2million - My Journey to Financial Freedom

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Friday, October 28, 2005

Free Credit Score from Eloan

I just found out that Eloan offers a free credit score (similar to FICO credit score). I just signed up for an account and had to enter a credit card number that was listed on my credit report (just to verify it was me). Here is what the Eloan web site reported:


Personalized Credit Score Analysis for [2million]

As of October 27, 2005

Your Score
Based on your credit report data, your CreditXpert Credit Score is 687




Your credit rating ranks higher than
40% of U.S. consumers.

Although this CreditXpert Credit Score is similar to the FICO score used to underwrite your loan application, it may differ for a variety of reasons.

Ouch - apparently between recently moving and the several 0% balance transfer offers I took advantage of I may have severely hurt my credit score.

Here is the list of current 0% balance transfer offers I am using:
-Bank of America Balance:$13,030/Limit $13,200;
-Citi Balance $16,980/Limit $17,500;
-HSBC Credit Card Balance $5810/Limit $7500;
-GM Card Balance $200/Limit $2,300.
(Keep in mind all this money is sitting in my EmigrantDirect Savings Account earning 4% APY).

The last FICO credit score I got was around ~780 about 3 years ago. I have never missed a payment for as long as I can remember and always pay off my balances every month (with exception to the 0% BT offers). I have some actions I am planning on in the next week or two that should help this score a bit.

Update: Just to follow up I DID know my credit score would be negatively affected, however I didn't realize THIS much - I had expected it might have fallen from 780 to say ~730. 687 is a bit of a shock to me.

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