topic Re: Credit Score - what source to go by? in Credit Card Applications

Credit Score - what source to go by?

Anonymous — Sun, 26 May 2019 10:50:31 GMT

I have a better idea about credit and building credit in general from this site. Thanks to all does not come close to my feelings. I do have a question. When going by all of the very helpful feedback about the qualifying credit scores, what sources should I be using? The credit karma seems to be in line with the monitoring of some of the credit cards scores. The credit scores differ however from sources that claim "true credit" What is a person to go by when attempting to pre qualify one's self prior to taking the leap of faith in applying over some of the pre qualify links that do give some help...

Re: Credit Score - what source to go by?

Jnbmom — Sun, 26 May 2019 11:05:14 GMT

FICO scores are what you should be going by. Credit Karma are vantage scores and are not used by most lenders so disregard those.

Re: Credit Score - what source to go by?

Anonymous — Sun, 26 May 2019 11:11:18 GMT

I wish I could give more thumbs up thank you so much for clarity in my jurney!

Re: Credit Score - what source to go by?

Anonymous — Sun, 26 May 2019 11:46:34 GMT

I just found a link that stated what credit cards report FICO in complimentary monitoring

Credit Card Issuers That Provide Free FICO Credit ScoresIssuer Access Credit Score Credit Bureau Who Can Get It

American Express	Login here	FICO Score 8	Experian	Consumer cardholders
Bank of America	Login here	FICO Score 8	TransUnion	Consumer cardholders
Barclays	Login here	FICO Score 8	TransUnion	Consumer cardholders
Chase	Login here	FICO Score 8	Experian	Chase Slate cardholders
Citi	Login here	FICO Bankcard Score 8	Equifax	Consumer cardholders (select cards)
Discover	Credit Scorecard	FICO Score 8	TransUnion for cardholders; Experian otherwise*	Anyone
HSBC	Login here	FICO Score (unknown version)	Equifax	Consumer cardholders, Select Credit customers
Merrick Bank	Login here	FICO Bankcard Score 8	TransUnion and/or Experian	Consumer cardholders
Navy Federal Credit Union	Login here	FICO Score 9	Equifax	Consumer cardholders
Synchrony	Login here	FICO Score 8	TransUnion	Consumer cardholders
SunTrust	Login here	FICO Bankcard Score 8	Equifax	Consumer cardholders
USAA	Login here	FICO Score 8	Experian	Members
Wells Fargo	Login here	FICO Score 9	Experian	Eligible consumer account holders

Re: Credit Score - what source to go by?

pinkandgrey — Sun, 26 May 2019 14:12:52 GMT

CK scores, while they may be close to your FICO scores, are not used by many lenders. FICO are the “important” ones.

Re: Credit Score - what source to go by?

Anonymous — Sun, 26 May 2019 15:13:51 GMT

Thank you, I can't believe it took me this long to think to ask this question. All of this good information and yet going from the correct score source priceless! I had to check cap 1 creditwise is also a Vantage score when I googled. Close scores are good as well. Will be playing by the book and not wasting any of the great efforts this sites participants have invested!! I'm a rebuilder and would like to live in the moment, learn from the past, and own my prosperous future Thank you to all who have added to enable me with my positive credit which in turn has effected my life and family's life in ways I could not have imagined or even hoped to achieve

Re: Credit Score - what source to go by?

Anonymous — Sun, 26 May 2019 15:35:33 GMT

Experian gives out your report and Fico 8 score for free once a month.

Re: Credit Score - what source to go by?

Anonymous — Sun, 26 May 2019 16:50:10 GMT

Thank you! I just checked my Experian credit score fico score! Thank you for mentioning )

Re: Credit Score - what source to go by?

Anonymous — Sun, 26 May 2019 18:09:21 GMT

CK and a lot of other "free credit monitoring" sites use VantageScore 3.0, otherwise referred to as FAKO scores since they're not really as important as your FICO score. On any of these websites you can usually scroll to the bottom or read the fine print to see what scoring model they use. FICO Score 8 versus FICO Score 9, etc. Here's a website I found from a quick Google search on the myFICO blog that helps to explain some of the differences.

