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Regular Contributor
nois
Posts: 121
Registered: ‎07-14-2009
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Re: FICO Score Breakdown (i.e., "Credit Mix")


tb_purchasesonline wrote:

GregB -- I think you're right.   Mine is called an Equifax Credit Score.    However, it is somewhat consistent (+/- 2 points) with TransUnions and Experian's credit scores.  

 

It's my understanding that lenders "look" at the 3 major credit bureaus.   While MyFICO.com is a great site, I'm not sure if lenders would consider it a superceding site (in respect to the 3 credit bureaus).    Am I right or wrong w/ this viewpoint?  (latter is a serious questions... I'm not being facetious).

 

In the end, whether it's called "FICO score", "Beacon score", "Equifax Score" or else -- I'd like to make sure that I watch/monitor the score that's most authoritative.    Besides, even if my Equifax score is not a true FICO score, I couldn't image there would be a huge difference as far as points is concerned.

 

Thoughts?


Lenders do look at the three major credit bureaus - they look at the reports of consumer credit history maintained by each bureau and each bureau can provide credit scores based on various "formulas". The one most lenders look at is the FICO formula. But the credit bureaus also offer scores based on other "formulas" and usually don't offer the FICO to private consumers - only to lenders. 

 

We're not suggesting lenders come to myFICO.com to look at these scores... myFICO.com is simply one of the few sites that gives access to the FICO score.

 

There can be huge differences in scores generated from the same exact credit history depending on the formula used.  Look at this thread.

You should also read this thread.

 

IME, before I went mortgage loan shopping, I checked my scores here and both lenders reported the exact same EQ FICO score as I got here.

 


FEB 2014 EQ: 798 EX: 780 TU: 798
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
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Re: FICO Score Breakdown (i.e., "Credit Mix")

The information in the reports from each CRA is exactly what lenders see. It is the scores that are the problem. The "consumer" scores from each CRA are not used by any lenders of any kind. Equifax DOES offer the same EQ FICO (Beacon v5.0) that is available from myFICO, but it costs them more to provide it so they would really prefer you buy their consumer score.

 

Which score is used by lenders is easy ONLY if you are looking for a mortgage. Virtually all mortgage apps will use exactly the EQ FICO sold by myFICO and Equifax. They will also use the FICO 04 based scores from TU and EX. You can't get those. You can get a TU FICO from myFICO but it is one version earlier: FICO 98.

 

It gets more complicated on a loan app for a CC, Auto, or Installment Loan. Most lenders use a FICO but they can use lots of different FICO including Auto or CC enhanced scores. They may even add their own extra mods to a normal FICO. There are also CRA provided non-FICO scores but those are different than the consumer scores. There is a Vantage Score provided to lenders by all three CRAs that IS also provided to consumers but very, very few lenders use that score.

New Member
tb_purchasesonline
Posts: 6
Registered: ‎12-11-2012
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Re: FICO Score Breakdown (i.e., "Credit Mix")

nois, GregB:

 

Again, thank you for the additional feedback... 'very much appreciated.

 

As I have a monthly subscription with Equifax.com, I can obtain my Equifax score (and credit report) at any given time.    The monthly fee is $14.95... which I gladly pay IOT to monitor my credit on a regular basis.  
 

I apologize if you've already provided the information (and I've missed it)... does the myFICO.com provide access to only the score but not the report?    Depending on the answer, I may pull my report from this site as well.    At the same time, I certainly don't need two subscription and paying two services.    In the end, watching my credit report is more important that obtaining a 100% accurate score.    From my perspective, if I'm a good stewart of my finances, then a good score should be the natural result of any responsible behavior.

 

Thanks,

Tom

Regular Contributor
nois
Posts: 121
Registered: ‎07-14-2009
0

Re: FICO Score Breakdown (i.e., "Credit Mix")


tb_purchasesonline wrote:

From my perspective, if I'm a good stewart of my finances, then a good score should be the natural result of any responsible behavior.

 


That's an excellent viewpoint... A lot of people focus too much on their score.

 

And yes myFICO.com does give you a report and score for both EQ and TU. You might really like the scorewatch subscription here.


FEB 2014 EQ: 798 EX: 780 TU: 798
Valued Contributor
Swapmeet
Posts: 1,524
Registered: ‎11-10-2012
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Re: FICO Score Breakdown (i.e., "Credit Mix")


tb_purchasesonline wrote:

nois, GregB:

 

Again, thank you for the additional feedback... 'very much appreciated.

 

As I have a monthly subscription with Equifax.com, I can obtain my Equifax score (and credit report) at any given time.    The monthly fee is $14.95... which I gladly pay IOT to monitor my credit on a regular basis.  
 

I apologize if you've already provided the information (and I've missed it)... does the myFICO.com provide access to only the score but not the report?    Depending on the answer, I may pull my report from this site as well.    At the same time, I certainly don't need two subscription and paying two services.    In the end, watching my credit report is more important that obtaining a 100% accurate score.    From my perspective, if I'm a good stewart of my finances, then a good score should be the natural result of any responsible behavior.

 

Thanks,

Tom


I have two subscriptions that I pay for -- the credit monitoring premium that usaa sells for 12 bucks, so I can monitor all 3 reports and any changes... and sw to see exactly what the lenders see and to monitor how the changes to my credit reports affect my fico score. And since I have a wal mart credit card, I get my TU fico score once a month. The ex fico is tough to get, but the credit monitoring premium subscription is run by EX. It is a fako score, but it is all i got. The score watch gives credit reports and fakos for all three CRA.

