topic Re: WAMU FREE FICO SCORES... in Credit Cards

WAMU FREE FICO SCORES...

Anonymous — Fri, 16 Nov 2007 16:55:45 GMT

I have a WAMU CC for its free fico. I have been seeing on here that this is a PFICO. Now my questions are:

Who use these scores to determine whether or not they will give you credit?

How do they differ from FICO scores?

How did someone determine these were PFICO scores when WAMU and other articles state states they are real FICO scores?

Thanks for any responses

Re: WAMU FREE FICO SCORES...

Anonymous — Fri, 16 Nov 2007 17:40:51 GMT

Wamu's site tells you under the score bar "Bankcard FICO score provided by: TransUnion"

Re: WAMU FREE FICO SCORES...

Anonymous — Fri, 16 Nov 2007 19:45:40 GMT

jaybee, they are true FICO scores, just enhanced for credit cards. Just as there are enhanced scores for mortgages, and car loans.

Re: WAMU FREE FICO SCORES...

Anonymous — Fri, 16 Nov 2007 21:05:58 GMT

Just about every maor credit card you get uses a versionof the bakcard enchanced FICO.

Re: WAMU FREE FICO SCORES...

smallfry — Sat, 17 Nov 2007 06:09:02 GMT

Called PFICO because Providian originally provided this service and WaMu bot 'em.

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 16:19:59 GMT

Not sure if the pfico and regular Fico are always this close, but as of 11/8/07 my TU Fico score was 658 according to MyFico. My pfico was 660 according to WaMu. So, imo, the pfico on the WaMu site is a pretty good indicator.

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 16:26:28 GMT

OK Wamu's Fico score if a REAL FICO score based on your TU report. The model that is used there weighs bankcards more heavily than any other factor. The FICO score you get from here is the classic FICO, usually used for mortgages and the like. There is also an auto-enhanced FICO score which weighs the probability that you wll default on an auto loan. Of course lets not forget the bankruptcy risk score.

There are a lot of dfferent FICO scores depending on the needs of the lender. My PFICO (bankcard) is only 661 when my FICO is 708, the result of too many new cards opened in a short period of time. One of the risk factors lenders look for when approving new credit card apps.

HTH

Message Edited by Brammy on 11-17-2007 11:26 AM

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 16:35:47 GMT

I agree 100%
My FICO has gone way up but my PFICO has taken a decent dip.

@Anonymous wrote:

OK Wamu's Fico score if a REAL FICO score based on your TU report. The model that is used there weighs bankcards more heavily than any other factor. The FICO score you get from here is the classic FICO, usually used for mortgages and the like. There is also an auto-enhanced FICO score which weighs the probability that you wll default on an auto loan. Of course lets not forget the bankruptcy risk score.

There are a lot of dfferent FICO scores depending on the needs of the lender. My PFICO (bankcard) is only 661 when my FICO is 708, the result of too many new cards opened in a short period of time. One of the risk factors lenders look for when approving new credit card apps.

HTH

Message Edited by Brammy on 11-17-2007 11:26 AM

Re: WAMU FREE FICO SCORES...

smallfry — Sat, 17 Nov 2007 18:26:49 GMT

Could be based on your Experian score if they pulled that for the application but it for sure does not like new accounts. It penalizes you even more severely than Classic FICO for that.

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 19:24:49 GMT

I have noticed that it penalizes you more for new credit. My PFICO score went down 30 points last month because of a new CC addd (that is the only difference that I can tell), but my classic FICO stayed pretty much the same.

This month my PFICO went up 32 pts, I am not sure why though because it can't be for that new card (it is only a month old). My classic FICO went down by six pts, the reason was because of a dispute (but I doubt that) maybe it was for the inq that I got from app'ing for the new card.

It is all very confusing.

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 19:46:11 GMT

smallfry wrote:
Could be based on your Experian score if they pulled that for the application but it for sure does not like new accounts. It penalizes you even more severely than Classic FICO for that.

Nope mine so far have always been based on TU. My TU FICO dropped 14 points as well

Re: WAMU FREE FICO SCORES...

haulingthescoreup — Sat, 17 Nov 2007 20:20:54 GMT

Brammy, since some people's PFICO's are so different from their classic FICO's, would it be worthwhile for people planning to CC app to get on with Wamu to have access to this score? And of course, if I got their card to get the scores, that would be another inq and another re-aging. Is there another source for consumers to get it?

Since my lates are CC-related, I bet my PFICO's are a good bit lower than my classic FICO's. Difficult to imagine...

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 20:21:27 GMT

Mine has always been TU also.

So do they have a WAMU card that gives the EX score? Does anyone know?

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 20:23:33 GMT

not to butt in, but wamu only provides a tu pfico? not too many cc's pull tu anymore, so apping for pfico would be less than concrete.

sorry, just a little app weary after brammy's hvt this morning.

Re: WAMU FREE FICO SCORES...

haulingthescoreup — Sat, 17 Nov 2007 20:27:54 GMT

@dnm45227 wrote:
not to butt in, but wamu only provides a tu pfico? not too many cc's pull tu anymore, so apping for pfico would be less than concrete.
sorry, just a little app weary after brammy's hvt this morning.

That's true, but I'm trying to figure out if there PFICO's for all three CRA's, or do CCC's just pull EQ - EX - TU PFICO for example. It's all getting to be too much!

Poor dnm, might be time to pull a nice hot bubble bath for your rubbie duckie to heal! Good luck, whatever you do with citi. Those people make me nuts.

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 20:31:35 GMT

i think hauling just go told me to float my duck!

there's a story behind the duck, thinking of a tat of a duckie in fact.

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 20:39:08 GMT

hauling,

I agree it is all beginning to be too much. Just when I thought I got an understanding something else is added to the pic. And then here comes FICO8. Geesh!

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 20:42:49 GMT

Hauling another thing. As far as the scores go they only update once a month and then you do not receive the score until the middle sometimes the end of the month. A lot of stuff can take place on your credit within that time.

IMO, I do not think you should go out of your way to app for the card just to get the score, its not worth it. However, that is the way I feel. What about anyone else?

Re: WAMU FREE FICO SCORES...

haulingthescoreup — Sat, 17 Nov 2007 20:48:27 GMT

I think you're probably right. I just have a morbid curiosity about what my bankcard-enhanced score looks like. Like the "Limbo" song: "How LOOOOW can they GO?"

Re: WAMU FREE FICO SCORES...

Anonymous — Sat, 17 Nov 2007 21:00:14 GMT

They may not be as low as you think. The PFICO, from my understanding calculates differently. I'm thinking that if you get dinged it doesn't last as long as the classic FICO. too bad there is no way you can get them another way.

If you app for the WAMU cc to get your scores, you probably will not get the score until 2 months from now anyway (at least that is how long it took me to get my score). I would save my inq for another card that comes out with a free score, I'm sure it is coming soon...