Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: Equifax FICO and Equifax Score

That is an actual FICO score.  Now, you have to remember there are many different types of scores out there.

 

First off there are what we term as FAKOS.  There are ones you get from the websites promoting credit scores that can be found all over the web.  Most if not all of these are absolutely worthless.  No lenders use these scores and they could be way off from the scores the lenders are using.  Even the big 3 CRAs, EQ, TU and EX sell FAKOS on their websites.

 

FICO as they post on the welcome page to myFICO, supplies credit scores to 90 of the top 100 largest financial institutions.  Now with that being said, you don't just have one FICO score.  There are different models available out there.  TU supplies a FICO 98, FICO 04 and FICO 08.  It is up to the lender as to which one they use.  There are also auto enhanced, mortgage enhance and CC enhanced models that focus on particular areas of credit.

 

Vantage scores are a scoring system that the big 3 CRAs have come up on their own.  There are actually a few lenders that use these, but it's never gotten very popular.

 

There are proprietary scores that some lenders use.  This can be a combination of your FICO score and their own algorithm thrown together to come up with a score or they can just use their own system to determine whether credit will be lended or not.

 

As you can see, it is very confusing, it is meant to be confusing.  If we knew how everything worked, we could work it to our benefit.  The lenders still feel like they need an edge.  So don't get too consumed by scores.  My philosophy is to keep my report clean, only get credit when I need it and keep a nice healthy stable of revolving credit that I can PIF each month.  

 

So, that's my take on the whole situation.   Good Luck!

 


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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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!