Pfico's are up

[HUMPTYZ]

So that's weird my pfico on my personal says 711 and on my business it says 704 I wonder what the difference is?

[Veee]

Okay, I give ... what is pfico?  Is something happening monthly that has you all talking about this?  Have not pulled any scores yet as I'm still waiting for EQ to make me alive and therefore haven't started any monitoring system yet. So, just curious as to what you all are referrring to.

Thanks,

Veee

[haulingthescoreup]

PFICO (for Providian FICO) is a credit-card enhanced score that comes with a couple of the WaMu (formerly Providian) CC's. By credit-card enhanced, this means that it is weighted more toward points that are believed specifically to predict CC behavior. It generally appears around the middle to latter part of the following month. It's generally the TU score, although some seem to have gotten the EX version.

It's easy to forget when trying to compare the PFICO to the classic (for mortgage) FICO's which you get here that the PFICO is from the previous month, so there's always a disconnect between the PFICO and the most current FICO. I think this is why WaMu can offer them for free --they're a bit out of date.

[GFer]

Dumb question....(as usual...lol)

WaMu finally gave me a score other than my initial score when I opened the card and it says FICO.

Now I know it's not my FICO score because I just pulled and it's different.

Is this my 'so-called' PFICO?

[haulingthescoreup]

Yep!

We'd all like to know which CCC's use credit-card enhanced FICO's rather than the classic FICO's, but the best assumption we can make is that WaMu uses them, and after that, who knows!


eta: I should have clarified in the post above that the PFICO is a "real" FICO, as are all credit-card enhanced FICO's and automotive-enhanced FICO's, in that they use a FICO formula to analyze your credit reports and come up with a score. But they can vary a little or a lot from your classic FICO's, because they weight things differently.

It's like middle-school girls evaluating the cute guys. They're looking at the same guys (credit reports), but they score them differently because one thinks brown eyes (number of accounts paid as agreed) are more important, and another thinks a cute smile (util) is more important, and a third thinks it's muscles (payment history).

(As someone who was the tallest in her class from 2nd grade pretty much onward, I can tell you: it's height that's most important. )

Message Edited by haulingthescoreup on 09-16-2008 06:20 PM

[Veee]

Interesting explaination   Thanks!

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haulingthescoreup wrote:
Yep!

It's like middle-school girls evaluating the cute guys. They're looking at the same guys (credit reports), but they score them differently because one thinks brown eyes (number of accounts paid as agreed) are more important, and another thinks a cute smile (util) is more important, and a third thinks it's muscles (payment history).

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[GFer]

Well, my eyes have gotten browner as I've aged (possibly more full of...?)

I'm smiling more these days since I found out about the world of 'FICO'

and....I've started a new workout program and am steadily building new muscle! 

[Anonymous]

reading on here.....you guys normally see changes in your score once a month...around the same time? or do they all update at different times?

i am waiting on TU to update...they deleted about 7 things on my report last month....hoping that helps the score!!!

sorry if it's a stupid question

Message Edited by molly73 on 09-16-2008 08:57 PM

[haulingthescoreup]

The PFICO's are only issued to consumers once a month.

But in real time, FICO's (and PFICO's) don't even exist until you or someone else pulls them. They are based on what is on that particular credit report at that very moment, so they are essentially a credit snapshot.

*Click* here's your score.

Citi updates and your util drops to under 10%, and you happen to pull your score then: *click* it's a different score.

Your brand-new Chase card finally posts, with the additional credit limit but also with the new account ding and re-aging of average age, and you happen to pull just as this posts: *click* yet another score.

So if nothing changes on your reports, month in, month out, your scores probably won't change either. If you're rocking and rolling, working on your reports and getting your debt down, they could change daily, or conceivably even hourly.

[Anonymous]

thanks haulingthescoreup for the info!!!

yeah......for some reason i have not seen my TU score change since i had those items deleted......so maybe i will just have to wait some more......what...it takes about 30-60 days from when the cra says that things have been deleted to when you see a change in score...does that sound right?

i just can't wait to see what my TU score is going to look like!!