Don't waste your money on a FICO score

[OhioVern]

I believed the FICO advertisements that myFICO was the real deal. ie the same score your credit institution would get from the credit bureau.  ITS NOT.

I use WPCU or Wright Paterson Credit Union a large national credit union. I knew WPCU uses Trans Union and have their rate sheet as to what term and credit score qualifites for what rate. I purchased myFICO Trans Union credit score then went to my credit union and the score they got from Trans Union was dramatically less.  I called FICO to see if I could get this resolved.  I was told by FICO that "industry specific" scores would be different,  I said that is not how it is advertised.  Its not suppossed to be an estimation calculation like the rest of the internet companies,.  You pay to get an actual current credit score from one or all three of the credit bureaus.  Could I get a refund from FICO..  NO.  In fact worse unprofessional customer support on top of "information" that was worthless.

[Creditaddict]

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@OhioVern wrote:

I believed the FICO advertisements that myFICO was the real deal. ie the same score your credit institution would get from the credit bureau.  ITS NOT.

I use WPCU or Wright Paterson Credit Union a large national credit union. I knew WPCU uses Trans Union and have their rate sheet as to what term and credit score qualifites for what rate. I purchased myFICO Trans Union credit score then went to my credit union and the score they got from Trans Union was dramatically less.  I called FICO to see if I could get this resolved.  I was told by FICO that "industry specific" scores would be different,  I said that is not how it is advertised.  Its not suppossed to be an estimation calculation like the rest of the internet companies,.  You pay to get an actual current credit score from one or all three of the credit bureaus.  Could I get a refund from FICO..  NO.  In fact worse unprofessional customer support on top of "information" that was worthless.

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You posted this in auto, is this in regards to an auto loan?

Also even Fico scores have MANY scoring models... FICO is still your best overall closest score to what other creditors use just depends if it's a TU Fico 08, Fico 09... heck I don't even know the different ones but usually Fico scores are somewhat closer together then say a PLUS score or something else.

now you also have "Auto Enhanced Fico" which we as a consumer can't even buy.

I'm with you on the part that so much of this is regulated, they shoudl regulate that you have 3 scores and they CAN NOT BE MODIFIED... I know very little about the Canada Credit but an R1-R9 seems much more understandable than a number that on fico can range 350-840 or on plus a 300-900 or on some other scale I have seen from GE a 001-350... I mean us as a consumer HOW are we suppose to figure out what is good and why we are paying more for something when a good portion of the people hired to review these applications don't even understand all the scoring and credit variations!

Fico use to be the standard and then it went out of control and that's not Fico's fault in my eyes, that is Governments fault and the banking industry having far deeper pockets for political party interests then us as a consumer!

[OhioVern]

Yes this was for an auto loan.

Credit scores and credit scoreing is going to constantly evolve so its going to be modified.  That said a current accurate score from a bureau in itself is useful information and the retrieval of it thru FICO isnt supposed to affect your score.  This information and service in itself is worth a negligable monetary fee to some consumers.  Anything short of that is not.  At minimum the cost for a bogus worthless number should be refunded.

Blame the government, blame the bureau, Its irrellevent.  If FICO cannot deliver they should at minimum refund the fee.

[coterotie]

Buddy of mine just got elected to Congress. I am nearly motivated enough to put together a package for him about the whole credit score business.  Back in the day when I was a banker and he was a banking lawyer, your credit worthiness didn't revolve around an artifically derived number.  We put some effort into determing ability to pay etc.  You could also look at the same information that the lender looked at and shopping a deal didn't negatively impact you.

I firmly believe that the models should be publicly available if they are going to use the information to grant credit.  Otherwise it is discriminatory and likely predatory. 

Back in the day, getting a Credit bureau report would tell you why you didn't get credit.  Now having all credit decisions based on a score which you have to pay to obtain and the algorithm used to derive the score is kept as a secret just doesn't cut it.

[Archangel_Nemesis]

I just joined WPCU myself. When they pulled my TU to open the account, to approve me for my Visa and my Flexline it was all a match to my FICO 08. When we were looking to do my auto it was a totally different number. I got all the best rates except on a auto finance.

I joined DCU for $5 and got a 1.74% rate. They absolutly use the FICO 08 scoring system to approve you.

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@OhioVern wrote:

Yes this was for an auto loan.

