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Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Confused

I've been reading over this forums almost everyday the past few weeks, everything from auto loans to writing GWs. I'm mostly confused on all of the different credit scoring. MyFico gives me a deferent score from freecreditreport, walmart and IdentityProtector. How do I know which one to go by or should I go by all of them? How do I know which one a bank will look at? I am I focusing too much on the number?

 

This website has tons of information, but it can be a bit overwhelming when taken in in a short time.

 

Thanks for any help.

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

Re: Confused


Drink wrote:

I've been reading over this forums almost everyday the past few weeks, everything from auto loans to writing GWs. I'm mostly confused on all of the different credit scoring. MyFico gives me a deferent score from freecreditreport, walmart and IdentityProtector. How do I know which one to go by or should I go by all of them? How do I know which one a bank will look at? I am I focusing too much on the number?

 

This website has tons of information, but it can be a bit overwhelming when taken in in a short time.

 

Thanks for any help.


There are FICO scores, and then there are non-FICO scores (we call them FAKOs).

 

You can only buy your EQ FICO from myFICO.com, your lender, and Equifax.com if you look hard enough (they'll push their FAKO and not FICO).

 

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

 

You can only buy your EX FICO from your lender.

 

Aside from the above, some banks and CUs will offer a FICO score for free or at a reduced cost if you ask them like M&T Bank, Unitus, DCU, PSECU, Wal-Mart CC, etc. 

 

Other services like freecreditreport.com. creditkarma, identityprotector, creditsesame, truecredit, USAA's service, identityguard, eliminateidtheft, and dozens of other services out there offer scores, but none of them are FICO scores. They are FAKOs which factor in stuff that FICO does not and vice-cersa. Also the score ranges differ from FICO. IMO, ignores these other scores and ignore the advice of these sites too.

 

Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Re: Confused

Awesome, thanks for dumbing it down for me.

 

I currently use Identityprotector because of a discount from my job. They do give me a detailed report every month, but as you said, its a the score is a FAKO score. Should I cancel or keep it just for the report?

 

Do FAKO scores tend to be lower?

 

Also, when you say "your lender" do you mean my CC issuer? I currently have Cap1.

 

Again thanks! 

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

Re: Confused

For your service, weigh in your own mind if the report data is worth the price. Everyone has different needs when figuring out what is on and what's not on their CRs.

 

"Your lender" as in any future lender who has access to a FICO.

 

FAKO scores can be higher or lower. I had one as much as 225 pts off when compared to FICO the same day. One day your FICO might be higher than your FAKO and the next your FICO might be lower than the same FAKO. There is no way to correlate.

Established Member
Drink
Posts: 18
Registered: ‎07-26-2012
0

Re: Confused

I guess I'll keep using Identityprotector for now. There report seems a bit more detailed.

 

Just so I understand 100%, when appyling for a loan, I should request a copy of my CR?

 

I also read that you could get your TU from walmart if you have there card.

Moderator
Revelate
Posts: 9,640
Registered: ‎12-30-2011
0

Re: Confused

[ Edited ]

Drink wrote:

I guess I'll keep using Identityprotector for now. There report seems a bit more detailed.

 

Just so I understand 100%, when appyling for a loan, I should request a copy of my CR?

 

I also read that you could get your TU from walmart if you have there card.


If you're denied for any given loan, I certainly would when it comes to requesting the CR which is mandated to be provided by law if you ask; if you are approved, at least at the best terms, then there's no requirement that a report be provided.  Beyond that I know I'll be pulling my reports multiple times leading up to my theoretical mortgage if you were referring to pulling before the loan app.

 

You're correct, if you have a Walmart CC, they will provide one of the TU '08 versions, not certain we know to date which one specifically it is, but it's a legit FICO score which in my opinion is better than any FAKO.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Mega Contributor
RobertEG
Posts: 18,139
Registered: ‎03-19-2007
0

Re: Confused

If denied credit or offered credit at less than the most favorable terms and the creditor used a credit report as a part of that determination, they must advise you of your right to request a free copy of your CR from the CRA through which they pulled the CR.

 

That right extends for 60 days.  The creditor is not required to provide the report.  You must send a copy of your letter from the creditor to the CRA, who is then responsible for sending you your free CR.


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