Help a Newbie with credit score questions

[Anonymous]

First off I hope I'm porting this in the right forum. I have a few questions about credit scores and reports and was hoping to hopefully get some answers. 

1- Is the FICO score an average of all 3 credit bureaus' scores?

2- Is the FICO score offered free by many credit cards accurate?

3- Is it ok to space out your free annual credit reports? Example; getting TU in January, EQ in June and EX in December and so on?

Thanks. 

[tufa4311]

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@Anonymous wrote:

First off I hope I'm porting this in the right forum. I have a few questions about credit scores and reports and was hoping to hopefully get some answers. 

1- Is the FICO score an average of all 3 credit bureaus' scores?

2- Is the FICO score offered free by many credit cards accurate?

3- Is it ok to space out your free annual credit reports? Example; getting TU in January, EQ in June and EX in December and so on?

Thanks. 

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1. No, your scores are not an average. Each of the 3 major CRA's have their own credit file of you - most of the info is the same but not necassarily all of it. For example, some creditors don't report to all 3 CRA's. This is just one reason why the files would be different, there are other reasons as well. Based on this you will have a seperate FICO score for each of your 3 reports - again, becuase the reports aren't exactly the same neither will your 3 scores - they will usually be close, but not necassarily the same. As a direct example these were my scores from all 3 CRA's back in Jan 2015:

FICO Score 08 (01/21/2015):

EXP: 738

EQ: 725

TU: 755

Pretty close, but not the same. My 3 credit reports have varying information thus my scores will be different.

2. Some credit cards offer FICO scores and yes, they are accurate, for thier FICO version. (There are many versions of FICO (FICO 98, FICO 4, FICO 8, FICO 9, etc - each version using a different formula and producing a different score based on the same credit report; and each version, again, will have 3 scores based on your 3 reports from the major CRA's). No FICO version is more correct than any other, they just use different formula's and different industries, such as for mortgages or car loans, may and do use different versions. School up on the versions: 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617 

Discover card and BarclayCard both provide FICO scores.

3. You may order one, two, or all three reports at the same time, or you may stagger your requests. It’s your choice. Some financial advisors say staggering your requests during a 12-month period may be a good way to keep an eye on the accuracy and completeness of the information in your reports.

[Anonymous]

Thank you so much for your answers tufa4311. I ordered my free annual report from EX last August but I didn't pay to get the score. I might get EQ right now and pay too see my score and do the same with TU in about 6 months.

[tufa4311]

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@Anonymous wrote:

Thank you so much for your answers tufa4311. I ordered my free annual report from EX last August but I didn't pay to get the score. I might get EQ right now and pay too see my score and do the same with TU in about 6 months.

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Make sure you get your FICO score from EQ and not their propietary score. They have a number of products and they are not all FICO. "Credit Score Watch" and "Score Power" are the FICO products:

http://www.equifax.com/all-products/

[Anonymous]

What if I go over to https://www.annualcreditreport.com/index.action and chose to pay to get my score along with my EQ report, will that be a FICO product?

[tufa4311]

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@Anonymous wrote:

What if I go over to https://www.annualcreditreport.com/index.action and chose to pay to get my score along with my EQ report, will that be a FICO product?

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I have never sourced my credit score from annualcreditreport.com - a credit score does not come with your free credit report but I am unaware if you can also purchase a credit score from the site - to simplify it, if it doesn't say FICO, it's not FICO. If you are at all unsure, just get your free credit report from that site and go back to EQ for Score Power (or better yet - get your FICO score fom myFICO, right here!)

[Anonymous]

I think this is what I need and what you are talking about, right?

http://www.myfico.com/Products/FICOOne/

Again, thanks for all the help.

[tufa4311]

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@Anonymous wrote:

I think this is what I need and what you are talking about, right?

http://www.myfico.com/Products/FICOOne/

Again, thanks for all the help.

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Yes, FICO Standard will allow you to purchase a FICO score and report from the CRA's of your choice, or FICO 3-Report will provide you will all 3 reports and scores:

http://www.myfico.com/Products/FICO-Score-3-Report-View/

And yw, that's what we are all here for.