will see?

    I might also add that I do know as of last year, sometime mid-year, my credit score was 780ish as it was reported to me by my mortgage broker who did a hard pull to refi my mortgage.

    Thanks all! Your comments and contributions have been incredibly helpful. I hope the limited knowledge that I do have so far, and that I've shared, has also been helpful to some.

    Blue.
     
  2. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    First, you need to understand that Credit Sesame and Credit Karma only provide estimates of your credit scores. Credit Karma is an estimate of your TransUnion score, Credit Sesame an estimate of your Experian score. Second, your credit scores can and do change often. Third each of the three main credit score companies, TU, EXP and Equifax use different formulas for their calculations.
    Personally I have seen variations in my credit score much large than what you report.
     
  3. edekba

    edekba Gold Member

    Messages:
    3,462
    Likes Received:
    3,783
    Status Points:
    2,145
    Exactly ... CS/CK does not use the FICO score formula. They use their estimate, as FICO score is a TM of FICO corp. (or something like that)

    Also if my memory serves correctly ... MyFico uses Equifax.

    Now when a creditor pulls a credit file/score to evaluate if they'll lend to you, you need to understand that they might pull from any of the 3 CRA and they'll most likely request a FICO score. Thus there will always be a variation in the score (either via the CRA that was pulled and/or the type of score that is generated.)

    The only thing as an end user that we can do, is the pull the credit report (From annualcreditreport.com or something) and verify that our data is the same across all 3 CRA. Then the FICO score should be very similar, no matter what CRA was used. CS/CK score will always be different.
     
    TravelBear and thepointstraveler like this.
  4. Traveling Momma

    Traveling Momma Silver Member

    Messages:
    228
    Likes Received:
    246
    Status Points:
    385
    So, my actual credit score can be more like 780, what I saw on a copy of a report from my mortgage broker sometime last year? I'm told (by my research here and on the blogs) not to worry too much as all scores are in the mid 700's.

    I'm prepping for my first Churn. I'm going for 4 personal cards and 2 business cards and same for hubby. I did 2 person and 2 business last time and hubby did 4 personal. No problems.
     
    TravelBear and miles and smiles like this.
  5. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    It would be a big mistake to assume that your credit score is the same as it was months ago. Credit scores can change rapidly, especially when you are applying for lots of cards. If you want to be sure, get the current scores from all bureaus. Also, keep in mind that credit scores aren't the only factor that companies look at when deciding on your applications. they each have their own criteria.
     
  6. boondr

    boondr Gold Member

    Messages:
    1,272
    Likes Received:
    2,732
    Status Points:
    1,425
    Assumptions, the Mother of all screw-ups.
     
  7. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    especially when you assume that when something is true for another person, it's true the same way for you
     
    HaveMilesWillTravel likes this.
  8. sharris503

    sharris503 Silver Member

    Messages:
    303
    Likes Received:
    415
    Status Points:
    500
    I think if you are going to get into this hobby you should subscribe to a credit monitoring agency. That way you know exactly how many pulls you have with each credit bureau, which lenders pull from which bureau, and your credit score. I use citi identity monitor which is only $5 per month with this link. http://identitymonitor.citi.com/index.aspx?source=IMN00291. The service is very much worth the rock bottom price.
     
    Cdnblue likes this.
  9. Traveling Momma

    Traveling Momma Silver Member

    Messages:
    228
    Likes Received:
    246
    Status Points:
    385
    Thanks for the link. I think you're right. I have some pretty audacious plans for cards, with 5 or 6 cards planned per person each churn. I will do this.
     
  10. deant
    Original Member

    deant Milepoint Guide

    Messages:
    3,129
    Likes Received:
    12,385
    Status Points:
    10,620
    Agree with what others have said about your credit report.

    With the number of cards that you and your husband are planning on applying for, I assume you have made sure that you "comply" with all the time spans etc of each of the CC applications and that you can meet the minimum spends.

    Another point, do you know which CB each bank pulled when you applied for credit cards last time?
     
  11. Traveling Momma

    Traveling Momma Silver Member

    Messages:
    228
    Likes Received:
    246
    Status Points:
    385
    Deant - yes, I do know where the hard pulls show up. We only received two hard pulls each and we each applied for 4 cards at once. I applied for 3 from Chase, of which two were business cards.

    Sent from my iPad using milepoint
     
  12. edekba

    edekba Gold Member

    Messages:
    3,462
    Likes Received:
    3,783
    Status Points:
    2,145
    When I applied for a business card, they pulled from 2 CRA ...
     

Share This Page