Myfico is Fako?

[creditwherecreditisdue]

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@MarineVietVet wrote:

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@Anonymous wrote:

If you are comparing your TU myfico score to that of your lender’s, chances are yes it will be lower.  Then again, if you are using your TU myfico as a benchmark, I guess any number will do. 

But just focus on doing all the right things and spending $15.95 a pop and all will be well. Right?

 

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No, if you do all the right things and concentrate on reducing your debt your scores will continue to improve. You really never have to buy a score unless you are just curious. The score I bought in July was the first time I knew what any of my scores were in many years. The numbers validated that all my hard work had been worth it.

And because I finally have no negatives, low utilization, no late payments, a long history, no new credit for several year, and a nice mix of credit I am able to get the best rates if and when I decide to borrow regardless of what scoring sytem is used.

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IOW, the score is going to be whatever the score is whether you pay the $15.95 (or less if you research and utililize a discount code) or not.

[Jovian]

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@MarineVietVet wrote:

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@Jovian wrote:

So... does this mean my FICO score is actually still in the 500s in the version of FICO that lenders are using?  This is very disheartening. 

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It really doesn't matter what version is being used. If you:

Always pay on time,

Let your accounts age,

Get rid of any negatives on your reports,

Keep your utilization very low,

Keep applications for new credit to a minimum,

Have a mix of credit,

Realize there aren't usually any quick fixes,

Your scores will improve with any version of FICO.

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

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Yes, it does matter.  The question isn't about how to raise your score, the question is what IS your score.  The whole point of getting your FICO score and not a FAKO score is to make decisions and strive to reach a certain score before planning to make a move on something.  If I was only concerned about what is in my credit report I can get that from anywhere.  The whole appleal of myFico is to find out what is the score lenders are actually seeing, and not some near-random calculation from the so-called FAKOs.  I like these forums for the information they provide, but the only reason why I get my scores here because I was under the impression it was the same score that lenders see, and it turns out to not be the case.

[creditwherecreditisdue]

You can't obtain any of the specialized FICO scores or the FICO08 score (which no one is using yet) anywhere. What you can obtain is those versions of the consumer FICO score that have been released to the public. As much as any of us would like to be able to purchase our FICO scores/reports from a menu of all possible FICO scores/reports this as good as it is ever going to get for reasons of practicality. In fact in the last year we have taken one gigantic step backwards. You no longer can purchase an EX FICO score anywhere.

[Anonymous]

I just wrote my senator about all this!!! There shuold be trasparency in lending. How can I make an informed descision without the information. All of this is just a way of lending insitutions to rip a consumer off. Even after we bail them out. All bankers and and lenders swill rot in H-E double hockeysticks. Bunch theives and robber barons. IMHO

[luvs2barre]

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@Jovian wrote:

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@MarineVietVet wrote:

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@Jovian wrote:

So... does this mean my FICO score is actually still in the 500s in the version of FICO that lenders are using?  This is very disheartening. 

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It really doesn't matter what version is being used. If you:

Always pay on time,

Let your accounts age,

Get rid of any negatives on your reports,

Keep your utilization very low,

Keep applications for new credit to a minimum,

Have a mix of credit,

Realize there aren't usually any quick fixes,

Your scores will improve with any version of FICO.

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

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Yes, it does matter.  The question isn't about how to raise your score, the question is what IS your score.  The whole point of getting your FICO score and not a FAKO score is to make decisions and strive to reach a certain score before planning to make a move on something.  If I was only concerned about what is in my credit report I can get that from anywhere.  The whole appleal of myFico is to find out what is the score lenders are actually seeing, and not some near-random calculation from the so-called FAKOs.  I like these forums for the information they provide, but the only reason why I get my scores here because I was under the impression it was the same score that lenders see, and it turns out to not be the case.

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That is not the case with every lender, with some lenders yes but now with all. In my situation the scores I pulled were the same scores that my lender pulled.

[creditwherecreditisdue]

You have no entitlement to see what an issuer is using. None whatsoever. Most use a proprietary internal system in conjunction with a FICO score or a score of their own concoction. They don't have to tell you a thing other than which CRA's information was used if you are denied credit.

[Anonymous]

So what's the advantage to buying score watch over just buying your score from EQ and transunion.cs? Just the ability to be notified when the score changes? Or is there a savings in cost?

[marty56]

Welcome to the forum.  The primary reason for having a product like score watch is to know when something changes on your CR.  This is important for people who are rebuilding their credit and those who cjust want to watch the credit in case of ID theft.  The FICO score would be important if a person was trying to raise their score to a certian value to know when to apply for say an auto loan or a mortgage.

I still use a credit monitoring service even though my score wont change very much over the next 3 years.

[marty56]

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@creditwherecreditisdue wrote:
You have no entitlement to see what an issuer is using. None whatsoever. Most use a proprietary internal system in conjunction with a FICO score or a score of their own concoction. They don't have to tell you a thing other than which CRA's information was used if you are denied credit.

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+1

Also, it wasnt until recently that we were able to buy our credit scores.  I got my first auto loan and credit card in 1979.

Message Edited by marty56 on 12-01-2009 03:14 PM

[Anonymous]

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creditwherecreditisdue wrote:
You have no entitlement to see what an issuer is using. None whatsoever. Most use a proprietary internal system in conjunction with a FICO score or a score of their own concoction. They don't have to tell you a thing other than which CRA's information was used if you are denied credit.

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Unless their "propriety internal system" maflunctions at best (at worst they had 0 lending standards or ignored their lending standards) and they end up in bankruptcy or collecting tarp funds. The best anticeptic is sunlight. This is the lenders bed they should lie it.