Re: Credit Score - what source to go by?

Anonymous — Sun, 26 May 2019 18:20:13 GMT

I had heard that "FAKO" term and had pushed way back into my mind for some reason. Probably enjoying what was no cost TOO much. I love the explanation of the link. Thank you for providing. SO glad I listened to that tiny part of my mind I a was totally ignoring and explored, when it came to actual practical application of the amassed information I have been making a great effort to absorb and apply and did not totally blow it while on the path I am on pace to take.

Re: Credit Score - what source to go by?

coreysw12 — Mon, 27 May 2019 01:27:12 GMT

I use Vantage scores as a general measure of my credit health, but the scores are not reliable or relevant in the real world. As others have said, you need FICOs if you want to know what your scores are that lenders will see.

The best place, obviously, to get your FICOs is from this website. For $60 (or whatever the current cost is), you can get ALL your credit scores that a lender would see. Not just your FICO 8, but also your FICO 8 Bankcard, Fico 8 Auto, FICO 9, FICO 5,4&2 (used in mortgages), from all 3 bureaus.

This is literally THE only website where you can get all those scores.

Alternatively, you can piece-meal it from other websites, with varying degrees of difficulty. For example, you can get a free Experian Fico 8 from freecreditscore.com. You can get a free Equifax FICO 8 Bankcard if you have a Citi credit card. You can get a few other FICOs at other various bank websites and such. But the easiest way is to get them all from one place - here.

What I used to do (before I signed up for a monthly account with MyFICO), was buy a 3-bureau one-time report from MyFICO, so that I at least knew what all my scores were at that moment, and then for the next few months I'd just track my Vantage scores to see whether or not my scores were going up or down. Pay no attention to the scores themselves, they are useless... but you can at least use them to gauge whether or not your credit is getting worse or better with time. And then occasionally I'd buy another MyFICO 3-bureau report to verify where I stood. Maybe that strategy would work for you, too.

These days, I just pay my $40/mo and get all 15+ FICO scores updated every month, and call it a day. For me, it's worth the money to know precisely what a lender would see if they pull my scores. Otherwise, if you want to save money, you can sort of "ballpark guess" it with the other strategy above.

Re: Credit Score - what source to go by?

Anonymous — Mon, 27 May 2019 01:40:19 GMT

I appreciate the honesty. I remember previously paying for the a monthly monitoring, don't remember if it was a correct website. That was when I had less at steak too. I am also not against the jumping around to know my fico scores, being an increasingly valuable number. I am increasingly reinvesting into my credit as it is growing. I will be thinking of doing sooner rather than later now that there is actually a way to know how to improve

Re: Credit Score - what source to go by?

coreysw12 — Mon, 27 May 2019 01:52:06 GMT

(I'm not a MyFICO employee or shareholder, though I might sound like it haha!) but I gotta say, while $40/mo is a lot of money, it's worth it when you're on a rebuild journey. Unless, of course, the money is better spent on handling derogatories.

Personally, there are 2 things I always recommend to people who are rebuilding their credit and/or finances... Quicken, and MyFICO. Those two tools are my biggest weapons for keeping my finances and credit on track.

Regarding MyFICO, its worth is in the fact that you know EXACTLY what scores a potential lender will see, before you apply. So you can time your applications perfectly to achieve the best terms. For example, I plan on refinancing one of my cars soon, so I've been tracking my Fico 8 Auto scores the last few months. I'll know exactly the right day to apply for the refinance, because I know what my target score is and I'll know exactly what day I'll achieve that score.

Beats the heck out of playing the guessing game!

Re: Credit Score - what source to go by?

Anonymous — Mon, 27 May 2019 01:59:47 GMT

I have to say your post was extremely through and easy to read. I hadn't thought the site was so thorough. That is for sure the rout to take next. I am so grateful there is a way to unveil the mystery and even the playing field. Makes me feel so much more worthy and valuable to be able to have some direction over my financial plans!