Credit scores and credit scoreing is going to constantly evolve so its going to be modified.  That said a current accurate score from a bureau in itself is useful information and the retrieval of it thru FICO isnt supposed to affect your score.  This information and service in itself is worth a negligable monetary fee to some consumers.  Anything short of that is not.  At minimum the cost for a bogus worthless number should be refunded.

Blame the government, blame the bureau, Its irrellevent.  If FICO cannot deliver they should at minimum refund the fee.

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[Revelate]

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@Archangel_Nemesis wrote:

I just joined WPCU myself. When they pulled my TU to open the account, to approve me for my Visa and my Flexline it was all a match to my FICO 08. When we were looking to do my auto it was a totally different number. I got all the best rates except on a auto finance.

I joined DCU for $5 and got a 1.74% rate. They absolutly use the FICO 08 scoring system to approve you.

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@OhioVern wrote:

Yes this was for an auto loan.

Credit scores and credit scoreing is going to constantly evolve so its going to be modified.  That said a current accurate score from a bureau in itself is useful information and the retrieval of it thru FICO isnt supposed to affect your score.  This information and service in itself is worth a negligable monetary fee to some consumers.  Anything short of that is not.  At minimum the cost for a bogus worthless number should be refunded.

Blame the government, blame the bureau, Its irrellevent.  If FICO cannot deliver they should at minimum refund the fee.

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Until recently EQ's Beacon 9.0 score wasn't available anywhere; and auto-enhanced scores aren't available period to a consumer.

It can't be stated unilaterally that DCU is using an explicit score unless there's an easy comparison, and it's doubtful in this instance that such a comparison exists.

[Lechte]

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@Revelate wrote:

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@Archangel_Nemesis wrote:

I just joined WPCU myself. When they pulled my TU to open the account, to approve me for my Visa and my Flexline it was all a match to my FICO 08. When we were looking to do my auto it was a totally different number. I got all the best rates except on a auto finance.

I joined DCU for $5 and got a 1.74% rate. They absolutly use the FICO 08 scoring system to approve you.

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@OhioVern wrote:

Yes this was for an auto loan.

Credit scores and credit scoreing is going to constantly evolve so its going to be modified.  That said a current accurate score from a bureau in itself is useful information and the retrieval of it thru FICO isnt supposed to affect your score.  This information and service in itself is worth a negligable monetary fee to some consumers.  Anything short of that is not.  At minimum the cost for a bogus worthless number should be refunded.

Blame the government, blame the bureau, Its irrellevent.  If FICO cannot deliver they should at minimum refund the fee.

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Until recently EQ's Beacon 9.0 score wasn't available anywhere; and auto-enhanced scores aren't available period to a consumer.

It can't be stated unilaterally that DCU is using an explicit score unless there's an easy comparison, and it's doubtful in this instance that such a comparison exists.

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If DCU is explicitly 08/beacon 9.0 and myfico EQ has changed to beacon 9.0 as rumored....it would show an exact match.  Unfortunately, I don't have DCU...maybe someone with DCU can verify by that comparison...at least it'll give us an idea one way or another.

[RushXTC]

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@Lechte wrote:

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@Revelate wrote:

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@Archangel_Nemesis wrote:

I just joined WPCU myself. When they pulled my TU to open the account, to approve me for my Visa and my Flexline it was all a match to my FICO 08. When we were looking to do my auto it was a totally different number. I got all the best rates except on a auto finance.

I joined DCU for $5 and got a 1.74% rate. They absolutly use the FICO 08 scoring system to approve you.

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@OhioVern wrote:

Yes this was for an auto loan.

Credit scores and credit scoreing is going to constantly evolve so its going to be modified.  That said a current accurate score from a bureau in itself is useful information and the retrieval of it thru FICO isnt supposed to affect your score.  This information and service in itself is worth a negligable monetary fee to some consumers.  Anything short of that is not.  At minimum the cost for a bogus worthless number should be refunded.

Blame the government, blame the bureau, Its irrellevent.  If FICO cannot deliver they should at minimum refund the fee.

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Until recently EQ's Beacon 9.0 score wasn't available anywhere; and auto-enhanced scores aren't available period to a consumer.

It can't be stated unilaterally that DCU is using an explicit score unless there's an easy comparison, and it's doubtful in this instance that such a comparison exists.

