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.