Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Dec 13th, 2017 1:25 pm
Newbie
Apr 5, 2010
27 posts
2 upvotes
New brunswick
ace604 wrote:
Aug 3rd, 2017 1:13 pm
It's like the 10 different ways to measure body fat vary in accuracy. EFX is using the crappy BMI, ERS 2.0 is maybe like a scale that has electrodes, older BEACON is like calipres and newer is like weighing you underwater.

The answers difference scores give vary and also vary greatly in how often they are used by lenders from "never" for the default "educational use only" score you get by default as a consumer buying from EFX to "more often" for the better types of scores.

BEACON is a FICO score and those seem to be most popular. It depends on the lender and their industry what score they will use.
Thanks for the info Ace. Another quick question... I had an installment loan with MDG for a computer. When I first signed up for it, they said that they report to credit bureau, but now that I have finally paid that in full, they say they don't do that anymore... They said I would have to do that myself... so how would I go about doing that? They are going to send me some paper work apparently, but will the credit bureau accept it from an individual? I DO want this on there as it show a 5k+ loan paid in full and no missed payment, certainly would give a nice little boost.
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Jul 18, 2016
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verbob wrote:
Aug 4th, 2017 11:49 am
Thanks for the info Ace. Another quick question... I had an installment loan with MDG for a computer. When I first signed up for it, they said that they report to credit bureau, but now that I have finally paid that in full, they say they don't do that anymore... They said I would have to do that myself... so how would I go about doing that? They are going to send me some paper work apparently, but will the credit bureau accept it from an individual? I DO want this on there as it show a 5k+ loan paid in full and no missed payment, certainly would give a nice little boost.
MDG does not report. They never have. I was dealing with them back in 2010 and 2012.

That company is the worst of the worst of bad credit lenders for computer (etc.) products. Good luck getting a consistent price. Prices are basically constantly changing and will change every time you log in. You can commit to a price and if you get with the wrong agent, he'll modify the price before you realize it and after you've signed the contract. BE CAREFUL!!!!

Anyhow, given my experience, I am not surprised that they lied to you about reporting to the credit bureau. They check your credit only on Transunion, and NEVER open a trade on your credit report.
Newbie
Apr 5, 2010
27 posts
2 upvotes
New brunswick
bewiseman wrote:
Aug 4th, 2017 2:01 pm
MDG does not report. They never have. I was dealing with them back in 2010 and 2012.

That company is the worst of the worst of bad credit lenders for computer (etc.) products. Good luck getting a consistent price. Prices are basically constantly changing and will change every time you log in. You can commit to a price and if you get with the wrong agent, he'll modify the price before you realize it and after you've signed the contract. BE CAREFUL!!!!

Anyhow, given my experience, I am not surprised that they lied to you about reporting to the credit bureau. They check your credit only on Transunion, and NEVER open a trade on your credit report.
The actually said in the beginning that they only report AFTER it's paid off... Hopefully they at least send the info so I can report it myself. That's the ONLY reason I had got it in the first place. WAY over priced. Thankfully, it's all paid off now.
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Jul 18, 2016
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verbob wrote:
Aug 5th, 2017 2:43 am
The actually said in the beginning that they only report AFTER it's paid off... Hopefully they at least send the info so I can report it myself. That's the ONLY reason I had got it in the first place. WAY over priced. Thankfully, it's all paid off now.
Yes, sorry to disappoint, but you can forget that idea. I already tried it.
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Aug 24, 2016
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verbob wrote:
Aug 5th, 2017 2:43 am
The actually said in the beginning that they only report AFTER it's paid off... Hopefully they at least send the info so I can report it myself. That's the ONLY reason I had got it in the first place. WAY over priced. Thankfully, it's all paid off now.
Why on earth would you go so far out of your way to try and get something added to your credit report, that screams "I've had past credit problems"?
Everyone and their dog knows MDG exists for one reason only, and that's to cater to credit challenged individuals. That's their business model.
I visited their website one time and almost had a stroke when I seen their prices!
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Jul 18, 2016
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coolintheshade wrote:
Aug 5th, 2017 11:02 am
Why on earth would you go so far out of your way to try and get something added to your credit report, that screams "I've had past credit problems"?
Everyone and their dog knows MDG exists for one reason only, and that's to cater to credit challenged individuals. That's their business model.
I visited their website one time and almost had a stroke when I seen their prices!
You're very right. However, if MDG truly did apply a new positive trade on your credit report, this would actually be helpful. ( unfortunately, they don't, and this is just salesman "speak". )

Truly, I see no difference between this and one of those bad credit car loans. Either way you're being royally ripped off. However, it's an instalment loan that allows you to build your credit again. In theory, this is a good thing, but ....

The absolute best thing to do is to simply be patient and save money for whatever you want to purchase. In the meantime, re-build your bad credit with revolving products. First seek a secured credit card like what Capital One offers, and then build from there.
Jr. Member
Feb 17, 2009
139 posts
2 upvotes
Just realized that RBC is offering free credit report and score similar to credit karma (you need to be RBC customer)
It's Transunion CreditVision Risk Score and can be updated every month.

Credit karma is based on Transunion TransRisk model and can be updated weekly.

I got the score from both and there was 120 points difference!!!. RBC's was 835 and credit karma 715.
The reports were identical (but you have more details with RBC)

It seems that there are countless number of scoring models and we will NEVER know what score a lender actually sees ...
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Aug 24, 2016
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John_Hey wrote:
Aug 10th, 2017 11:20 am
It seems that there are countless number of scoring models and we will NEVER know what score a lender actually sees ...
Exactly what I've been saying for a long time.
That's what makes it hysterical when people stress over those free scores provided by the bureaus.
Newbie
Apr 5, 2010
27 posts
2 upvotes
New brunswick
coolintheshade wrote:
Aug 10th, 2017 11:32 am
Exactly what I've been saying for a long time.
That's what makes it hysterical when people stress over those free scores provided by the bureaus.
Just logged in to my Capitol One account... there's an option to get a free credit score (fine print says from transunion)
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Aug 24, 2016
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verbob wrote:
Aug 10th, 2017 11:39 am
Just logged in to my Capitol One account... there's an option to get a free credit score (fine print says from transunion)
And it will probably be a different score than you would get from TransUnion directly, Credit Karma (also TransUnion score) and RBC
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Jul 18, 2016
1867 posts
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coolintheshade wrote:
Aug 10th, 2017 12:39 pm
And it will probably be a different score than you would get from TransUnion directly, Credit Karma (also TransUnion score) and RBC
It is quite different. I don't have a Capital One card, but my wife does. 80 point difference.

Sick of these silly numbers!
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Aug 24, 2016
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bewiseman wrote:
Aug 10th, 2017 2:57 pm
It is quite different. I don't have a Capital One card, but my wife does. 80 point difference.

Sick of these silly numbers!
Curious, do you know what that score is called?
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Jul 18, 2016
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coolintheshade wrote:
Aug 10th, 2017 3:03 pm
Curious, do you know what that score is called?
Unfortunately, it doesn't name the score.
Newbie
Apr 5, 2010
27 posts
2 upvotes
New brunswick
I didn't try directly from Trunsunion, but a 20 point difference between the Capitol One score and the one from Credit Karma. Curious... is this the number that Capitol One uses? Or just more crap to confuse?
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Aug 24, 2016
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verbob wrote:
Aug 11th, 2017 12:48 pm
I didn't try directly from Trunsunion, but a 20 point difference between the Capitol One score and the one from Credit Karma. Curious... is this the number that Capitol One uses? Or just more crap to confuse?
More than likely the latter

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