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AMEX says my FICO is VERY different than my latest report shows

Established Contributor

Re: AMEX says my FICO is VERY different than my latest report shows

+1

 

Kudos Robert.  Most concise and logical explanation I've ever seen about the differences in scoring models.


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Message 11 of 16
Valued Contributor

Re: AMEX says my FICO is VERY different than my latest report shows

 


Itsmeagain wrote:

+1

 

Kudos Robert.  Most concise and logical explanation I've ever seen about the differences in scoring models.


Agreed!

 

And a hearty "Congratulations" to RobertEG for his 4000th post, too! 

Message 12 of 16
Moderator Emerita

Re: AMEX says my FICO is VERY different than my latest report shows


woozy wrote:

Experian has their own FAKO service, ProtectMyId.

 

Soooo...why would a CB give out FAKO scores that vary significantly from real scores. I don't see the advantage.



Because every time they sell a consumer a FAKO, they make money, and they don't have to share it. Smiley Happy

FICO's cost money. If you buy them here, part of the money goes to the CRA. If you buy your EQ FICO from the Equifax website, or your TU FICO from www.transunioncs.com (note the -cs at the end), they have to pay part to FICO.

If a credit-monitoring service invents their own scores, they keep all the profit.

Caveat emptor...
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 13 of 16
Valued Contributor

Re: AMEX says my FICO is VERY different than my latest report shows

Personally, I think it's OK to monitor your credit reports through these monitoring services. I wouldn't put any thought or effort into their "credit scores," however.

 

For example, TUs TransRisk score gives great points for having 40+ accounts. FICO dings you for that.

 

I want to be looking at what the banks look at...FICOs. I don't want to model my credit after a score that could hurt me in the end because it rewards actions that are opposite of building a good FICO.

Message 14 of 16
Super Contributor

Re: AMEX says my FICO is VERY different than my latest report shows

No need to purchase FICO scores more than once a year.  Those FAKO scores credit monitoring sites are worth using for eyeing your reports daily. 
Message 15 of 16
Senior Contributor

Re: AMEX says my FICO is VERY different than my latest report shows

There is no single "flavor" of FICO.

 

Any lender may use or request their preferred version.  Just as there are "auto enhanced" or "bankcard enhanced" and Beacon vs. XYZ, some lenders will use variants that are more or less conservative in order to fulfill their lending and risk policies.

 

AMEX is one of the very conservative.  Generally, AMEX is one that you would do well to have a 780 or higher on the FICO you pull from this site.  Yes, there are those who report getting with lower scores.  But score alone does not dictate approval.  AMEX looks at actual data items, balances, HISTORICAL balances, age of accounts, number of new accounts and the your income, DTI (using housing payment info), etc.

 

TrueCredit has nothing to do with AMEX, and is a Transunion product.  AMEX uses almost exclusively, Experian.  AMEX also has their own internal risk model and scoring system, in addition to anything they may receive from the CRA's.  AMEX has the most robust and mature internal risk analysis system that I am aware of. 

 

AMEX does not like thin files, historical high balances, new accounts, lots of fixed paymetns (installment) and current balances (on too many accounts or too much in total $).

 

IMO IME  Smiley Happy

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 16 of 16