Reply
Contributor
BlueHusky
Posts: 193
Registered: ‎04-01-2012
0

Can Someone Please Explain CREDIT SCORES to me??

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+


Take the FICO Fitness Challenge
Contributor
BlueHusky
Posts: 193
Registered: ‎04-01-2012
0

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

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
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012
0

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

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

New Contributor
Robertwd82
Posts: 71
Registered: ‎11-19-2012
0

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

[ Edited ]

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.

 

 

Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012
0

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


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



Valued Contributor
trumpet-205
Posts: 2,457
Registered: ‎11-11-2010
0

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

[ Edited ]

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 Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Moderator Emeritus
tinuviel
Posts: 4,877
Registered: ‎11-02-2010
0

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

Moved from Credit Cards.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+