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What scores to believe?

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Revelate
Moderator Emeritus

Re: What scores to believe?


@taxi818 wrote:

@Revelate wrote:

@mikeymike1994 wrote:

I tend to disagree with the notion that there isn't necessarily a right or wrong score.  If most creditors (supposedly 90%) are looking at FICO scores, then FICO scores are what you need to concentrate on.  In addition, depending on what you are trying to do (buy a house, buy a car, get a credit card), you need to look at what your FICO score is for that particular version.  When you look at your Myfico.com report, there is a tab for Other FICO Versions and it will explain to you what those other FICO versions are used for (mortgage, auto, credit card, etc.).  You will be able to see your scores for each of those versions. I had a couple of mortgage companies pull my credit and the scores they pulled matched exactly what the FICO Mortgage version of my latest Myfico.com report said it was. 


If you know what your lender is pulling sure, like in the mortgage world.  Problem is lenders could be using any FICO (and there's a bunch although there's probably only 18ish in common use out of the 50+ that one could possibly buy), or they could be using Vantage, or they could be using an internally developed score.

 

End of the day the report data matters, I track my scores for testing purposes with my overly geeky hobby but I really don't need to outside of that.

 


But note when dealing directly with banks and credit unions. I found that most of them will tell you which version they are pulling. If they dont know. This is where the credit pulls database comes in handy. type in name of lender. and your state. And you will see what they pull the majority of the time. Nothing is absolute. you will see something like Equifax. Auto enhanced for car loans. Then here you will know to look at all your equifax scores from my fico. and look specifically for the auto enhanced versions. Too bad those credit karma and credit sesame scores are worthless. But they are pricelss when looking at your report. Also. equifax direct is not fico unless you ask. it is some kind of plus score. Experian is not fico.

And transunion is some plus score. only reliable score from those is experian. The other two are just as bad as credit karma. good luck .


Um, most CSR's don't have a clue what version they are using for underwriting.  I don't know who you are getting your information from but other than comparing provided scores with consumer available ones, I don't buy it.




        
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