Amex Blue cash

[Anonymous]

Fused, I thought the banks and credit cards company access the Fico system, and they make their decision base on the fico score system and not come up with they own system score. Therefore, Myfico would be a useless system. The fico score is worthless to me. If my creditors access credit bureaus and come up with their score system, why would I need Myfico? I need to see what creditors see. IF myFico is just getting closed to see what creditors see, fakos do the same as well and it is cheaper than Fico system. I don't get it! Pay for a expensive product, when company as American Express have their own system.

[fused]

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Redamagon wrote:

Fused, I thought the banks and credit cards company access the Fico system, and they make their decision base on the fico score system and not come up with they own system score. Therefore, Myfico would be a useless system. The fico score is worthless to me. If my creditors access credit bureaus and come up with their score system, why would I need Myfico? I need to see what creditors see. IF myFico is just getting closed to see what creditors see, fakos do the same as well and it is cheaper than Fico system. I don't get it! Pay for a expensive product, when company as American Express have their own system.

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FICO scores are just one of the many factors in the underwriting process. Some CCCs give more weight to FICO scores than others. Some like Amex look at FICO scores and use them in conjuction with their scoring models. Also, DTI, employment history, income, recent inqs and owning your home are also factors. I highly doubt any of the CCCs are using the scores we commonly refer to as FAKOs in their underwriting though.