Credit Score of 513 but paid 9 accounts off

[expertcredit09]

How can I recalculate my credit score until updated on credit report. Basically trying to monitor from home.

 

[Michael Wechsler]

How can I recalculate my credit score until updated on credit report. Basically trying to monitor from home.

I don't think there is a way you can calculate your score nor would it make a difference to anyone until updated officially. There should be much better tool for something so important.

 

[Taylor_H]

Hi,

A person's credit score is calculated is actually a very complicated compilation of several factors, and that score can change regularly with every new financial development. Most people have a credit score between 600 and 800 and a credit score calculator that gives you a score of higher than 720 will secure you a good interest rate with any bank.

 

[jharris352]

You can't. The Fair Isaac Scoring Model is a closely guarded secret. Quite frankly if you closed 9 accounts you can expect your score to go DOWN for at least a month or two. But with a 513 it may actually go up but how much is something you just will not know until the drop date on your bureau (usually near the beginning of the month when everyone reports). If you are buying a house you can have your credit "rescored" by paying $25/account per bureau for the privilege but if you are just monitoring from home wait.

There are score estimation calculators out there but none of them are really accurate.

 

[NotSoLegalEase]

What I have, for years, failed to understand is this: one can obtain one's credit report(s) once a year for free, but one has pay (some entity) to get one's credit score. Why?

 

[jharris352]

Because the score is not covered under the Fair Credit Reporting Act and it is a proprietary algorithm that manipulates the credit report's raw data into a score so they are to be paid for it. I agree that they should have to give it to you.

 

[dxmcfar]

I got my score thru Transunion's service, Equifax, and Experian. The "credit score" services do not get actual scores and even the services directly through them are a lot of the time WRONG. I went to attempt getting a home loan with my wife. I had looked at ALL 3 reports/ scores and all my dept was paid off and shown that way on my reports BUT my scores were still CRAP... Well the mortgage consultant INSISTED on checking my information explaining the way they calculate and banks calculate scores are based more on debt not paid rather than dept paid. He said in fact paying off stuff showed responsibility to them. My highest when I checked myself was 550 down to 515 or so. Well the bank gave me a home loan as the primary owner and said my score was LOWEST 614 exactly.

In other words maybe its just home loan companies that calculate differently but I don't think it is because a month later I got a 5000 loan for a used truck. With the scores being updated and still supposed to be very bad.

 

[Taylor_H]

Having a high credit history is very important to take a loan. The best way to improve your credit score is position you are standing and check your credit score constantly.

 

[jharris352]

Your best bet is to ignore you credit score because you have very little control over it. Checking it constantly will only give you heart burn. Pay your bills on time and don't charge your credit cards to more than half their limits. Once a year or so check to make sure there are no foreign accounts listed on your credit. Don't have many accounts open that you don't use, but don't pay off and close a bunch of accounts at one time either.

Living your life by your credit score will drive you insane. People that do it are usually more concerned about ego than credit. If you truly have a high credit score you probably don't use it much! Good luck all.