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The whole credit scoring system is very confusing to me. I have read and researched that FICO scores from TransUnion and Equifax are supposed to be the most used by major lenders for auto loans and mortages for homes that are real scores. This is compared to third party companies that offer free scores called FAKO not real FICO’s like Identity guard which I used last year. Experian and TransUnion supposly have FAKO scores as they use Vantage Score. But what is not explained is what insurance companies, business that you want to rent an apartment from, cell phone companies and credit grantors use etc…. For example I got Verizon cell service in 2007. I was going to move out in late 2008 and the apartment place ran my credit using TransUnion. A credit card company denied me credit card using Experian. My bank used Innvois a 4th new credit bureau to approve me for a checking account. So what scoring system used in these cases? As Experian does not have FICO and all others are FAKOs. I want to build my credit up using a secured credit card but want to check accurate scores to see where I am at before I get the secured card. Then check my scores next year. Also how much will my scores go up when all my negitive items come off my reports by 2013? Thats the 7 year period for credit debt / charge offs. Did anyone get a $ 300 credit card charge 30% or less per month for atleast a year and see their credit improve? If so how many points?
Secured credit card is going to be from Bank Of America. I confirmed with them they do report to all 3 main bureaus but as secured. After a year it becomes unsecured. Deposit is $ 300.

2 Thoughts on Credit scores burearu pull questions and secured credit card points?
  1. Reply
    November 14, 2011 at 6:51 pm

    A secured credit card is most beneficial when you have nothing on your credit report and it will be the only thing on your credit report. In other words, it is good for fixing the problem of having no good things on your credit report. It is not good for fixing the problem of having bad things on your credit report.

    Also, not everyone who uses credit reports uses credit scores. Some just look at the credit report and make their own determination. For example, they could have a policy of rejecting anyone with any negatives on their credit report.

  2. Reply
    November 14, 2011 at 7:32 pm

    Creditors use FICO. When a creditor pulls a credit report/score, they get FICO scores. A few may actually use Vantage scores, but not many. Consumers can’t get FICO scores for Experian but creditors can.

    Instead of wasting money purchasing your FICO score, just use They offer a free score estimator based on your TransUnion credit report. It’s not FICO. But it’s kinda, sorta like FICO, give or take 50 points or so. Good enough if you are just looking to track your score improvement.

    If you have negatives on your credit report, you won’t see much increase in your score when they age off. The older an item, the less impact on your score. By the time they get to the 7 year mark, they count very little in your score.

    Don’t carry any balances on that secured credit card. There is not extra benefit to carrying balances and paying interest. Use the card for small purchase and pay in full every month. You will need at least 24 months of consistent, on time payment history to see any improvement in your score. It takes years to overcome negatives and rebuild credit.

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