Hello - All of thie FICO - FAKO talk is a bit confusing. I have scores all over the place - and I would like t- o know which of those scores I should actually be paying attention to -
According to AMEX - My Experian was just 707 three weeks ago - I got the card anyway - but was shocked it was this low
Score Tracker - that I just pulled- EX 738 (and has been there for a couple of months) TU 735 and EQ 780 - That last one - FICO / FAKO or whatever really shocked me - Looks nice - but I do not know how reliable this information is
Pulled WM FICO last night and that was 742
Which of these should I care about? Are there FICO scores for TU - EX and EQ? If so, how do I get that information?
Thanks -
“We delight in the beauty of the butterfly, but rarely admit the changes it has gone through to achieve that beauty.”
I monitor my WM Fico, Discover Fico (both of these are transunion.) I look to FirstNational.com (My FNBO Amex card is registered here) for Experian Fico. For my Equifax fico I look at DCU. (All of these are free monthly. Some people pay for these from this website, but it's just not necessary for me.)
All other numbers, while nice to see, don't really mean anything other than just looking at. I use the FAKO sites just for monitoring purposes like CLIs reporting to the credit bureaus and such.
With that said, I don't focus too much on ANY number. I'm not looking to get a mortgage or a car loan, so it's all for my brain and nice-to-know-ness! lol But, for real, you want to pay attention to FICO scores.
All other numbers, while nice to see, don't really mean anything other than just looking at. I use the FAKO sites just for monitoring purposes like CLIs reporting to the credit bureaus and such.
With that said, I don't focus too much on ANY number. I'm not looking to get a mortgage or a car loan, so it's all for my brain and nice-to-know-ness! lol But, for real, you want to pay attention to FICO scores.
I used to obsess over my credit score (and sometimes still do). There are SO MANY different scoring models out there, you will drive yourself nuts trying to make heads/tails of them.
The best approach is to follow the credit golden rules:
1. pay your bills on time (no lates)
2. Keep your Utilization low (under 10%)
3. No baddies
4. Have a good mix of credit.
5. Pull your reports periodically to make sure there are no mistakes.
If you do all of these things you won't have to worry about your credit score (because it will be excellent!)
The best approach is to follow the credit golden rules:
1. pay your bills on time (no lates)
2. Keep your Utilization low (under 10%)
3. No baddies
4. Have a good mix of credit.
5. Pull your reports periodically to make sure there are no mistakes.
If you do all of these things you won't have to worry about your credit score (because it will be excellent!)
Thanks everyone - I understand that all of these scores are like comparing orange soda - store-bought orange juice - and oranges. The thing is that in this case - I do not know which are the oranges! I do pay my bills - I do have a good card mix - I do not go on crazy app sprees - and I check ever major card account every day and my reports every month.-
I am trying to find out which of those scores I have are FICO - I get that the Walmart says FICO - but I read somewhere that that is not a real FICO either - GRRR - I was paying for the Equifax Score Watch and someone here told me THAT was a FAKO too. I do not know what is what -
Is the EX score Included with the AMEX card a FICO score?
If not - how do I get that - especially without paying a lot of money?
How do I get and EQ FICO?
I loved that my Walmart Fico was 742 because for 6 months it stayed at 733 - but then I consider that AMEX notified me that EX is 707 - then I wonder if I am progressing as much as l think. I just want the most accurate assessment of where I am at in my rebuilding process - I do understand that the actual number is not the only measure of that progress. I also understand that some banks have their own internal scoring - but from what I have read on these boards over the past 6 years - FICO is what matters - I just need to know which of these ARE truly FICO.
Thanks -
@changingmantra2 wrote:Thanks everyone - I understand that all of these scores are like comparing orange soda - store-bought orange juice - and oranges. The thing is that in this case - I do not know which are the oranges! I do pay my bills - I do have a good card mix - I do not go on crazy app sprees - and I check ever major card account every day and my reports every month.-
I am trying to find out which of those scores I have are FICO - I get that the Walmart says FICO - but I read somewhere that that is not a real FICO either - GRRR - I was paying for the Equifax Score Watch and someone here told me THAT was a FAKO too. I do not know what is what -
Is the EX score Included with the AMEX card a FICO score? Yes, but only when you apply for the card if you do not get the best terms or if the card only offers one version of terms.
If not - how do I get that - especially without paying a lot of money? You can apply for a FNBO card, but that's taking it to another level, you don't have to do this. To me, I love that I get it, but if I told myself to app for this card only because of the EX score, I wouldn't have done it. Some things are just too obsessive!
Just depends on what you think is important for you.
How do I get and EQ FICO? The only EQ Fico I'm aware of is DCU. (However, just because I don't know it doesn't mean there aren't other free places to get them. I'm sure there are.)
I loved that my Walmart Fico was 742 because for 6 months it stayed at 733 - but then I consider that AMEX notified me that EX is 707 - then I wonder if I am progressing as much as l think. I just want the most accurate assessment of where I am at in my rebuilding process - I do understand that the actual number is not the only measure of that progress. I also understand that some banks have their own internal scoring - but from what I have read on these boards over the past 6 years - FICO is what matters - I just need to know which of these ARE truly FICO.
