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Regular Contributor
ccubedzx3
Posts: 171
Registered: ‎04-30-2012
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What is the point of a "Credit Score" if the "FICO score" is the only one that matters?

Is there anything a "credit score" is really used for other than being a sign of false hope?  For the past 4 years or so, i've been monitoring my "Credit Score" hoping I would get it to a good enough score to apply for a mortgage.  I got to a point where I felt secure enough to apply because I felt my scores were good.  Once I tried for pre-approval, I got denied because they used a "FICO score."  It was the first I hear of it, but it was then I realized that it was only the "FICO score" that really mattered when applying for a car note or a house note.  Needless to say, there was quite a difference between my "Credit Score-671" and my "FICO Score-590"  I was so embarrased once I heard how low my score was, and was of course denied.  Thankfully I found this site, to help me going forward.  However, I am a bit peeved that a "credit score" is such a false hope number that really isn't used for anything of value...or is it?  Sorry, had to vent! Have a good weekend!


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Regular Contributor
hdrider07
Posts: 207
Registered: ‎03-21-2012
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Re: What is the point of a "Credit Score" if the "FICO score" is the only one th

The only thing I use a credit score from various sites for is to see the trending that is happening based on my efforts, other than that I dont find any value in them.  FICO is what its all about as you learned.

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cassembler
Posts: 470
Registered: ‎02-07-2011
0

Re: What is the point of a "Credit Score" if the "FICO score" is the only one th

[ Edited ]

ccubedzx3 wrote:

Is there anything a "credit score" is really used for other than being a sign of false hope?  For the past 4 years or so, i've been monitoring my "Credit Score" hoping I would get it to a good enough score to apply for a mortgage.  I got to a point where I felt secure enough to apply because I felt my scores were good.  Once I tried for pre-approval, I got denied because they used a "FICO score."  It was the first I hear of it, but it was then I realized that it was only the "FICO score" that really mattered when applying for a car note or a house note.  Needless to say, there was quite a difference between my "Credit Score-671" and my "FICO Score-590"  I was so embarrased once I heard how low my score was, and was of course denied.  Thankfully I found this site, to help me going forward.  However, I am a bit peeved that a "credit score" is such a false hope number that really isn't used for anything of value...or is it?  Sorry, had to vent! Have a good weekend!


Unless I'm mistaken, there are actually pending lawsuits for this... The very small, very fine print that says the scores are for "educational use only," but are presented in a way that makes them seem "relaible."

 

But yeah, FICO scores are the real deal, and even within FICO scores there are different models... The end result is that good credit is good credit - long history, low balances, and no lates. The "trinity" of good credit, I suppose.

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: What is the point of a "Credit Score" if the "FICO score" is the only one th

[ Edited ]

It's stories like yours that propel many of us to keep saying, "Ignore the FAKOs!".

 

FAKOs are totally useless. As you experienced there can be a large gap between FAKOs and FICOs. Also, your FICO can go up and FAKO down for the exact same event. They are unreliable and lenders won't use them. Plus the advice that comes with some of these services, if taken, can sometimes harm your FICO score.

 

Why a FAKO? I think a couple are legit. They are legit in their own mind and they are trying to break out as a competitor to FICO. Vantage, for example, is used by at least a couple lenders off the top of my head. They aren't reliable enough to be picked up by a large number of lenders, but I think they're trying. Most FAKOs though are "for educational purposes only" as pointed out already. Nobody uses them. You've got to understand that we are rare. Not many people even bother to take time to figure out scoring. Probably 90%+ don't even care. So when a service like freecreditscore or creditkarma offers scores, they pay $$$, look at it and move on without wanting to know how it works or why their score is the way it it. If they looked further and studied it like everyone on here does, they'd find that lenders aren't using scores like those.

Regular Contributor
ccubedzx3
Posts: 171
Registered: ‎04-30-2012
0

Re: What is the point of a "Credit Score" if the "FICO score" is the only one th


llecs wrote:

It's stories like yours that propel many of us to keep saying, "Ignore the FAKOs!".

 

FAKOs are totally useless. As you experienced there can be a large gap between FAKOs and FICOs. Also, your FICO can go up and FAKO down for the exact same event. They are unreliable and lenders won't use them. Plus the advice that comes with some of these services, if taken, can sometimes harm your FICO score.

