Member Graph: what is it all about?             Click here to Print

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#Seth - Says,

This is a graph based platform to discuss credit progress.

Steps:

  1. John adds his score for experian, equifax and transunion for last few months. He keeps updating the score time to time.
  2. A graph is plotted for each bureau.
  3. For each significant increase or decrease John can add the reason which then becomes a topic for discussion. Here people learn from each increment or decrement to understand the effect of various transactions. Community discuss the members graph and offers instant helps for improvement.


This was just a summary for the new member graph section. With time we will be adding more FAQs for this section.

In case of any query please reply to this topic.

Seth

#sdchargers_63 - Says,

i would like to add my'2 cents' to this forum. I DO know ( and, I'm surprised alot of people DON'T know this), if people are checking your credit report ( bank, finance co., etc) your score DOES decrease. The longer you DON'T have someone check it, eventually, your score will go up.
#Morningstar - Says,

Right. Each hard inquiry will drop your score 2-5 points...and the effect lasts for at least 6 months. The inquiries will remain on the credit report for 2 years.
#sdchargers_63 - Says,

so.........the longer you wait until someone checks your credit, you're better off. I do have a question?........the pre-sreened services ( ie. credit cards, etc.)....they DO check your credit, too. How can I have them removed? Never knew they checked credit.
#Morningstar - Says,

Marketing inquiries are not factored into your score. IMO, the biggest reason to opt out of the pre-screened mailings is to reduce the risk of identity theft.
#Laura - Says,

It is very important to know these facts. A simple inquiry can cost you 5 points. For soft inquiries the details of the company has to be on your report as well. Go ahead and make the call and remove credit inquiries from your report.
#sdchargers_63 - Says,

Believe me..I have called them!! However..they keep calling me!!! Not sure what to do about this. All of these -pre-screened' callers, etc. continue to call. In November, of last year, my credit score was 600. I had some 'hard' inquries, on my CR ( which I knew about). Those inquries dropped my score to 540. GOSH!! I din't realize a credit score could drop that much!!
#sdchargers_63 - Says,

i would ALSO like to add, that in early 2008, some of my 'hard' inquiries will come 'drop' from my CR. I also have a few 'closed accounts' that will have a 'drop-off' date, as soon as late this year!! I'm excited about that.!!
#Morningstar - Says,

That's great!

In Jan, the last of my negative entries will drop off.

#Laura - Says,

How many inquiries were there? 60 points lost to inquiries? I believe it was only 5 points for each hard inquiry. There must have been something else as well at the same time.
#sdchargers_63 - Says,

Yea..I forgot to say, that's when Cash Call was reported on my credit..as a 'negative' account. I thought I said that..sorry. But, I'm dealing with that, too.
#Laura - Says,

A negative account is the only reason then. soft inquiries never lowers your score.
#cajunbulldog - Says,

On the member graph can we fix the dates. I was gonna place mine on there but the latest I could do it was Dec 2006. For the inquiry issue,they are factored in on the new credit slot for Fico and this only counts as 10% overall.Any inquiries over 12 months are no longer counted.Only hard inquiries are counted as they are the only inquiries a potential creditor can view. Soft inquiries are only released on a consumer report to a consumer.

Here is the breakdown of Fico scoring by percent copied from myfico.com.

* Payment history - 35%
* Amounts owed - 30%
* Length of credit history - 15%
* New credit - 10%
* Types of credit used - 10%

#sdchargers_63 - Says,

I'm STILL confused, on the 'FICO score' thing. Some people are saying, the score is not actually JUST 1 score..it's 3 scores that you average out. OMG..how confusing!! Can someone help??
#Morningstar - Says,

There is only one FICO...

The catch is that each of the 3 CRA's may have different information on your CR; so your score will vary between each of the three. As for the average of the 3, it's just that--an average of your three different scores. This is why it's important to stay on top of all your CR's. Since a consumer may not know which report will be pulled by a specific creditor, it is necessary to ensure that each report is as positive as can be.

As the CRA's seek to grow their profitability, at least one has developed it's own scoring system, that they can sell to you for $5. In relation to the FICO, it isn't the same, but should be a good indication of what your FICO would look like (you'd just need to do a little math to figure out what the close approximation would be).

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