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Valued Member
HappySoda
Posts: 56
Registered: ‎10-10-2012

Why No Company That Pulls a Real Fico?

So you have this website, Transunion Fico, Experian Fico, Credit Karma, Credit Sesame, Transrisk... there are so many different products yet if I understand correctly, none of them are a true "lender pulled" Fico score.

 

So here's my question. Why is there no company that creates a true fico score product and basically make a bazillion dollars off selling the only true fico score on the planet?

 

Is it because there is no real fico and every lender has different scoring algorithms? Trying to wrap my head around this.

 

Thanks in advance.

Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007

Re: Why No Company That Pulls a Real Fico?

Um, no.

 

The EQ FICO sold here is the exact one used for virtually all mortgages. I would call that the most usefull of all.

Valued Member
HappySoda
Posts: 56
Registered: ‎10-10-2012

Re: Why No Company That Pulls a Real Fico?

Thanks for the info.

 

When does the score update? I have alerts set to notify me of any changes. I see my new $2400 credit card on USAA monitoring, but it has yet to change anything with my Scorewatch subscription.

 

Does it only update every 48 hours or so?

Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007

Re: Why No Company That Pulls a Real Fico?

Scorewatch updates according to the triggers that you set. You can set it so that if a CC increases by $1 that it will generate an alert, which also shows a new FICO score based upon your entire report. If that CC goes down then no alert is set, which means no new score. It does seem to generate a score when there are no alerts but I can't tell you if that is once a month or once a week or what. Real FICO scores do not change often. Most FAKO scores change because that is better for the people selling those scores.

 

Compared to other monitoring tools, Scorewatch has very few alerts. What it does have is a score that actually means something. Too bad we can't get both from any source.

 

EX updates fast. EQ and TU are slower. Does USAA monitor EX? If so, that updates faster 99% of the time.

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Why No Company That Pulls a Real Fico?

To add to Greg - just be sure to set your CURRENT SCORE to your GOAL SCORE, not one point above, below, etc, and then change your CURRENT SCORE every time your score changes. This will give you the most score updates.
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
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Re: Why No Company That Pulls a Real Fico?


Booner72 wrote:
To add to Greg - just be sure to set your CURRENT SCORE to your GOAL SCORE, not one point above, below, etc, and then change your CURRENT SCORE every time your score changes. This will give you the most score updates.

This is really important.  When I first got SW I saw GOAL SCORE and was like, 'oh, well my goal is 700'.  Turns out you don't get a lot of alerts when you're at a 525 waiting on 700...

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Moderator
Shogun
Posts: 12,859
Registered: ‎04-15-2011

Re: Why No Company That Pulls a Real Fico?


Jutz wrote:

Booner72 wrote:
To add to Greg - just be sure to set your CURRENT SCORE to your GOAL SCORE, not one point above, below, etc, and then change your CURRENT SCORE every time your score changes. This will give you the most score updates.

This is really important.  When I first got SW I saw GOAL SCORE and was like, 'oh, well my goal is 700'.  Turns out you don't get a lot of alerts when you're at a 525 waiting on 700...


LOL!   But if you did..   WOW!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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