@Shogun wrote:
Absolutely worthless article.
First off, let me say that I am an unpaid volunteer for FICO on the boards. If I want my scores, I pay for them, just like everyone else. Now I can tell that the writer has been on the boards, and has pulled some info from them. But it's skewed information plain and simple.
Let's ask a question. Do 90% of lenders use FICO scoring? I don't know the correct answer to that, because I don't know exactly who doesn't. I know that when I bought my house, bought my cars, applied for credit card, etc. I received notification of approval with my FICO score. Now for me it's been 100% on my FICO scores, but I can't speak for others.
Yes, there are many several types of scores, IE., mortgage, auto, insurance, bank card, etc., and one score does not fit all. That's where the big difference is. But FICO is now offering their newest scores for consumers. It may or may not be the same version your lender is pulling. But the lenders pull the flavor they like the most. It's not a Vanilla type of thing, that's why there are the different types of models. A bank that is looking at a report and evaluating scores for a mortgage will most likely have different criteria than one that is looking to extend credit for a revolving account. This makes sense to me and I understand that. It is the lender's money, they have their guidlines to lend the money. If you don't meet those guidelines, there's no reason they have to give you anything. The whole "sense of entitlement" doesn't wash.
That is why I tell people who are in the rebuilding stage not to waste money on scores, spend your time and your money on improving the overall health of your report. The scores will respond accordingly.
And as far as the FICO FAKO thing goes, I don't put a whole lot of emphasis on that either. But until it ever says that I was approved/denied and lists my CreditKarma, CreditSesame/ Quizzle scores I will continue to look at those scores in a passing gesture and put no weight into them.
My very thoughts. Spend your time and your money on improving the overall health of your report. The scores will respond accordingly.
Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben
