topic Re: Not quite understanding difference in Understanding FICO® Scoring

Not quite understanding difference

Anonymous — Sun, 03 Sep 2017 14:54:33 GMT

I don't really understand how to tell if the source I am getting CS from is real fico or Fake.

I get scores from citi, capital one, chase, bofa, lowes, credit karma, discover score card, wallet hub, mint, and experian app.

I am going to assume that all the credit card apps plus experian will be real. But what about the rest....

Credit Karma, discover score card, wallet hub, and mint?

Re: Not quite understanding difference

Anonymous — Sun, 03 Sep 2017 15:02:56 GMT

CreditKarma - vantagescore, FAKO

creditscorecard - FICO8, this one is legit.

WalletHub - vantagescore, FAKO

mint - FAKO

You can get 3-bureau FICO8 scores from a variety of sources including here (MyFico), CreditCheckTotal (CCT), Experian (I use creditreport.com which is owned by EX) and others.

You can always google "(nameofcompany) credit score model" to find out more. You want to see that they use FICO8 (or even 9) and NOT vantagescore or some other model.

Re: Not quite understanding difference

Anonymous — Sun, 03 Sep 2017 15:07:02 GMT

So if they say they use vantage score or anything other than fico 8 or 9 then I call it fake?

Re: Not quite understanding difference

Anonymous — Sun, 03 Sep 2017 15:17:18 GMT

There are also diff flavors particular to mortgage lending, or auto, etc. but typically these sites are going to either use FICO, or use Vantage, or make up their own fake brand of scoring just to get you to buy in (even if it's free they make their money on marketing/ad clicks). More here, http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617

I also didn't note which CRA they pull from, e.g. creditscorecard only pulls from Experian not from all 3 bureaus. You might have to go to different sources to get all 3 scores, or else pay to get 3 bureau reports if you really want that.

Re: Not quite understanding difference

jamie123 — Sun, 03 Sep 2017 17:42:55 GMT

I know for a fact that the scores from the following credit card companies are legit:

CitiBank

Chase

Bank of America

Discover

You need to be careful about the others.

Re: Not quite understanding difference

SouthJamaica — Sun, 03 Sep 2017 19:42:59 GMT

@jamie123 wrote:
I know for a fact that the scores from the following credit card companies are legit:

CitiBank
Chase
Bank of America
Discover

You need to be careful about the others.

Chase does give out Vantage scores, too... depends on how you're getting the score. I don't know of any Chase card other than the Slate which gives you a free FICO score.

Re: Not quite understanding difference

SouthJamaica — Mon, 04 Sep 2017 01:25:40 GMT

@Anonymous wrote:
I don't really understand how to tell if the source I am getting CS from is real fico or Fake.

I get scores from citi,
eq fico bankcard 8

capital one,
tu vantage 3.0

chase,
slate gives ex fico 8
chase's journey thing gives tu vantage 3.0 scores

bofa,
tu fico 8

lowes,

dk

credit karma

tu & eq vantage 3.0

discover score card,
discover itself gives tu fico 8
its special score site for non customers gives ex fico 8

wallet hub,
tu vantage 3.0

mint,
dk

and experian app.
not sure what that means but experian.com gives you ex fico 8

I am going to assume that all the credit card apps plus experian will be real. But what about the rest....

Credit Karma, discover score card, wallet hub, and mint?

Re: Not quite understanding difference

Gidgetmom — Sun, 03 Sep 2017 20:28:29 GMT

In addition to SouthJamaica's post, I know that Mint is your EQ Vantage 3.0.

Re: Not quite understanding difference

Asilomar — Sun, 03 Sep 2017 21:45:50 GMT

@jamie123 wrote:
I know for a fact that the scores from the following credit card companies are legit:

CitiBank
Chase
Bank of America
Discover

You need to be careful about the others.

Don't forget about Amex. They provide a FICO Classic 8.

Re: Not quite understanding difference

Asilomar — Sun, 03 Sep 2017 21:49:50 GMT

@SouthJamaica wrote:
chase,
slate gives fico, not sure which
chase's journey thing gives tu vantage 3.0 scores

Slate gives FICO 8 via Experian.

Re: Not quite understanding difference

Anonymous — Mon, 04 Sep 2017 01:58:31 GMT

There is no such thing as a "fake" score or a "wrong" score. People use these terms as well as "inaccurate" when talking about anything other than a FICO score.

FICO scores are certainly the most commonly used and without question the most meaningful. The other scores, usually from the VantageScore 3.0 model are rarely used or seen outside of these sources like CK, CS, WH, etc. While they may be in large "worthless" scores, they aren't "wrong" scores, as they're generated using an actual scoring model.

On almost any page or place that provides you with a credit score, somewhere below the score it will say what the scoring model used was and which bureau information was used to generate the score. Sometimes this information is buried way below in fine print if you scroll down.

For example, on the page you see your score on Credit Sesame it says, "...TransUnion Vantage 3 credit scores..."

Re: Not quite understanding difference

Anonymous — Mon, 04 Sep 2017 07:10:27 GMT

Thanks for the helpful information everyone!! 😄

Re: Not quite understanding difference

Anonymous — Tue, 05 Sep 2017 04:42:14 GMT

@Gidgetmom wrote:
In addition to SouthJamaica's post, I know that Mint is your EQ Vantage 3.0.

I don't know what Mint uses, but it is not any Vantage score. My Vantage scores range between 710 and 725. The Score from Mint is 620. Over the lasy year that I have been using Mint, the score they give me has never been close to the EQ VantageScore 3.0.

Re: Not quite understanding difference

Anonymous — Tue, 05 Sep 2017 05:17:44 GMT

@Anonymous wrote:
@Gidgetmom wrote:
In addition to SouthJamaica's post, I know that Mint is your EQ Vantage 3.0.
I don't know what Mint uses, but it is not any Vantage score. My Vantage scores range between 710 and 725. The Score from Mint is 620. Over the lasy year that I have been using Mint, the score they give me has never been close to the EQ VantageScore 3.0.

Google knows everything. Just now I googled what credit score does mint provide?

and the following came up at the top of the search:

https://credit.mint.com/

It includes this text:

The credit score provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The 3-bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind that third parties are likely to use a different credit score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

Thus, not a Vantage score.

In a different thread, also getting comments today, people are speculating whether the Equifax Credit Score (i.e. this non-FICO proprietary model) penalizes people for having credit union accounts.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Do-Credit-union-accounts-lower-my-fico-score/td-p/5039831