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.

Related in Credit Score:

My Credit Score Has Been Repaired! (Jan 30, 2006) Last year, I discovered my credit score was taking a small beating from taking advantage of several 0% balance transfer credit cards offers. I used these interest free loans to earn interest in higher yield online savings accounts like this...

An Update on Improving My Credit Score (Nov 03, 2005) Last week I found out my credit score was lower than I expected as a result of taking advantage of multiple 0% balance transfer offers. You can find out more about this on myguide to playing the 0% game.At the...

Why bad credit does double damage (Nov 03, 2005) This article seemed timely for me in a bad sort of way. It lists the fallout of a bad credit score. Nothing really surprising, although I just got my auto insurance bill and couldn't believe how much my premiums jumped....

Comments (12)

DATE: 10:43 PM
Hi,I'm very impressed with your blog. Your message is right "on the money." The reason I am emailing you is to see if you would consider a swap of sorts. While I was surfing Blog explosion, I am came accross your blog, and thought it would be a perfect fit for some of my blog visitors. Also, I have an audio CD that is complimentary in every way with your message, called "The Retirement Playbook Volume 1." Would you consider making this audio cd available on your site? We could split the proceeds 50/50 via a paypal arrangment. Let me know what you think, and thanks for your consideration. You can visit my blog and websites through the links below:www.retirementhourblog.comwww.retirementhour.comwww.americasretirementcoach.comHope to hear from you.Best,Matt

Posted by Matthew D. Hutcheson | September 10, 2006 3:03 PM

DATE: 9:17 PM
isnt this apples to oranges though? what you had before was your FICO and this isn't exactly your FICO score so it may not be that bad. Just a thought.

Posted by Caitlin | September 10, 2006 3:03 PM

DATE: 10:08 PM
cailtin - good point. It is technically a different score. I had read that someone had pulled their score with this and they said it was in the middle of the 2 FICO scores they pulled from 2 of the credit bureaus. I would rather error on the side of caution and if my actual FICO score isn't this bad then I am in better shape than I think.

Posted by 2million | September 10, 2006 3:03 PM

DATE: 11:01 PM
I believe the higher utilization, meaning how much balance you carry relative to your credit line, may have impacted your credit score. You have two accounts with 98%+ utilization, and the aggregate utilization of the four cards are about 90%. To the statistical models that preduce the credit score, this looks like somebody who is in deep financial trouble and trying to max out every credit card he/she has before going down. Assuming you get 0% for 12 months on all the balance, your return is about $1500, all from free money, which is a good deal. However, if the trade off is lower credit score it may still not be worthwhile.

Posted by Old Niu | September 10, 2006 3:03 PM

DATE: 4:52 PM
Your reduction seems about right - you have 3 lines of credit maxed out at way over 50% utilization, and $30,000 in balances. A credit score of 687 that you have is pretty good with that. You also moved recently.I have about $20,000 in debt, and about a 690-700 credit score. I only have one 1 over 50% utilization now though, so it should be higher now. Of course, I am going to get two again shortly.As long as you're not going for a home loan or anything else that benefits from 700+ score, that score is still the average for all consumers. (Think about that for a bit!)

Posted by Jonathan | September 10, 2006 3:03 PM

DATE: 4:57 PM
Oh, and when you bring some of those lines under 50% utilization, you r score will rebound accordingly.

Posted by Jonathan | September 10, 2006 3:03 PM

DATE: 5:21 PM
Thanks Jonathan! Good to hear that its inline with your score - I am in the process of paying off 2 BTs that are expiring next month so I hope that will bump my score to a more comfortable level.Oh and you may have hit something on the home loan thing - you never know.

Posted by 2million | September 10, 2006 3:03 PM

DATE: 12:24 AM
last year i paid for Experian's credit plus score, which is supposed to be similar to FICO score. it wasn't. not even close. off by 50 points.don't waste time on anything that isnt actual FICO your lender sees.

Posted by Empty Spaces Inc. | September 10, 2006 3:03 PM

DATE: 4:33 PM
Can't you just open several other credit card accounts and not take anything out, so that your total outstanding borrowing versus your total debt capacity is more in line with norm (and therefore not impact your credit rating)?

Posted by Anonymous | September 10, 2006 3:03 PM

DATE: 6:28 PM
About credit: I was able to rebound my score +80 points. I opened fourteen credit cards over three months- my score dipped. In Sept05, I spread existing credit debt at 35% of available credit across all cards and yes paid through the nose in interest. Pumping up credit scores will cost you in interest but my score is getting higher each month with credit lines in excess of 85000.00 today when I started with a 500.00 line and a 617 FICO in summer05.

Posted by Anonymous | September 10, 2006 3:03 PM

DATE: 11:37 AM
good to see a blog dealing with credit card issues. Credit cards are a necessity in Western Life. Sadly they can be one of our biggest liabilities. I have a site dealing with credit card debt solutions. You might like to take a look

Posted by kerry | September 10, 2006 3:03 PM

In regards to FICO scores. Has anyone heard any updates on the FICO score calculation changes? I heard they are taking place some time this year.

Posted by Debt Relief | April 21, 2008 4:23 PM