 

Why a FAKO? I think a couple are legit. They are legit in their own mind and they are trying to break out as a competitor to FICO. Vantage, for example, is used by at least a couple lenders off the top of my head. They aren't reliable enough to be picked up by a large number of lenders, but I think they're trying. Most FAKOs though are "for educational purposes only" as pointed out already. Nobody uses them. You've got to understand that we are rare. Not many people even bother to take time to figure out scoring. Probably 90%+ don't even care. So when a service like freecreditscore or creditkarma offers scores, they pay $$$, look at it and move on without wanting to know how it works or why their score is the way it it. If they looked further and studied it like everyone on here does, they'd find that lenders aren't using scores like those.


That is what angers me the most.  I was falsely led to believe that my "credit score" mattered.  I paid for a service that really is pointless.  It's like paying one landscaping company to tell me when my lawn needed to be cut,  while I pay another landscaping company to actually cut it.

 

I'm thinking class action type of anger.  I mean, I wasted $15/month for 2 years for a service that is meaningless.  I might as well pay the weatherman since he forecasts the weather, even though he might be wrong....heck, i'll still pay him because he forecasted something.....pointless....

 

As much as i'd like to dole out the cash to keep informed here, I have a bad taste in my mouth and don't want to pay it....but in the back of my mind, I probably should because I want to app for a mortgage within the next year.  It is frustrating to no end....


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Member
rgrob71
Posts: 7
Registered: ‎06-08-2012
0

Re: What is the point of a "Credit Score" if the "FICO score" is the only one th

I feel your pain!  I was paying $16 a month watch my scores elsewhere.  I finally reached 750/750/743 my wife 723/730/723... that worked out to a 680 for me and a 640 for my wife.

Regular Contributor
adio413
Posts: 114
Registered: ‎06-06-2012
0

Re: What is the point of a "Credit Score" if the "FICO score" is the only one th

so, how did u finally get your fico score?

Frequent Contributor
danny4l
Posts: 299
Registered: ‎05-24-2012
0

Re: What is the point of a "Credit Score" if the "FICO score" is the only one th

So where do you go to get the 100% accurate FICO score?

 

I'm confused myself.

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: What is the point of a "Credit Score" if the "FICO score" is the only one th

[ Edited ]

danny4l wrote:

So where do you go to get the 100% accurate FICO score?

 

I'm confused myself.


 

 

In the case of OP, he/she didn't have a FICO score in the beginning, and learned the scoring different when they applied for a mortgage.

 

There are dozens of services out there like creditkarma, credit sesame, truecredit, freecreditscore, credit complete, smartcredit, privacyguard, quizzle, creditsecure, zendough, freescore, and so many more that offer credit scores, but these are not FICO scores and lenders don't use them. We call them "FAKO"s.

 

You can only buy your EQ FICO from your lender, myFICO.com, and from any of these services within Equifax's single report w/ FICO score and Equifax's version of ScoreWatch.

 

You can only buy your TU FICO from your lender or myFICO.com.

 

You can't buy your EX FICO from anywhere, though your lender can still get it for you.

 

Aside from the above, you can get your FICO scores at a free or reduced price as a member benefit to a credit union or bank. Some examples include Unitus Community Credit Union, Digital Credit Union, and M&T Bank for your EQ FICO. You can get your TU FICO from Wal-Mart if you have their CC. And if you are a member of PA State Employees Credit Union (PSECU), you can get your EX FICO each month. Aside from these, there are CUs thoughout the country that will provide a complimentary review of your CR and some will present your FICO too.

 

 

ETA...fixed link

Valued Contributor
annielorie
Posts: 1,206
Registered: ‎02-19-2012
0

Re: What is the point of a "Credit Score" if the "FICO score" is the only one th

TO OP:

 

I know it sucks!! ANd the others are 100% correct.  The majority of the peole have no idea of the things that we at this forum know. I use credit Karma:  I like to see a report card with A's I was a straight C student. Theodre Roosevelt "the C students rule the world" Korny right but it is fun.

 

I have eliminate id theft all three repoirts can pull daily.

 

My fico TR on Quaurterly

 

Found this site...........My saving grace.  You found us !!! We will all help!! Stop being mad and get 800!!!

 


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

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