Credit Cards

[Please_Explain]

I don't see the benefit of getting the scores is the point. If creditors do their magic and run some Darwinian survival of the fittest algorithm on the numbers then the actual score, free or paid, is useless to me.

[fusioncredit]

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Please_Explain wrote:
I don't see the benefit of getting the scores is the point. If creditors do their magic and run some Darwinian survival of the fittest algorithm on the numbers then the actual score, free or paid, is useless to me.

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Scores do play a big role in credit worthiness but remember with a BK you are limited to what creditors are BK friendly. Having a monthly update of your score will help you see progress and give you hope on applying for credit with good chance of approval but remember to apply with creditors who are BK friendly until your BK is off your report.

[AndyK]

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Please_Explain wrote:
I don't see the benefit of getting the scores is the point. If creditors do their magic and run some Darwinian survival of the fittest algorithm on the numbers then the actual score, free or paid, is useless to me.

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That's the downside of their being different versions of the FICO scores, you never really know which one the lender is going to use. Knowing your score gives you a general idea of your standing in the credit world, but nothing about credit is ever guaranteed.

[LS2982]

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fusioncredit wrote:

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Please_Explain wrote:
I don't see the benefit of getting the scores is the point. If creditors do their magic and run some Darwinian survival of the fittest algorithm on the numbers then the actual score, free or paid, is useless to me.

---

Scores do play a big role in credit worthiness but remember with a BK you are limited to what creditors are BK friendly. Having a monthly update of your score will help you see progress and give you hope on applying for credit with good chance of approval but remember to apply with creditors who are BK friendly until your BK is off your report.

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+1

[Please_Explain]

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fusioncredit wrote:

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Please_Explain wrote:
I don't see the benefit of getting the scores is the point. If creditors do their magic and run some Darwinian survival of the fittest algorithm on the numbers then the actual score, free or paid, is useless to me.

---

Scores do play a big role in credit worthiness but remember with a BK you are limited to what creditors are BK friendly. Having a monthly update of your score will help you see progress and give you hope on applying for credit with good chance of approval but remember to apply with creditors who are BK friendly until your BK is off your report.

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Right, I get that. I really do. But a free guesstimate that's close should be fine for everyone. Sure there will be some that are way off using a guesstimate, but that's not any better or worse than getting the real score and still being way off due to creditor manipulation. Except for the fact you're out the money paying for the real score.

[drsmith]

This isn't the first time I've read this here.

Makes the whole thing sound like a giant scam. 

[AndyK]

Well, I can't say about the scores from here at MyFico - Equifax refuses to add my SSN to my credit file so I can't ever get it pulled through this site

But I can say that the monthly TU score I get from Walmart matched exactly the score that both Discover and Amex gave me. So at least some issuers seem to use the exact same scoring models.

[Please_Explain]

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drsmith wrote:

This isn't the first time I've read this here.

Makes the whole thing sound like a giant scam. 

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It sure seems like it to me. Discover only reported my Equifax score back to me, so I can't say what they would receive as a real score from Transunion. I'm almost afraid to know fearing that number will also be way off. That would just solidify and complete the ripped off feeling I have right now.

[drsmith]

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Please_Explain wrote:

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drsmith wrote:

This isn't the first time I've read this here.

Makes the whole thing sound like a giant scam. 

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It sure seems like it to me. Discover only reported my Equifax score back to me, so I can't say what they would receive as a real score from Transunion. I'm almost afraid to know fearing that number will also be way off. That would just solidify and complete the ripped off feeling I have right now.

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While I'm sure the score here is real, what makes it feel like a scam is that multiple "real" scores exist.

There should be 3 scores, and that's it. 

Actually there should be 1 score. I don't understand the point of 3. 

[Wolf3]

I have yet to pay for a score.   For me, understanding what goes into a score and periodically reviewing the CR is enough.  I know how to optimize my score, which I do at application time.  I don't think paying for a FICO score is worth it for me.