10-01-2010 07:11 AM
So I have been using Truecredit for about a year. I have been content with my 750-780 credit score. When one day (today) I decide to test my blissful ignorance, and Google "Truecredit scoring accuracy". After doing a lot of reading (on this, and other forums) I discovered that that score was not a real FICO score, and lenders use the score that THIS site provides. After doing the free trial for this site I was totally shocked! My score was waaaaaaaaay off on True Credit!
True Credit score (today): 780
myFICO score (today): 655
Wooooow! Here I thought I was doing great, when it turns out that I still had a ton of work to do on my credit! It's a good thing I decided to check into the differences in the scoring models this morning! After listening to some person I could barely understand for about 5 minutes *tip* (Just turn your brain off and let them rant) I managed to cancel my subscription w/ them.
What an eye opener!
10-01-2010 07:17 AM - edited 10-01-2010 07:19 AM
That's a big difference! TC offers VantageScores (a FAKO) that runs on a scale from 501-990, whereas FICO uses a scale of 300-850.
The scores and advice are useless on TC, but the report info is OK. There's no service out there that allows all 3 reports and FICO scores. TC is good if you only need to check once a month. There are other services like CCT that allows you to check all 3 daily, but, again, the scores and advice are useless.
ETA....Welcome to the Forums!
10-01-2010 07:23 AM
Yea, I was using the TC service for the score more than the report (I am content with seeing that on the free credit report site once per year). I do pretty well with paying my bills, but apparently the negatives that show up on this sites score (and not on TC's score) are the stuff from back in 2006 (in my poor college student days). I had many a 60 and 90+ negative reports from back then. The drop off is 7 years right?
10-01-2010 09:25 AM
As others have said, Truecredit scores are on a different scale than FICO. But the percentage of my Trucredit to my FICO score (ran on the same day and based on my TransUnion report) is 118%, which is consistent with the scores you provided.
10-01-2010 08:07 PM
redhunter, that may have been your personal experience in attempting to compare a FICO with a non-FICO score, but no such direct comparison exists.
Not only are the scoring ranges different, the nuts and bolts within the scoring algorithms used by each are totally independent.
I would never attempt to predict a FICO score based on a score generated elsewhere.
10-02-2010 04:06 PM
FAKO + $15 here = your FICO score every time.
You can't even assume parity in that if your FAKO score changes, your FICO score will change in the same direction or at all for that mater.
10-03-2010 08:20 AM - edited 10-03-2010 08:21 AM
Truecredit monitoring & reports = OK
Truecredit score = poor
Your TC score: 780
Your TU FICO: 655
My TC score: 768
My TU FICO: 737
Different algorithm based upon different information.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO