2 different credit scores from same agency 4 days apart, 60 point difference!!!! How?
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I attempted to obtain a loan thru Wells Fargo Financial to consolidate some of my bills. This was an unsecured loan. I was turned down for the loan ultimately, but called back to find out the reason. The man told me that my credit score was 547 and my husband's 635. I knew that this couldn't be right as I've been monitoring my score and it hasn't been that low in a year. They used Transunion, so I pulled transunion and it's 609! So I called Transunion and they are reporting that my score is even higher than that. How in 4 days can my score jump 60+ points from the same reporting agency??? This just seems ridiculous.
Background - we filed bankruptcy 5 years ago. Both our credit scores were in the 400's afterwards. We've been working very hard to improve our scores, but made the mistake of trying to help someone out with a car that was still in our name and they paid late, which hurt us bad. Other than that, no other late payments... I just don't understand...HELP!!!!!!!
2 different credit scores from same agency 4 days apart, 60 point difference!!!! How?Just as there are different operating systems for a computer such as Windows 98, Windows 2000, Windows XP, etc... there are different credit scoring models out there. Some are the newest and the most recent credit scoring models available and some can be 3, 4, 5 or more series old. Many lenders can save money by using a more outdated credit scoring model and obtain credit scores for a cheaper fee per report. However, many of the big lenders will use the most up to date reporting models in hopes that they will better analyze their potential client's risks. It very well may be that you are having your credit pulled from one company who is using one version of a credit scoring model and the company you are applying for credit with can be using a much newer or older credit scoring model than the one that is obtaining your credit for yourself. It could also be due to any changes made in your report as well, such as you maxed out a credit card, missed a payment, had a lot of inquiries in a short time period, had a collection account reported to your report, or a combination of everything that I have mentioned. Check out the credit blog in the sources for everything you want to know about credit and credit scoring.
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