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Credit card application

New Member

Re: Credit card application

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.
Message 31 of 46
Established Contributor

Re: Credit card application


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.


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
Take the FICO Fitness Challenge

Message 32 of 46
Established Contributor

Re: Credit card application


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.


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.



 



 

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Message 33 of 46
Mega Contributor

Re: Credit card application


fusioncredit wrote:

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.


+1




EQ FICO 548 3/3/16
Message 34 of 46
New Member

Re: Credit card application


fusioncredit wrote:

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.


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.
Message 35 of 46
Frequent Contributor

Re: Credit card application

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

 

Makes the whole thing sound like a giant scam. 


Starting Score: 703
Current Score: EQ 820 4/11/16
Goal Score: 800


Take the FICO Fitness Challenge
Message 36 of 46
Established Contributor

Re: Credit card application

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 Smiley Mad

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.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Message 37 of 46
New Member

Re: Credit card application


drsmith wrote:

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

 

Makes the whole thing sound like a giant scam. 


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.
Message 38 of 46
Frequent Contributor

Re: Credit card application


Please_Explain wrote:

drsmith wrote:

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

 

Makes the whole thing sound like a giant scam. 


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.

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. 


Starting Score: 703
Current Score: EQ 820 4/11/16
Goal Score: 800


Take the FICO Fitness Challenge
Message 39 of 46
Senior Contributor

Re: Credit card application

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.  

Message 40 of 46