Thanks -
Again, Wal-Mart FICO is a Transunion FICO.. so it will differ than your Experian, one. Each bureau usually has different things reporting and varying number of inquiries. You're doing well! An approval is just that, an approval meaning you're in the good!
Here is a helpful thread: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Difference-in-Scores/td-p/2384297
@NoAnchoviesPlease wrote:
@changingmantra2 wrote:Hello - All of thie FICO - FAKO talk is a bit confusing. I have scores all over the place - and I would like t- o know which of those scores I should actually be paying attention to -
According to AMEX - My Experian was just 707 three weeks ago - I got the card anyway - but was shocked it was this low
Score Tracker - that I just pulled- EX 738 (and has been there for a couple of months) TU 735 and EQ 780 - That last one - FICO / FAKO or whatever really shocked me - Looks nice - but I do not know how reliable this information is
Pulled WM FICO last night and that was 742
Which of these should I care about? Are there FICO scores for TU - EX and EQ? If so, how do I get that information?
Thanks -
Think of FICO scores like weight. You're still the same person, but the scale will report differently depending on time of day, how much clothing you're wearing, if you're wet or dry, if you just got a major haircut, took a really satisfying dump, etc. And three different scales (or 20 different ones) may be calibrated differently and show you off by entire pounds.
That's how credit scores work too.
Dozens of different scores, FICO and non-FICO, each meaning something slightly different, and some more important to some observers than others. If you can monitor genuine FICO scores as KennyRS suggests, you'll get a good idea of what many creditors will see, but just as weight is not a perfect representation of health, the score isn't all a creditor will look at.
Last month I had a 50 point range in my FICO scores, and oddly FAKOs were within a point or two of FICOs. But even two different EX scores (FICO8BC from FNBO and a regular FICO from Prosper) were almost 20 points apart one day apart. Some people have reported as much as a 100 point diff. I've seen up to 80 points myself.
I would suggest:
1) Check your actual credit reports, pulled close to the same day (annualcreditreport.com or otherwise) and see if there are any differences or errors. Get those fixed/addressed ASAP if so.
2) Compare your actual FICO scores (if it doesn't say FICO it's not FICO, it's a private model that the provider doesn't pay a license fee for).
3) Follow those scores with time.
Sometimes a score can jump (or fall), for example, if a baddie ages past 2 years or an inquiry drops off your record at 2 years, with no change on your part other than surviving. A HP inquiry can eat a couple of points. In general, these things will happen and you don't have to panic. Pay special attention to any major changes (20 points), and if you're planning to apply for new credit, but otherwise, just monitor for changes and trends.
Great explanation! I even giggled a little through some of it!
For anyone else interested - I just found this wonderful explanation here - mod edit
The replies are quite informative as well.
mod edit-dead link~Lexie
@KennyRS wrote:
@changingmantra2 wrote:Thanks everyone - I understand that all of these scores are like comparing orange soda - store-bought orange juice - and oranges. The thing is that in this case - I do not know which are the oranges! I do pay my bills - I do have a good card mix - I do not go on crazy app sprees - and I check ever major card account every day and my reports every month.-
I am trying to find out which of those scores I have are FICO - I get that the Walmart says FICO - but I read somewhere that that is not a real FICO either - GRRR - I was paying for the Equifax Score Watch and someone here told me THAT was a FAKO too. I do not know what is what -
Is the EX score Included with the AMEX card a FICO score? Yes, but only when you apply for the card if you do not get the best terms or if the card only offers one version of terms.
If not - how do I get that - especially without paying a lot of money? You can apply for a FNBO card, but that's taking it to another level, you don't have to do this. To me, I love that I get it, but if I told myself to app for this card only because of the EX score, I wouldn't have done it. Some things are just too obsessive!
How do I get and EQ FICO? The only EQ Fico I'm aware of is DCU. (However, just because I don't know it doesn't mean there aren't other free places to get them. I'm sure there are.)
I loved that my Walmart Fico was 742 because for 6 months it stayed at 733 - but then I consider that AMEX notified me that EX is 707 - then I wonder if I am progressing as much as l think. I just want the most accurate assessment of where I am at in my rebuilding process - I do understand that the actual number is not the only measure of that progress. I also understand that some banks have their own internal scoring - but from what I have read on these boards over the past 6 years - FICO is what matters - I just need to know which of these ARE truly FICO.
Thanks -
Again, Wal-Mart FICO is a Transunion FICO.. so it will differ than your Experian, one. Each bureau usually has different things reporting and varying number of inquiries. You're doing well! An approval is just that, an approval meaning you're in the good!
Here is a helpful thread: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Difference-in-Scores/td-p/2384297
Thanks - I had already gone to the Understanding Fico-Scoring thread and have requested that a mod move this over there. I had not noticed it before - due to too much interest in CC acquisition over the years. I have had enouhg of that now - and time to move in another direction. So, based on what you have said - I am looking at a 707 EX. FICO - (which might have changed since three weeks ago) and a 742 TU FICO. This helps me going forward.