topic Re: How accurate is the Citi FICO Scores? in Credit Cards

How accurate is the Citi FICO Scores?

Anonymous — Wed, 09 Mar 2016 00:15:28 GMT

I was just wondering how accurate are the citi fico scores that they give with certain CCs (too cheap to pay for a full report & don't really have reason to request one..)

Re: How accurate is the Citi FICO Scores?

Anonymous — Wed, 09 Mar 2016 01:10:48 GMT

@Anonymous wrote:
I was just wondering how accurate are the citi fico scores that they give with certain CCs (too cheap to pay for a full report & don't really have reason to request one..)

It's 100% accurate Fico 08 Equifax Bankcard score

Re: How accurate is the Citi FICO Scores?

OmarGB9 — Wed, 09 Mar 2016 01:01:31 GMT

CK scores aren't very useful.

Re: How accurate is the Citi FICO Scores?

Anonymous — Wed, 09 Mar 2016 02:37:32 GMT

If your CK scores went up or down by 100 points....that wouldn't be USEFUL info?

When ppl make wide sweeping declarations w/o context their conclusions can be ...well not very USEFUL.

I mean no offense and no disrespect but in the right context ANY scoring model 'can' or 'can't' be USEFUL

given what's gooing on ....ie the context.

Ex: If one is apping for credit and you know FOR SURE what your credit score is on that one model, with that one

CRA ...but what if the lender pulls a different model, as they can pull whatever they please....

Well in that context even your perfect knowledge of your genuine Fico has just proven itself USELESS.....

Point eing having access, especially FREE access to the data used to generate scors can NEVER be totally useless

and if used within context can be very useful....again depending on the overall GOAL.

Are you qualifying 'yourself' for a mortgage (which the lender is gonna do NOT you anyway) or

is your goal to just keep a eye on the baseline of where you are as a credit risk....one has to decide WHAT exactly their

trying to GET, especially for FREE!

*I think ppl fail to 'understand' that Fico scores are a product are SALE but we've come to a place where folks think of

'my score' as if it's welfare check or something, as if it's OWED

Bottom line No the FREE soda ain't 'real' Coke or Pepsi...but there is no need to think it the FAKE Coke won't wash down a meal...

Re: How accurate is the Citi FICO Scores?

Chris679 — Wed, 09 Mar 2016 02:44:01 GMT

CK hate goes a bit overboard here. They use Vantagescore 3.0. It's not FICO but it's certainly useful.

Re: How accurate is the Citi FICO Scores?

Cookie2120987 — Wed, 09 Mar 2016 03:01:58 GMT

@Chris679 wrote:
CK hate goes a bit overboard here. They use Vantagescore 3.0. It's not FICO but it's certainly useful.

I like CK because of how it tracks your accounts and the info it provides, I would have never seen a late without CK and get it removed got me up 23 points

never have had luck with the scores though, they're off by nearly 80 points.

serious question, does anything use Vantagescore 3.0?

Re: How accurate is the Citi FICO Scores?

SouthJamaica — Wed, 09 Mar 2016 03:14:15 GMT

@Anonymous wrote:
I was just wondering how accurate are the citi fico scores that they give with certain CCs (too cheap to pay for a full report & don't really have reason to request one..)

It's perfectly accurate.

What it's not is timely, it seems to update about once very 2 months or so.

Re: How accurate is the Citi FICO Scores?

SouthJamaica — Wed, 09 Mar 2016 03:15:16 GMT

@Chris679 wrote:
CK hate goes a bit overboard here. They use Vantagescore 3.0. It's not FICO but it's certainly useful.

Agreed

Re: How accurate is the Citi FICO Scores?

nightglider — Wed, 09 Mar 2016 06:32:53 GMT

@Anonymous wrote:
If your CK scores went up or down by 100 points....that wouldn't be USEFUL info?

When ppl make wide sweeping declarations w/o context their conclusions can be ...well not very USEFUL.

I mean no offense and no disrespect but in the right context ANY scoring model 'can' or 'can't' be USEFUL
given what's gooing on ....ie the context.

Ex: If one is apping for credit and you know FOR SURE what your credit score is on that one model, with that one
CRA ...but what if the lender pulls a different model, as they can pull whatever they please....

Well in that context even your perfect knowledge of your genuine Fico has just proven itself USELESS.....
Point eing having access, especially FREE access to the data used to generate scors can NEVER be totally useless
and if used within context can be very useful....again depending on the overall GOAL.

Are you qualifying 'yourself' for a mortgage (which the lender is gonna do NOT you anyway) or
is your goal to just keep a eye on the baseline of where you are as a credit risk....one has to decide WHAT exactly their
trying to GET, especially for FREE!

*I think ppl fail to 'understand' that Fico scores are a product are SALE but we've come to a place where folks think of
'my score' as if it's welfare check or something, as if it's OWED

Bottom line No the FREE soda ain't 'real' Coke or Pepsi...but there is no need to think it the FAKE Coke won't wash down a meal...

The "wide sweeping declaration" is exactly what make the poster's statement correct. While the exact numbers aren't available, VantageScore has roughly 5.6% of the market according to this article from 2013. Therefore, VantageScore is only useful in about 5.6% of situations....not very useful.

Re: How accurate is the Citi FICO Scores?

