Is myfico.com a scam

[Anonymous]

Lender says my scores are lower than what I thought they were.  I'm looking at the 3 scores I got with my MyFico subscription and the mortgage lender is telling me my scores are about 50 points lower.  I called MyFico support and they said yes, mortgage lenders use an industry specific score which may be different.  They then went on to tell me that auto lenders use an industry specific score as well...So why does Myfico say the score they provide is the only score that matters?  Seriously, Is this whole thing a scam?

[Glenn_S]

IBTL

[StartingOver10]

There are all kinds of FICO scores. Take some time to read about FICO scores so you know why there are different scoring models before you call it a 'scam' http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

For mortgage scores, most mortgage lenders use an older 04 scoring model. Here on MyFICO the scoring model is newer (08) and is geared toward the consumer bank score rather than a mortgage type score.

If you concentrate on the body of your credit report (proper reporting, paying on time, low utilization etc) then you will see your score increase. Read the stickies, there is a weath of information here and all of it is free. You aren't obligated to buy the scores so I don't see how it could be a scam.

[Anonymous]

Hey, it's your web-site that says "Fico Score, the score lenders use" and I think there is another that says "the only score that matters"...doesn't seem to be the case at all.     

[mitchblue]

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@Anonymous wrote:

Hey, it's your web-site that says "Fico Score, the score lenders use" and I think there is another that says "the only score that matters"...doesn't seem to be the case at all.     

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Did you see the 90% part? Honestly though they should have a disclaimer on the front page..ONLY FOR CC's. NOT FOR MORTGAGE OR AUTO LENDERS. 

[CreditGuy03]

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@Anonymous wrote:

Lender says my scores are lower than what I thought they were.  I'm looking at the 3 scores I got with my MyFico subscription and the mortgage lender is telling me my scores are about 50 points lower.  I called MyFico support and they said yes, mortgage lenders use an industry specific score which may be different.  They then went on to tell me that auto lenders use an industry specific score as well...So why does Myfico say the score they provide is the only score that matters?  Seriously, Is this whole thing a scam?

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OP do your research. Mortgage lenders use FICO 04 exclusively. You cant get FICO 04 on this site.

Fico 04 is also very stringent and really dings you harder that FICO 08 doesnt. 

Things like collections and past due account weigh more on FICO 04 which is why your scores are lower with you lender.

[Anonymous]

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@CreditGuy03 wrote:

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@Anonymous wrote:

Lender says my scores are lower than what I thought they were.  I'm looking at the 3 scores I got with my MyFico subscription and the mortgage lender is telling me my scores are about 50 points lower.  I called MyFico support and they said yes, mortgage lenders use an industry specific score which may be different.  They then went on to tell me that auto lenders use an industry specific score as well...So why does Myfico say the score they provide is the only score that matters?  Seriously, Is this whole thing a scam?

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OP do your research. Mortgage lenders use FICO 04 exclusively. You cant get FICO 04 on this site.

Fico 04 is also very stringent and really dings you harder that FICO 08 doesnt. 

Things like collections and past due account weigh more on FICO 04 which is why your scores are lower with you lender.

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I agree... Research helps alot.