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If DCU is explicitly 08/beacon 9.0 and myfico EQ has changed to beacon 9.0 as rumored....it would show an exact match.  Unfortunately, I don't have DCU...maybe someone with DCU can verify by that comparison...at least it'll give us an idea one way or another.

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My score is terrible now, But showing you guys just so you can see the difference.

[Revelate]

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@Lechte wrote:

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@Revelate wrote:

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@Archangel_Nemesis wrote:

I just joined WPCU myself. When they pulled my TU to open the account, to approve me for my Visa and my Flexline it was all a match to my FICO 08. When we were looking to do my auto it was a totally different number. I got all the best rates except on a auto finance.

I joined DCU for $5 and got a 1.74% rate. They absolutly use the FICO 08 scoring system to approve you.

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@OhioVern wrote:

Yes this was for an auto loan.

Credit scores and credit scoreing is going to constantly evolve so its going to be modified.  That said a current accurate score from a bureau in itself is useful information and the retrieval of it thru FICO isnt supposed to affect your score.  This information and service in itself is worth a negligable monetary fee to some consumers.  Anything short of that is not.  At minimum the cost for a bogus worthless number should be refunded.

Blame the government, blame the bureau, Its irrellevent.  If FICO cannot deliver they should at minimum refund the fee.

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Until recently EQ's Beacon 9.0 score wasn't available anywhere; and auto-enhanced scores aren't available period to a consumer.

It can't be stated unilaterally that DCU is using an explicit score unless there's an easy comparison, and it's doubtful in this instance that such a comparison exists.

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If DCU is explicitly 08/beacon 9.0 and myfico EQ has changed to beacon 9.0 as rumored....it would show an exact match.  Unfortunately, I don't have DCU...maybe someone with DCU can verify by that comparison...at least it'll give us an idea one way or another.

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Something got confused here: DCU may (and likely does) use a different version of Equifax's products than what they provide monthly to their members.

The monthly score at DCU to my knowledge is still Beacon 5.0

The score here, sigh.  FICO not making me happy with a lack of announcement.

ETA: I'm filing my IRS paperwork on Monday, once it's processed if my DCU score jumps up to 720ish where my old TU / EX '08 scores were, I'll consider it likely changed.  Until then it still remains flatlined at my usual EQ Beacon 5 level.  Was tempted to wait till May to see if a derog at six months is less penalized under an '08 model but life > experimentation.

[Lechte]

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@RushXTC wrote:

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@Lechte wrote:

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@Revelate wrote:

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@Archangel_Nemesis wrote:

I just joined WPCU myself. When they pulled my TU to open the account, to approve me for my Visa and my Flexline it was all a match to my FICO 08. When we were looking to do my auto it was a totally different number. I got all the best rates except on a auto finance.

I joined DCU for $5 and got a 1.74% rate. They absolutly use the FICO 08 scoring system to approve you.

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@OhioVern wrote:

Yes this was for an auto loan.

Credit scores and credit scoreing is going to constantly evolve so its going to be modified.  That said a current accurate score from a bureau in itself is useful information and the retrieval of it thru FICO isnt supposed to affect your score.  This information and service in itself is worth a negligable monetary fee to some consumers.  Anything short of that is not.  At minimum the cost for a bogus worthless number should be refunded.

Blame the government, blame the bureau, Its irrellevent.  If FICO cannot deliver they should at minimum refund the fee.

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Until recently EQ's Beacon 9.0 score wasn't available anywhere; and auto-enhanced scores aren't available period to a consumer.

It can't be stated unilaterally that DCU is using an explicit score unless there's an easy comparison, and it's doubtful in this instance that such a comparison exists.

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If DCU is explicitly 08/beacon 9.0 and myfico EQ has changed to beacon 9.0 as rumored....it would show an exact match.  Unfortunately, I don't have DCU...maybe someone with DCU can verify by that comparison...at least it'll give us an idea one way or another.

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My score is terrible now, But showing you guys just so you can see the difference.

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Thanks Rush.   ...I had an old CO fall off a week or so ago and myfico SW alerted me of a 1 pt jump...I found that kinda odd and different from what i've usually been gettin with Oldies fallin off.  About a month ago, I had 2 CO's fall off at the same time and I got a 30 point jump.   I guess we'll just have to wait and see..