Interpreting Your FICO Score

[Anonymous]

I am a student (20 years old) and has a credit score of 740. Is this a good score at this point of my life?

[MarineVietVet]

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@Anonymous wrote:

I am a student (20 years old) and has a credit score of 740. Is this a good score at this point of my life?

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Hello and welcome to the forums.

May I ask where you bought this score? There are many places these days who will sell you a "credit score" but it's not a true FICO score. A few examples are

freecreditreport.com,

freescore.com,

experian.com,

transunion.com.

These sites and others are more than happy to sell you what we call around here "FAKO" scores.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Anonymous]

Hi,

I actually just got this score from this very website. Last year (when I was 19), Bank of America gave me a 15 day- free trial credit report for three major credit reporters. All three gave me a score between 704-720. I guess, my credit score when up 20 points within a year. I'm not sure if that's even good. I'm totally new at this and confused. 

[MarineVietVet]

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@Anonymous wrote:

Hi,

I actually just got this score from this very website. Last year (when I was 19), Bank of America gave me a 15 day- free trial credit report for three major credit reporters. All three gave me a score between 704-720. I guess, my credit score when up 20 points within a year. I'm not sure if that's even good. I'm totally new at this and confused. 

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That 3-in-1 offer from BoA has the FAKO scores I was talking about but the reports themselves are accurate from what I understand.

If you got your score from myFICO then it is accurate and yes 740 is a very good score. Was that an Equifax or Transunion score?

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Anonymous]

The score is from Equifax, it says "You don’t have any recent scores from TransUnion"?? Does it make a difference which one it comes from? 

[MarineVietVet]

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@Anonymous wrote:

The score is from Equifax, it says "You don’t have any recent scores from TransUnion"?? Does it make a difference which one it comes from? 

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It doesn't really matter. I was just curious. Different lenders use scores from different CRA's: some pull all three.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Anonymous]

The last account I opened was about a year ago. I kind of want to sign up for a new credit card. Should I do it? Is there a difference between the type or company in which I get the credit card from?

[haulingthescoreup]

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@Anonymous wrote:

The score is from Equifax, it says "You don’t have any recent scores from TransUnion"?? Does it make a difference which one it comes from? 

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It sounds like you are looking at a myFICO report, where they're gently encouraging you to buy a TU score as well, lol.

If you are looking at an Equifax score and report from myFICO, then you're looking at an EQ FICO score, which is good. Equifax "credit scores" that you get from other credit bureaus and from 3-in-1 monitoring services are FAKO's.

Nearly everyone's FICO scores are different for the three credit bureaus, both because most of us have slightly different info on the three reports, but also because each FICO scoring formula is slightly different from one another.

[MarineVietVet]

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@Anonymous wrote:

The last account I opened was about a year ago. I kind of want to sign up for a new credit card. Should I do it? Is there a difference between the type or company in which I get the credit card from?

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It has been a long time since I applied for a new card and I probably won't ever get another one and so I am not one to give good advice on credit cards.  If I were you I'd start a new thread in the Credit Cards and ask for recommendations there. In fact I'll ask and see if a mod can move this post for you.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Anonymous]

I'm new here so I'm not quite sure where everything is. Thanks for all your help!