Understanding FICO® Scoring

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BlueHusky
Posts: 184
Registered: ‎04-01-2012

Can Someone Please Explain CREDIT SCORES to me??

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‎02-08-2013 12:14 PM

I'm kind of confused regarding all of the credit score jargon...can you guys please help me straighten it all out?

 

So I know there's a "FICO" score...and then there are "FAKO" scores, which aren't used by lenders. When you use CreditKarma or CreditSesame, you are getting a FAKO score, CreditKarma being a Transunion FAKO and CreditSesame being an Experian FAKO. Now, if you use the monthly "Walmart free FICO" this is a real FICO...but it's also from Transunion. I don't get it?

 

So is there only ONE real score, and all else being FAKO, or are there 3 real scores - one true FICO for each of the 3 credit companies? Where do I get a real FICO for all 3? Which one do lenders use? Which is accurate? I'm so confused!



Starting Score: 583 (CreditKarma, 2009)
Current Score: 783 (Walmart Free FICO, March 20, 2012), 774 (Equifax, BoA Pull, 2/20/13)
Goal Score: 800+

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BlueHusky
Posts: 184
Registered: ‎04-01-2012

Re: Can Someone Please Explain CREDIT SCORES to me??

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‎02-08-2013 12:17 PM

Also, which credit company is a MyFICO "Fico" score based off of?? They seem to list Equifax and TU, does Experian not make a FICO? What do lenders that use experian pull then if it doesn't give you a FICO?



Starting Score: 583 (CreditKarma, 2009)
Current Score: 783 (Walmart Free FICO, March 20, 2012), 774 (Equifax, BoA Pull, 2/20/13)
Goal Score: 800+

Take the FICO Fitness Challenge
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djrez4
Posts: 504
Registered: ‎08-28-2012

Re: Can Someone Please Explain CREDIT SCORES to me??

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‎02-08-2013 12:19 PM

There's an entire forum here about "Understanding FICO Scoring."  I suggest reading there and then asking specific questions if you're still confused.

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Robertwd82
Posts: 71
Registered: ‎11-19-2012

Re: Can Someone Please Explain CREDIT SCORES to me??

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‎02-08-2013 12:19 PM - edited ‎02-08-2013 12:21 PM

Each company has a FICO. Consumers can't get their Experian Fico.  This website is the place to get your Equifax Fico.  You can also buy a one time Transunion FiCo here but most elect to get a Wal Mart card and get it free through there, daily no less.  

 

I use Myfico Scorewatch for Equifax FICO, Walmart for Transunion FICO and I use experian.com's service for Experian FAKO daily pull.  I just had my Experian FICO pulled on Amex and it was 10pts higher than my FAKO.

 

 

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jake619
Posts: 458
Registered: ‎11-13-2012

Re: Can Someone Please Explain CREDIT SCORES to me??

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‎02-08-2013 12:27 PM

djrez4 wrote:

There's an entire forum here about "Understanding FICO Scoring."  I suggest reading there and then asking specific questions if you're still confused.

^^^^ This


GangnamFICO wrote:
Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.

Minor vulgarity edit --Rev


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trumpet-205
Posts: 1,915
Registered: ‎11-11-2010

Re: Can Someone Please Explain CREDIT SCORES to me??

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‎02-08-2013 02:40 PM - edited ‎02-08-2013 02:46 PM

BlueHusky wrote:

So is there only ONE real score, and all else being FAKO, or are there 3 real scores - one true FICO for each of the 3 credit companies? Where do I get a real FICO for all 3? Which one do lenders use? Which is accurate? I'm so confused!

Neither. There are 49 variations of FICO score, each calculates your score differently and has different range.

 

They are called FICO because they are all developed by the same company, Fair Issac CO.

 

Furthermore, some FAKO scores like VantageScore is used by lenders like Chase. Lenders like GE or AMEX even use their own "in-house" scores.

 

Credit score is just a calculated number, that's all. It is merely a small factor in determing credit. There is no such thing as an universal credit score. What is on your credit report is far more important than a number.

 

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash Reward (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013)
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tinuviel
Posts: 4,018
Registered: ‎11-02-2010

Re: Can Someone Please Explain CREDIT SCORES to me??

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‎02-08-2013 04:02 PM

Moved from Credit Cards.



Starting Scores for 2013: EQ 723, TU 735, EX Credit Sesame 751
Current Scores: EQ 748, TU 741 (06/01/2013), EX 743 (06/13/2013)
Goal Score: 740+ FICO scores
Take the FICO Fitness Challenge Silver Spade Garden Club Member - Last App: 03/04/2013 - No apps until Fall 2013
Cards: Cap1 Venture 6.4k, Cap1 NHCR MC 750, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 4k, Citi Diamond Preferred MC 7.55k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 5.7k, Kay Jeweler's 5.1k
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