 



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||5k|| Citi TYP World MC: ||10.5k|| Barclays Arrival World MC: ||10k||
Fico Scores (3 Fico Monitoring): EQ 748,TU 749, EX 740. Last app: 8-15-14 USAA CLI
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
0

Re: FICO Score Breakdown (i.e., "Credit Mix")

[ Edited ]

tb_purchasesonline wrote:

nois, GregB:

 

Again, thank you for the additional feedback... 'very much appreciated.

 

As I have a monthly subscription with Equifax.com, I can obtain my Equifax score (and credit report) at any given time.    The monthly fee is $14.95... which I gladly pay IOT to monitor my credit on a regular basis.  
 

I apologize if you've already provided the information (and I've missed it)... does the myFICO.com provide access to only the score but not the report?    Depending on the answer, I may pull my report from this site as well.    At the same time, I certainly don't need two subscription and paying two services.    In the end, watching my credit report is more important that obtaining a 100% accurate score.    From my perspective, if I'm a good stewart of my finances, then a good score should be the natural result of any responsible behavior.

 

Thanks,

Tom


Scorewatch from myFICO or a full EQ FICO report with score are also available from EQ if you are careful to order that specific product. It is much easier to order here as they aren't trying to sell you products with useless scores. Scorewatch gives you two complete reports per year and updates to accounts and score changes that meet certain parameters that generate an alert. An account going UP will trigger an alert but one going down won't. If you want to keep track of all the info in your reports constantly, this is pretty horrible. If you want a useful score, it is great. You pretty much need to separate complete monitoring from a useful score and decide which you need or if you need both. Both means buying more than one product, possibly from two different providers.

 

Sounds like monitoring with regular full reports gives you the info that you need for reports. You can then pay for a EQ FICO from here or EQ to give you a real score. You wouldn't need to buy another EQ FICO unless the info in your reports changes substantially.

 

All the products available have some positives and some huge negatives. You just need to do the research and pick what fits your needs.

 

 

Valued Contributor
my-own-fico
Posts: 1,174
Registered: ‎01-05-2010
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Re: FICO Score Breakdown (i.e., "Credit Mix")

[ Edited ]

Is creditworthiness 1) having good credit 2) the eligibility to get credit, 3) the ability to meet debt obligations? Being a low risk translates into having a high FICO score and vice versa. This is the one responsible behavior FICO is concerned about, not just any responsible behavior. A credit score is based on credit report data, which does not include stuff like bank accounts and work income. That however doesn't prevent various credit score models from being all over the map. FICO for instance includes authorized accounts while the Equifax Credit Score excludes them, possibly providing a hefty gap.

TU 04 820 mortgage preapproval middle score
New Member
tb_purchasesonline
Posts: 6
Registered: ‎12-11-2012
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Re: FICO Score Breakdown (i.e., "Credit Mix")

Wow... very disappointing and misleading adverstising from this site.

 

I was about to cancel my Equifax.com account (where I can check my report and score 24/7).    Instead of canceling the account, I decided to do the 10-day from myFICO.com.    The account creation could not be completed (same two emails were cross-referenced to same SSN).    I ended up calling the 800 #.

 

Anyhow... long story short.   The customer service rep informed me that I could only get 2 FICO score updates per year.    Wow... how misleading this site has been!

 

So, I abrupted  the entire process... will delete my myFICO bookmark and RETURN to Equifax.com... although it may not be a true FICO score, I at leat can get a score that +- 2 points (probably) 24/7 throughout the year.

 

Sorry guys... I'm just very disappointed that I find this out from the CSR.   That twice a year should have been advertised (if it is, it must be in fine print).   8(

 

 

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: FICO Score Breakdown (i.e., "Credit Mix")


tb_purchasesonline wrote:

 

Anyhow... long story short.   The customer service rep informed me that I could only get 2 FICO score updates per year.    Wow... how misleading this site has been!

 

So, I abrupted  the entire process... will delete my myFICO bookmark and RETURN to Equifax.com... although it may not be a true FICO score, I at leat can get a score that +- 2 points (probably) 24/7 throughout the year.

 


 

Hate to see you go, but you can pull your FICO scores whenever you want through the FICO Standard product, though at a cost of $20/pull.  ScoreWatch clearly advertises that you only get two reports per year with the first being used when you subscribe. It's also mentioned throughout the site. Same applies to Equifax's version of ScoreWatch. You only get two reports per year. 

 

As you know now Equifax offers several products. Many of them allow you to pull your EQ report whenever you want. What many of us do is subscribe to services like these. As we see changes and want to know our FICO score, then we come back here and pull it. I'd ignore the score though. My FAKO Equifax Credit Score is usually about +/- 50, though for many it's not too far from that. The advice on their site is counter-productive too.

Valued Contributor
Swapmeet
Posts: 1,524
Registered: ‎11-10-2012
0

Re: FICO Score Breakdown (i.e., "Credit Mix")

You don't need to keep pulling a score if you have an sw subscription because it alerts and displays any change in your fico score.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||5k|| Citi TYP World MC: ||10.5k|| Barclays Arrival World MC: ||10k||
Fico Scores (3 Fico Monitoring): EQ 748,TU 749, EX 740. Last app: 8-15-14 USAA CLI

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