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In the U.S., three credit reporting agencies, Equifax, Experian, and TransUnion, calculate a borrower's credit score using their own different computation formulas. The scores they generate (with trademarked names), differ in what they mean to predict, the statistical methods used to determine a credit-worthiness score, and what data are used and how they are weighted. Beacon, Beacon 5.0, Beacon 96, and Pinnacle scores are available only from Equifax; Empirica, Empirica Auto 95, Precision Score, and Precision 03 from TransUnion; and the Fair Isaac Risk Score is available from Experian. Although the Fair Isaac Corporation develops these credit score versions for the different agencies, they are different numbers, and are periodically updated to reflect current consumer loan repayment rates.
In addition to the classic FICO scoring method, Fair, Isaac, and Co. developed its NextGen FICO scoring method in 1999. The NextGen FICO is called the Pinnacle Score at Equifax, the FICO Risk Score, NextGen at Trans Union, and the Experian/Fair Isaac Advanced Risk Score at Experian. The NextGen FICO was designed to better identify a person's true credit risk while giving less weight to factors that are not thought to have as much bearing on a person's likeliness to repay. Under the new scoring model, many people have a better credit score, making it easier for them to get loans and better rates. Though Fair Isaac touts this new scoring model as a breakthrough in the credit scoring system, many lenders are hesitant to use it due to unfamiliarity with the new system, as well as a lack of time-tested proof that the new scoring model is indeed better than the tried and true classic FICO system. You will probably see a gradual shift in the use of the NextGen FICO credit score in the future, but for now, the majority of lenders still go with the original FICO scoring model because it's what they know.
I doubt the original poster (OP) has that score anymore, since the post you replied to is from 7 years ago! With that said, 609 while low, isn't a showstopper to getting a decent revolving credit card. Capital One has a pre-approval site, which many with less than great credit, have success with.
@Anonymous wrote:I doubt the original poster (OP) has that score anymore, since the post you replied to is from 7 years ago! With that said, 609 while low, isn't a showstopper to getting a decent revolving credit card. Capital One has a pre-approval site, which many with less than great credit, have success with.
An excellent reason to lock the thread.