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BungalowMo

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Credit should be taught in High School!!!
I cannot tell you how many posts I see from folks complaining that their scores here are not what a lender pulled and thus, they were denied for whatever they were aping for!
I have played this credit game for years at 57. I know the game well. Here are a few tidbits of solid, useful information.
NO lender uses the scores from CK, Quizzle, Credit Sesame, Credit Check total, or any other site like this. What these sites WILL give you is a snapshot in time (that day) of what is on any given report. That information IS correct and useful.
I’d say 95% of lenders use FICO scores. Buying a FICO report will give you a list of scores for any given report. You will get different FICO scores for a mortgage loan, automobile loan, & credit card app.
Here’s a BIG one…lets say you pay off a credit card today & apply for a loan tomorrow. That zero balance will NOT show yet! Each cc bill you have has a due date & statement closing date. That closing date shows the balance that is sent to the 3 reporting agencies for that particular month. Experian usually updates first, but it is usually about 4 or 5 business days after statement close date. EQ & TU are within a couple days later. If you need a new loan & want your report to show you in the best light… check reports about 10 days later to be sure they all reflect that zero balance.
What I do is pay by due date, then closing date is usually within a week. Check back before closing date & see if any residual interest from the last month has posted. Pay that off & then it will truly be a zero balance.

DON’T go by the cc recommendations here. They mean nothing because they are generated by paid advertisers. (My top 3 recommendations are cards I already have.)
Go for the card you can GET…not the card you want! Big difference. I always go to the credit pull database. (google it) Put in only the card you want & leave the reporting agency & state blank. You can get a very good idea across the country who got what, with what score & what report was pulled.
That is the absolute best database I have come across in over 16 years of doing this.
Best advice…do some homework before aping for something you might not get. Don’t waste the hard inquiries because lenders see this as desperation.

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Great informationn and I fully agree that personal financial management should be taught in the schools!!  It is a necessary skill in today's credit driven society.

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Reply by
BungalowMo

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Thanks....and as you know, this is just the tip of the iceberg!

I am always surprised by the fact that so many people have no idea what a FICO score is, let alone a mortgage FICO or AUTO FICO. 

I won't get into versions 4 & 8!

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I agree 100% that credit should be taught in school. Credit knowledge is one of the most important subjects in a person's life, yet they don't teach it. In addition to that this post should be posted or stickied on the main page so it is not lost among other posts, very valuable info here.

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