topic Re: is MYFICO is the REAL FICO? in Understanding FICO® Scoring

is MYFICO is the REAL FICO?

Anonymous — Sat, 15 Aug 2009 04:34:55 GMT

I signed up for 3 FREE reports ( identityguard, creditkeeper, creditkarma) and all of them have my fico tied @ 653 +- 5 point while MYFico is 687? which is the REAL SCORE?

Re: is MYFICO is the REAL FICO?

Macroman — Sat, 15 Aug 2009 05:19:41 GMT

MYFICO has actual FICO scores for Equifax and Transunion. Only lenders can get the Experian FICO.

All the scores are real in the sence that each place that does credit scoring has a set of rules and scoring algorithm based on those rules and they follow them to produce a score.

FICO scores are the most widely accepted by lenders. True FICO scores are only available here.

I've found that some of the other sites are decent places to monitor balance updates. The fee schedules here are such that I can do without a true FICO score most of the time.

Persoannly I subscribe to the Quarterly monitoring which gives me 4 scores a year from TU and does ongoing weekly monitoring for some signs of identity theft. I'm also a user of Credit Karma and right now FreeCreditReport.com to get daily updates of how the the balances are updating on my CR as I make some larger than typical payments as part of a debt reduction program.

Re: is MYFICO is the REAL FICO?

Anonymous — Sat, 15 Aug 2009 14:21:41 GMT

@Macroman wrote:
True FICO scores are only available here.

You can order ScoreWatch/FICO score from Equifax, also, Transunion has a FICO score option(s) at transunioncs.com

Re: is MYFICO is the REAL FICO?

smallfry — Sat, 15 Aug 2009 15:46:26 GMT

With the exception of the $7.95 deal at Equifax this is the cheapest place to buy your real scores. Just use your head before you buy is all.

Re: is MYFICO is the REAL FICO?

Anonymous — Sat, 15 Aug 2009 16:21:33 GMT

I order my Experian scores thru a psychic/card reader. Its a bit more costly than the old days when you could order them here though

Re: is MYFICO is the REAL FICO?

Anonymous — Sun, 16 Aug 2009 18:39:42 GMT

@Anonymous wrote:
I order my Experian scores thru a psychic/card reader. Its a bit more costly than the old days when you could order them here though

Ehhh....I think I'd rather spend the cost of a hard INQ to get it from my bank. BOA loves using Experian for pulls and the guy who did my refinance (or any loan officer) would be happy to do a pull for me. But I have too many EX pulls already so I'm going to wait until after November.

Re: is MYFICO is the REAL FICO?

Anonymous — Sun, 16 Aug 2009 19:00:50 GMT

I would rather pay for my score or not know it than take a hard INQ. Specially if I knew the other two.

Re: is MYFICO is the REAL FICO?

Anonymous — Mon, 17 Aug 2009 14:15:44 GMT

@Anonymous wrote:
I would rather pay for my score or not know it than take a hard INQ. Specially if I knew the other two.

Well....I have no problem paying for my score...but when the time comes for me to deal with an EX score, I'll have it handy by then.

Plus, I would still take the hard INQ over paying Miss Cleo an exorbitant amount to get my EX score (LOL).

[and yes, I knew it was a joke the first time.]

Re: is MYFICO is the REAL FICO?

Anonymous — Mon, 17 Aug 2009 17:02:26 GMT

I always need to throw out the disclaimer that while FICO score are the REAL scores you must give room for a little change. For instance, different lenders rank things differently.

For example, said individual pulls a 650 FICO score but has 75% UTIL. Lender when given approval pulls a 625 because their score is slighted and decresed by higher UTIL. I know this information first hand as I have been affected by it.

Not all lenders do this, but just be prepared when you walk in so you dont have an attack as I did.

Re: is MYFICO is the REAL FICO?

Anonymous — Mon, 17 Aug 2009 18:58:23 GMT

@Anonymous wrote:
I always need to throw out the disclaimer that while FICO score are the REAL scores you must give room for a little change. For instance, different lenders rank things differently.
For example, said individual pulls a 650 FICO score but has 75% UTIL. Lender when given approval pulls a 625 because their score is slighted and decresed by higher UTIL. I know this information first hand as I have been affected by it.

Not all lenders do this, but just be prepared when you walk in so you dont have an attack as I did.

I know there is a variance between real FICO scores (i.e. ones from Lenders) and the ones we buy (i.e. the Consumer FICO scores). In my experience, the variance was never that wide as it was a 50 point different, but at most it would be 7-10 going either way. But I like the FICOs because it gives me a strong idea of what to expect when I have to do it for real.

Re: is MYFICO is the REAL FICO?

Anonymous — Mon, 17 Aug 2009 22:22:35 GMT

I agree. The more information the better. I love FICO scores and live by them everyday. The most important thing is monitoring account, balances, and inquiries. If you can keep up with that then you are doing well in my book

Re: is MYFICO is the REAL FICO?

Anonymous — Mon, 17 Aug 2009 23:19:59 GMT

@Anonymous wrote:
I always need to throw out the disclaimer that while FICO score are the REAL scores you must give room for a little change. For instance, different lenders rank things differently.
For example, said individual pulls a 650 FICO score but has 75% UTIL. Lender when given approval pulls a 625 because their score is slighted and decresed by higher UTIL. I know this information first hand as I have been affected by it.

Not all lenders do this, but just be prepared when you walk in so you dont have an attack as I did.

If this happened to you then the lender was not using a consumer FICO score. He was using a different FICO score or adjusting the consumer FICO score by some other factor or using a different type of score altogether. The FICO scores reported on this site are true consumer FICO scores.

Re: is MYFICO is the REAL FICO?

Anonymous — Tue, 18 Aug 2009 21:19:17 GMT

I am in no way by any means stating that the FICO scores arent the real scores. I stand by them and have for years, I was just stating that some lenders have their own system in place that is used in conjunction with FICO scores to make decisions. When I spoke to the lender in length I learned that they used the FICO score, but added their own system in addition.

Some lenders even depending on application or type of loan weigh things differently also.

Message Edited by Eurosooner7 on 08-18-2009 02:19 PM

Re: is MYFICO is the REAL FICO?

Anonymous — Wed, 19 Aug 2009 04:48:24 GMT

They are not accurate. I got that first hand by speaking with someone at Transunion. myfico has my score dropped from 608 to 583 for no **bleep** reason and Transunion told me my score was above 620 at the time anyhow. Talk about a "FAKO" score. I want my money back. What a waste.

Re: is MYFICO is the REAL FICO?

haulingthescoreup — Wed, 19 Aug 2009 10:29:29 GMT

jasonj24680 wrote:
They are not accurate. I got that first hand by speaking with someone at Transunion. myfico has my score dropped from 608 to 583 for no **bleep** reason and Transunion told me my score was above 620 at the time anyhow. Talk about a "FAKO" score. I want my money back. What a waste.

The score that TransUnion told you was their FAKO score. Although you can pull your TU FICO from transunioncs.com (note the -cs at the end), the regular TransUnion site provides their "TransRisk" score, which is not a FICO score.

Back when I had TrueCredit, some of my TransRisk scores were lower than my FICO's and some were higher. No correlation.