Newbie here

[Winkler]

Hey all,

First, I wanted to say what a great board. There is more info here than on the whole internet combined. So thumbs up to everyone!!!  Before reading thru the forums, I thought I had a grasp on the whole credit scoring thing.  WOW, was I wrong. I read through 46 pages of the forums over the weekend, plus some links in those messages.  I have learned that not only does each CR agency have their own score, but each also has its own FICO score. That was news to me!!!  Plus 49 other versions.

My question is...Is there a mother FICO of all FICO scores? From what I have read, I gather that all the FICOs from the CR agencies are "real".  Am I correct in saying this?

I just want to make sure I know what I am looking at when I pull my reports and scores off myFICO.  I haven't pulled any of my reports since 2009, and at the time, as I recall correctly, they were just the "educated" CR agencies scores, not the FICO scores.  All I know of at this moment is that my FICO from my Discover card is 825 this month.  When I refinanced this past October, my EQ was 760. But since, then I have dropped from 30% UTIL on my CCs to 10%, will be at 9% at the end of this month, including paying off 2 of them in November.  So my EQ "should" be higher.

Again, GREAT board.  Thanks!!!

[Chris679]

Discover uses one of the newest FICO models out there based off TU.  Dropping utilization from 30% to 10% probably would not explain a 60 point increase unless you had a balance on alot of cards and are now only showing a balance on 1.  A more likely scenario is that your EQ score is now much higher but still lower than the TU score due to a few small differences in the reports.  Either way if the Discover says 825 go ahead and high five yourself because that is a legit FICO score and a great one at that.

[user5387]

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@Winkler wrote:

Hey all,

First, I wanted to say what a great board. There is more info here than on the whole internet combined. So thumbs up to everyone!!!  Before reading thru the forums, I thought I had a grasp on the whole credit scoring thing.  WOW, was I wrong. I read through 46 pages of the forums over the weekend, plus some links in those messages.  I have learned that not only does each CR agency have their own score, but each also has its own FICO score. That was news to me!!!  Plus 49 other versions.

My question is...Is there a mother FICO of all FICO scores? From what I have read, I gather that all the FICOs from the CR agencies are "real".  Am I correct in saying this?

I just want to make sure I know what I am looking at when I pull my reports and scores off myFICO.  I haven't pulled any of my reports since 2009, and at the time, as I recall correctly, they were just the "educated" CR agencies scores, not the FICO scores.  All I know of at this moment is that my FICO from my Discover card is 825 this month.  When I refinanced this past October, my EQ was 760. But since, then I have dropped from 30% UTIL on my CCs to 10%, will be at 9% at the end of this month, including paying off 2 of them in November.  So my EQ "should" be higher.

Again, GREAT board.  Thanks!!!

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If there is really a "standard" FICO score, it would be the one used in the mortgage business.

You might want to search on "FICO 04 Classic", and look at this thread:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Mortgage-lenders-and-FICO/td-p/2635863

[Winkler]

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@Chris679 wrote:

Discover uses one of the newest FICO models out there based off TU.  Dropping utilization from 30% to 10% probably would not explain a 60 point increase unless you had a balance on alot of cards and are now only showing a balance on 1.  A more likely scenario is that your EQ score is now much higher but still lower than the TU score due to a few small differences in the reports.  Either way if the Discover says 825 go ahead and high five yourself because that is a legit FICO score and a great one at that.

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Thanks!!!  Yes, when I refinanced, I had 3 CC's with a balance; 10k, 3.5k and 2.5k.  Since the re-fi in Sept/Oct, I paid off the 2 lowers card and have paid the 10k down to 5.5k.  So maybe that helped.  I do know that Discover uses the TU,(forgot to mention that), and would expect my EQ to be a lowe,r presently compared, to my TU08, but a little higher since the re-fi...hopefully

I expected (since I have read), the EQ being the mortage standard FICO.  I guess over the years, until I got here, I suspected that there was only 1 FICO number.

This clears things up for me when I pull my scores from myFICO.  I really appreciated the help from the both of you!!!!