Chris679 — Wed, 09 Mar 2016 07:53:20 GMT

@nightglider wrote:
@Anonymous wrote:
If your CK scores went up or down by 100 points....that wouldn't be USEFUL info?

When ppl make wide sweeping declarations w/o context their conclusions can be ...well not very USEFUL.

I mean no offense and no disrespect but in the right context ANY scoring model 'can' or 'can't' be USEFUL
given what's gooing on ....ie the context.

Ex: If one is apping for credit and you know FOR SURE what your credit score is on that one model, with that one
CRA ...but what if the lender pulls a different model, as they can pull whatever they please....

Well in that context even your perfect knowledge of your genuine Fico has just proven itself USELESS.....
Point eing having access, especially FREE access to the data used to generate scors can NEVER be totally useless
and if used within context can be very useful....again depending on the overall GOAL.

Are you qualifying 'yourself' for a mortgage (which the lender is gonna do NOT you anyway) or
is your goal to just keep a eye on the baseline of where you are as a credit risk....one has to decide WHAT exactly their
trying to GET, especially for FREE!

*I think ppl fail to 'understand' that Fico scores are a product are SALE but we've come to a place where folks think of
'my score' as if it's welfare check or something, as if it's OWED

Bottom line No the FREE soda ain't 'real' Coke or Pepsi...but there is no need to think it the FAKE Coke won't wash down a meal...
The "wide sweeping declaration" is exactly what make the poster's statement correct. While the exact numbers aren't available, VantageScore has roughly 5.6% of the market according to this article from 2013. Therefore, VantageScore is only useful in about 5.6% of situations....not very useful.

The 5.6% number came from the 2006 lawsuit in which FICO sued Vantagescore. It's not 2006 anymore. Vantagescore was developed by TU, EX and EQ as an alternative to FICO and is used for credit monitoring everywhere you look. Is it FICO? No, but half the time FICO isn't even FICO. I just pulled my EX FICO from this site a week ago and here are the different scores I received: FICO Score 8, FICO Score 2, FICO Auto Score 8, FICO Auto Score 2, FICO Bankcard Score 8, FICO Score 3, FICO Bankcard Score 2, FICO Score 9, FICO Auto Score 9, FICO Bankcard Score 9. There is a 73 point spread on these scores all generated from the same report. The people who turn their nose up at non-FICO scores always seem to forget that there is no universally used FICO score either.

There was a time when Vantagescore was crap and the sites that used it would give bad info that contraticted what was really good for you. Those days are pretty much gone and sites like Credit.com, Credit Karma and of course myFico are all useful. A noob that doesn't really know what they are doing is way better off signing up for Credit Karma and following their (free) advice than they would be listening to the BS advice you get from the uninformed public that has no clue how credit scoring works.

Re: How accurate is the Citi FICO Scores?

takeshi74 — Wed, 09 Mar 2016 15:28:55 GMT

@Anonymous wrote:
I was just wondering how accurate are the citi fico scores that they give with certain CCs (too cheap to pay for a full report & don't really have reason to request one..)

All scores are accurate. However, you cannot use a score generated by one model to determine a score generated by another model. Citi provides an EQ FICO 8 Bankcard which is not the same thing as an EQ FICO 8. You can't use it to determine a score generated based on another CRA's data or another scoring model. See also the Understanding FICO Scoring subforum and its stickies for info on the various FICO models used by creditors.

Also keep in mind that reports and scores are not the same thing. A score is generated based on the data in a report but it is not a report itself.

@Anonymous wrote:
don't really have reason to request one..

Make sure you're regularly reviewing your reports. At the very least make use of the Annual Credit Report site each year. CK offers free access to TU and EQ report data with weekly updates.

@OmarGB9 wrote:
CK scores aren't very useful.

Depends on what one intends to do with the scores. If one wants to know what one's FICO 8's are then, no CK's scores are not useful for that. However a FICO 8 Bankcard isn't useful for that either -- not is any FICO model that isn't FICO 8.

CK's scores are certainly relevant to those who have creditors or intend to apply with a creditor that uses a TU or EQ VantageScore 3.0.

Any scoring model has limited relevance. There isn't one single scoring model used for all creditors/products. FICO 8 is most commonly used but a FICO 8 won't be useful if a creditor uses a different model and one wants to know what number that creditor will pull for that person.

@Anonymous wrote:
If your CK scores went up or down by 100 points....that wouldn't be USEFUL info?

Only if one has a creditor that uses one of those VantageScores. My creditors don't care what my VantageScores are.

Different models evaluate report data differently. An increase of 100 points with VantageScore 3.0 doesn't necessarily mean that all models will also reflect such a change. Different models not only evaulate report data differently and can have different score ranges but they can trend differently and offsets can vary. There are not causal and direct relationships between any two different scoring models.

Consider relevance of model & CRA. If for, example, you have a creditor that uses a TU FICO 8 then only the TU FICO * will matter to that creditor. If you have another creditor that uses an EQ FICO NG then only the EQ FICO NG will matter to that creditor.

One can use just about any scoring model for general credit monitoring but the larger trends are what should be looked at -- not specific data points and not specfic changes between 2 data points. I'd strongly advise learing to assess report data and focusing on report data versus relying on a given scoring model.