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Member
rodeogurl77
Posts: 7
Registered: ‎07-14-2011
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Is FICO score same as Credit score?

This may sound stupid, but I am new to all of this and I am wondering what the difference is between a FICO score and a credit score? If there is one!

TU-514 (7/26/2011)
EQ-575(7/26/2011)

GOAL 600's by 12/31/2011
Established Contributor
stan_the_man
Posts: 855
Registered: ‎06-29-2010
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Re: Is FICO score same as Credit score?


rodeogurl77 wrote:

This may sound stupid, but I am new to all of this and I am wondering what the difference is between a FICO score and a credit score? If there is one!


Fico is a credit score -- the most commonly used credit score. However, there are many other credit scores out there that we call Fakos on the board.

 

Most of the other credit score that credit monitoring services use are not used by a single lender (i.e. Plus score, TransRisk, Equifax Credit Score). Another Fako, the Vantage score, is used by a small number of lenders.

 

Unless the score you are sold online says Fico, it's not a Fico score.

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Is FICO score same as Credit score?

[ Edited ]

A FICO score is a credit score. I like analogies....it is just like saying "what is the difference between a Toyota and a car?". In this example, a Toyota is a brand of car just like FICO is a brand of a credit score. And because FICO basically started the credit scoring business, when we see a credit score, we all think it is a FICO score.

 

Now this is where it does get confusing....not every credit score is a FICO score. Because FICO is the frontrunner in the credit scoring business, many companies have tried to create a credit score to closely imitate a FICO score. So, if you go to the three credit reporting agencies and ask for your credit score, you aren't getting a FICO score. Lenders don't use these scores and we get questions in here all the time as to why their lender's scores didn't match the ones pulled from another credit website, other than myFICO. Back in the day, if you might recall, we used to call copy machines Xerox machines. Or we get a cut and ask for a "Band-aid", when Band-aid is a specific brand of bandage...or when we ask for a Kleenex, when most boxes of tissues out there are not Kleenexes. Same goes with FICO. All FICO scores are credit scores, but not al credit scores are FICO scores.

 

ETA...slow typing skills at work again.

 

 

Member
rodeogurl77
Posts: 7
Registered: ‎07-14-2011
0

Re: Is FICO score same as Credit score?

So, I want to get my FICO score and I have bad credit that I am looking to repair...What package do you suggest I use?? I was thinking the Platinum kit, but is that the best thing to monitor and help manage/raise my score?

TU-514 (7/26/2011)
EQ-575(7/26/2011)

GOAL 600's by 12/31/2011
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Is FICO score same as Credit score?


rodeogurl77 wrote:

So, I want to get my FICO score and I have bad credit that I am looking to repair...What package do you suggest I use?? I was thinking the Platinum kit, but is that the best thing to monitor and help manage/raise my score?


I guess we all have our favorites. I've used Suze's product. It has some helpful info about getting out of debt.

 

When I started here, my reports were a mess. I started using Score Watch® (SW), and I still use it to this very day 4 yrs later, but the limitation is that it only monitors EQ and it focuses on the negative aspect of reporting and will not alert you to dropped baddies, dropped balances, etc. On the flip side, it gives you 30% off all future FICO reports at a savings of about $6 each which really adds up if you are pulling your FICO scores often. In fact, that's a main reason why I never cancelled it.

 

When I started, I used SW, but I kept pulling reports to see what was happening to them. Back then, we could pull all 3 reports, but we can only pull EQ and TU now (EX is no longer a consumer-friendly company and they aren't a team player). I pulled all of the reports via FICO® Standard. That works great as you can see all of your score and report changes but now at $20/pop, the $$$$ added up.

 

As I reflected on this over the years, I learned that you should seperate report content from your FICO scores to save $$$. I recommend subscribing to a credit monitoring services (see the CMS Guide) and as you see changes to your reports, and if you think those changes warrant a FICO score change, then come back to myFICO and order a report. This way you can specifically target your report pulls at a cheaper cost and still get the same information. FICO charges about $20 per report, but there are some CMSs out there that charge the same $20 but you can get a new credit report every day if you wanted to (depending on the service you choose). You'll save a lot of money if you have a lot of changes on your reports. You can go through FICO Standard for TU and/or EQ for about $20. If you have SW, then the reports are $14. Or if you subscribe to FICO® Quarterly Monitoring you can get future TU and EQ FICO reports for 20% off at $5 or so savings. Just know that if you subscribe to a CMS outside of myFICO, you will see scores offered. Ignore these scores as none of them are FICO scores and ignore the advice that goes along with them.

Member
rodeogurl77
Posts: 7
Registered: ‎07-14-2011
0

Re: Is FICO score same as Credit score?

Thank you all for your help...I did Suze's Kit and I hope it will help me as well. I have quite a few deliquent/collection accounts that I want to some how take care of! They are all almost 5 years old. I am going back and forth about starting to pay them off or letting them "fall off" my reports in a couple years!! And just in general trying to be aware of my credit. I made a lot of mistakes when I was younger! Paying for them now!! LOL! Just not sure right now the best way to improve.

 

P.S. My scores are :  TU-514 ; EQ-575....why such a big difference??

TU-514 (7/26/2011)
EQ-575(7/26/2011)

GOAL 600's by 12/31/2011
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: Is FICO score same as Credit score?

Hi there - the reports all have different info reported to them so that is why they are all so different.  My EX score was always wayyy higher than TU and EQ because a judgment was not listed on it.  Boy do I love experien!  :smileyhappy:

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

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