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New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012

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.
Established Contributor
fusioncredit
Posts: 614
Registered: ‎10-23-2011

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)
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Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011

Re: Credit card application

[ Edited ]

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
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

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




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012

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.
Frequent Contributor
drsmith
Posts: 386
Registered: ‎11-27-2010

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 743 2/9/12 TU 734 2/11/12
Goal Score: 750


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Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011

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 :smileymad:

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
New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012

Re: Credit card application

[ Edited ]

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.
Frequent Contributor
drsmith
Posts: 386
Registered: ‎11-27-2010

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 743 2/9/12 TU 734 2/11/12
Goal Score: 750


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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

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.  


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