Credit Repair/credit card/score

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Question
QUESTION: The Discover Card says they provide you with your free FICO score on your statement every month. I don't have a Discover card and it's tempting to get it for that, but my big concern would be... is it not true that when you apply for a new credit card, your score temporarily goes down, even if it's slightly? I'm soon going to finance a new car and don't need my score to go down at all, even  temporarily. Thanks

ANSWER: Lee,

It is true that if you apply for credit cards it will lower your score. If you are wanting a free way to obtain a credit score then I suggest:

www.creditkarma.com <-- My favorite and member for a few years
www.quizzle.com

Both of these are self pull credit reporting so you should not see a lowering of your credit score.

Chris

---------- FOLLOW-UP ----------

QUESTION: But isn't the FICO score the one that lenders use? I read that all the rest, including Karma is more of an estimate. And after checking someone's credit, do you know if a car dealership makes that info available to the customer?  Thanks again.

Answer
You are correct that the services I named do not use the FICO score. They use a simulated score. But I do find them to be generally accurate.

By the way the FICO score is calculated differently based on the item you are buying. So you would notice a difference in a residential mortgage score, auto score, and consumer score.

I am not aware that a lender has to give you a copy of your credit report unless you were denied credit because of it.  

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Chris Ebert

Expertise

I can answer questions for Texas residents concerning issues that involve creditor and debtor rights. Specifically, I can answer questions concerning: FDCPA, FACTA, FCRA, and Texas state collections violations. Further I can guide consumers as how to repair their own credit with out the need for hiring a credit repair company.

Experience

For the last 10 years I have worked as a Sr. Paralegal in a law firm (https://txclf.com) that defends debtors against their creditors. I have reviewed thousands of credit reports and under the supervision of our attorney helped thousands of clients resolve their credit issues.

Organizations
The Ramos Law Firm

Education/Credentials
University of Texas at Austin

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