topic Re: Why No Company That Pulls a Real Fico? in Understanding FICO® Scoring

Why No Company That Pulls a Real Fico?

HappySoda — Thu, 11 Oct 2012 18:38:39 GMT

So you have this website, Transunion Fico, Experian Fico, Credit Karma, Credit Sesame, Transrisk... there are so many different products yet if I understand correctly, none of them are a true "lender pulled" Fico score.

So here's my question. Why is there no company that creates a true fico score product and basically make a bazillion dollars off selling the only true fico score on the planet?

Is it because there is no real fico and every lender has different scoring algorithms? Trying to wrap my head around this.

Thanks in advance.

Re: Why No Company That Pulls a Real Fico?

GregB — Thu, 11 Oct 2012 20:51:12 GMT

Um, no.

The EQ FICO sold here is the exact one used for virtually all mortgages. I would call that the most usefull of all.

Re: Why No Company That Pulls a Real Fico?

HappySoda — Thu, 11 Oct 2012 22:14:44 GMT

Thanks for the info.

When does the score update? I have alerts set to notify me of any changes. I see my new $2400 credit card on USAA monitoring, but it has yet to change anything with my Scorewatch subscription.

Does it only update every 48 hours or so?

Re: Why No Company That Pulls a Real Fico?

GregB — Fri, 12 Oct 2012 00:09:48 GMT

Scorewatch updates according to the triggers that you set. You can set it so that if a CC increases by $1 that it will generate an alert, which also shows a new FICO score based upon your entire report. If that CC goes down then no alert is set, which means no new score. It does seem to generate a score when there are no alerts but I can't tell you if that is once a month or once a week or what. Real FICO scores do not change often. Most FAKO scores change because that is better for the people selling those scores.

Compared to other monitoring tools, Scorewatch has very few alerts. What it does have is a score that actually means something. Too bad we can't get both from any source.

EX updates fast. EQ and TU are slower. Does USAA monitor EX? If so, that updates faster 99% of the time.

Re: Why No Company That Pulls a Real Fico?

Booner72 — Sat, 13 Oct 2012 14:27:52 GMT

To add to Greg - just be sure to set your CURRENT SCORE to your GOAL SCORE, not one point above, below, etc, and then change your CURRENT SCORE every time your score changes. This will give you the most score updates.

Re: Why No Company That Pulls a Real Fico?

Jutz — Tue, 16 Oct 2012 20:17:33 GMT

Booner72 wrote:
To add to Greg - just be sure to set your CURRENT SCORE to your GOAL SCORE, not one point above, below, etc, and then change your CURRENT SCORE every time your score changes. This will give you the most score updates.

This is really important. When I first got SW I saw GOAL SCORE and was like, 'oh, well my goal is 700'. Turns out you don't get a lot of alerts when you're at a 525 waiting on 700...

Re: Why No Company That Pulls a Real Fico?

Shogun — Wed, 17 Oct 2012 05:46:19 GMT

Jutz wrote:
Booner72 wrote:
To add to Greg - just be sure to set your CURRENT SCORE to your GOAL SCORE, not one point above, below, etc, and then change your CURRENT SCORE every time your score changes. This will give you the most score updates.
This is really important. When I first got SW I saw GOAL SCORE and was like, 'oh, well my goal is 700'. Turns out you don't get a lot of alerts when you're at a 525 waiting on 700...

LOL! But if you did.. WOW!