12-21-2013 09:17 AM
I don't have much idea on the different types of the scores available and which will be used most. My current knowledge is as follows
1 - Each Credit B , has it's own score and we can see if you purchase a product from them. Example - Credit Monitoring From Transunion Website gives a score. What is this type of score called is it really useful?
2 - Free websites like Credit Sesame, Credit Karma Displays some score value? What is this called?
3 - When you Apply for credit card and get denied, They will display another type of score on the denial letter which will be way too lower from the score given above at number 1
Example - My score in the Equifax website says 742 but I was rejected by capital one and in the denial letter, the score from EQ says is 571
4 - Discover again gives a different type of Socre in it's statement every month.
I am really confused which score to believe and improve on.
Apart from these what are the terms FAKO, FICO Scores refer to? also Please give me how to get the correct scores of the each types (Preferebly Free)
I want to put all these REAL scores in my signature.
Thanks a lot team...
12-21-2013 09:51 AM
Discover is a real score TU08 model. Most scores you buy outside of here are fako scores, Credit sesame CK are fako scores but are useful in keeping track of your reports. The scores you get when you apply for credit say for a mortgage of auto loan are real fico scores, but may be an enhanced score or a score based on individual lender underwriting. The score you get from say a CC denial letter is also a real FICO but it may aslo be an enhanced version.
12-21-2013 09:54 AM
Welcome to the forums!
I'd suggest reading the following:
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
What Steps Do I Take - great for learning the repair process.
and Example letters - PFDs, GWs, DVs, etc.
There's also a sticky, Understanding FICO Scores that you will find useful.
12-21-2013 11:46 AM
Not to add to any confusion but here is a link to the many different types of FICO scores.
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