topic Re: Credit Score VS FICO Score in Understanding FICO® Scoring

Credit Score VS FICO Score

Anonymous — Wed, 15 Jan 2014 01:13:53 GMT

I recently got my FICO score from my discover card. I got a fico score of 665. But my credit score is 688 710 695. I was wondering what the difference was.

Re: Credit Score VS FICO Score

Anonymous — Wed, 15 Jan 2014 01:32:40 GMT

There are lots of different scoring models (algorithms), and since your score reflects your report at a given instant, scores will vary with time.

Re: Credit Score VS FICO Score

IamB2 — Wed, 15 Jan 2014 22:56:09 GMT

@Anonymous wrote:
I recently got my FICO score from my discover card. I got a fico score of 665. But my credit score is 688 710 695. I was wondering what the difference was.

As mentioned by the previous poster as well, there are different scoring models used by different companies. FICO is the model used by overwhelming majority of lenders while the others are simply "educational" and since they are not likely to be used by lenders, are practically worthless and likely to be all over the place.

Hope that helps some...

Re: Credit Score VS FICO Score

Anonymous — Thu, 16 Jan 2014 16:12:18 GMT

@Anonymous wrote:
I recently got my FICO score from my discover card. I got a fico score of 665. But my credit score is 688 710 695. I was wondering what the difference was.

What exactly do you mean by your "credit score"? Where are you getting those?

Re: Credit Score VS FICO Score

thom02099 — Thu, 16 Jan 2014 19:50:04 GMT

@Anonymous wrote:
I recently got my FICO score from my discover card. I got a fico score of 665. But my credit score is 688 710 695. I was wondering what the difference was.

At the root explanation, one is a FICO score, the other(s) aren't. A CREDIT score cannot claim to be a FICO score, unless provided by Fair Isaac. These are not synonymous, though a FICO score can certainly be a credit score. Hence, Discover using the word FICO heavily in it's current advertising that one gets a FREE FICO SCORE with each month's statement. The score they provide is TransUnion 08 model, the most recent model from that CRA. Another credit card company could come along and say you get a free credit score, each month with their card. Note that it is NOT The same. In this example, only Discover is providing a FICO score; the other, not so much.

Bottom line -- if it doesn't SAY FICO then it's NOT a FICO.