04-07-2013 11:41 AM
04-07-2013 11:53 AM
Last week I signed up for creditkarma and was flabbergasted when it spilled out a 722 Fico score and said I was in the "good credit" category. I knew this was weird since I recently was declined for a Costco Amex true earnings CC. This site also tempted me to apply for certain CC's but luckily I resisted the temptation since I had a feeling that it was too good to be true.
Well, I signed up for quarterly monitoring today and got my TU fico. It is 610, wow, how can my fako on CK be 112 points higher than my TU fico? I know the score modeling is different, but this post serves to caution all of you who use CK for advice in obtaining new CC's! Beware.
As for me, I'm hopeful that my scores will go up since I sent a lot of GW letters out last week. I even received a SW alert stating that my FIA acct reported changes for the positive! I haven't verified on my EX report yet but i don't see this on my TU yet either. Will wait and see.
Credit Karma is a fako score and has no meaning whats so ever when it comes to lenders looking at your creditworthiness. myFico quarter Monitoring uses Fico 08'
Over 90% of lenders use fico scoring.
04-07-2013 12:22 PM
04-07-2013 06:32 PM
Which Fico does Walmart use?
myFICO uses the TU04 model, and Walmart uses the TU08 model. People here say that the TU08 model is used by almost NO lenders, and as such is valueless. My opinion is that if you use all the free scores out there (CreditKarma, CreditSesame, Credit.com, Quizzle) as trending numbers, then they all have some value. They may not be FICO scores, but if they are all increasing, then it is likely that your FICO score is increasing. Maybe not by the same ratios, but it is a valid tool if used in that light.
04-07-2013 06:59 PM
My CK credit score is 643, my TU FICO pulled from lender 724
04-07-2013 07:00 PM
04-07-2013 07:01 PM
04-07-2013 07:53 PM
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