topic Re: Pleasantly surprised by my FICO scores... in Understanding FICO® Scoring

Pleasantly surprised by my FICO scores...

Tristate — Thu, 26 Jul 2012 18:23:28 GMT

Hello everybody!I have created two accounts by mistake(so I'm Tristate148 from the topic about applying for Barclays card http://ficoforums.myfico.com/t5/Credit-Cards/Really-want-to-apply-for-Barclays-but-not-100-sure/td-p/1504446 ).

I pulled my FICO scores and signed up for ScoreWatch,and was surprised that my Fico scores are higher than USAA Fakos(you can see scores in my sig)I'm using USAA CMS for few months now.And for some reason I thought that Ficos' algorithm is more strict and was preparing my self for lower scores.

Especially since my BK was only a year ago and I have like 19 derogs on my account . My question is how accurate is FICO in the report it says that my credit history is GOOD. But it's not ! I would say that Fakos are "more fare" if you want. Tell me that I'm wrong :-)!!!

Re: Pleasantly surprised by my FICO scores...

Anonymous — Fri, 27 Jul 2012 16:35:18 GMT

I also use USAA for my reports and see the scores on there. They're significantly lower.

One major difference I noticed: I have an old account that is closed. It has a 3500 limit and 1500 balance. MyFICO adds the $3500 limit to my total accounts and the $1500 to my used credit. The USAA score does NOT add the $3500 to my total UTIL but still adds the $1500 to my used credit. So effectively with my actual FICO score, they're counting the closed account as a regular open account whereas USAA CMS is counting only the balance, which totally screws my utilization by their metric.

Re: Pleasantly surprised by my FICO scores...

pizzadude — Sat, 28 Jul 2012 01:49:01 GMT

FAKO and FICO scores follow different scoring rules on almost everything ~ utilization, inquiries, AAoA, AU accounts...etc... .....You really can't correlate them at all.

As yes, as long as a balance and a credit limit are reported, FICO includes it in revolving utilization.