General Credit Topics

[Tinka2007]

Can someone explain to me the difference between the FICO and Plus Score???  I've been tracking my FICO and recently viewed my Equifax score using the free credit report website.  It's so confusing, and I'm not sure which one is more accurate.  Ugh!

[smallfry]

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Tinka2007 wrote:

Can someone explain to me the difference between the FICO and Plus Score??? I've been tracking my FICO and recently viewed my Equifax score using the free credit report website. It's so confusing, and I'm not sure which one is more accurate. Ugh!

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The only scores that matter at this time are your FICO scores. If you see the FICO medallion it is a true FICO score. Nothing else matters.

[MM1234]

smallfry said it best !!!

[Tinka2007]

Thanks smallfry!  I'm trying to raise it asap, trying to purchase a house soon. When mortgage companies pull the credit reports are they looking at the FICO scores or is there another score I'm not aware of? I was told that for an interest-only loan the score should be at least 620.

[fused]

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Tinka2007 wrote:

Thanks smallfry!  I'm trying to raise it asap, trying to purchase a house soon. When mortgage companies pull the credit reports are they looking at the FICO scores or is there another score I'm not aware of? I was told that for an interest-only loan the score should be at least 620.

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Only concern yourself with FICO scores.  What are your other two scores?  Do you the know the baddies on your reports?  Many here can help you repair your credit (legally of course), resulting in higher scores and better mortgage rates.

[Noah_Bodie]

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Tinka2007 wrote:

I've been tracking my FICO and recently viewed my Equifax score using the free credit report website.

...

I'm trying to raise it asap, trying to purchase a house soon.

...

I was told that for an interest-only loan the score should be at least 620.

You'll want to take a look at all 3 CRAs, at least the CRs if not the scores.

What's your CC util? That's a way you control that you can raise your scores.

With subprime lending collapse, talk to a mortgage broker but understand things seem to change frequently. Minimum score this week might be higher next week.

[Tinka2007]

One said 644, and my FICO says 600.  It seems like a big difference to me, but all still confusing. When I pulled my FICO it said 600 but about 2 wks before that the mtg agent said it was around the 580's mark.

[Noah_Bodie]

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Tinka2007 wrote:

One said 644, and my FICO says 600.

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One broker said 644?

[Tinka2007]

I'm sorry one credit site said 644, and FICO says 600, and the broker said I was around the 580's mark.

[Noah_Bodie]

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Tinka2007 wrote:

I'm sorry one credit site said 644, and FICO says 600, and the broker said I was around the 580's mark.

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Broker is likely using one of the various scoring methods that many industries use. You can use your FICO score as a "target finder". Get your FICOs to 640, then the broker should be around 620.

If the 644 came from one of the CRAs, freecreditreport.com, etc. then it's a Vantage score or FAKO.