topic Re: Real Fico in Understanding FICO® Scoring

Real Fico

Anonymous — Mon, 27 Oct 2014 19:25:03 GMT

Can someone please chime in here. I have read so many mixed views of where the real fico scores to buy. I'm new to this whole thing and was actually going by what was on credit karma, credit seseme, and quizzle. In my heart one of them just doesn't seem right, but how do i really know? I've read that the scores here on myfico are actually fako scores, which are the same on the other sites i've listed above. Is this true? Is there somewhere that i can purchase fico scores to be definete?

thanks in advance

Re: Real Fico

Anonymous — Mon, 27 Oct 2014 19:57:08 GMT

@Anonymous wrote:
Can someone please chime in here. I have read so many mixed views of where the real fico scores to buy. I'm new to this whole thing and was actually going by what was on credit karma, credit seseme, and quizzle. In my heart one of them just doesn't seem right, but how do i really know? I've read that the scores here on myfico are actually fako scores, which are the same on the other sites i've listed above. Is this true? Is there somewhere that i can purchase fico scores to be definete?

thanks in advance

The scores on here are real FICO08 scores, which most lenders use.

Credit Karma, Credit Sesame and Quizzle are all FAKE scores.

Re: Real Fico

-NewGuy- — Mon, 27 Oct 2014 20:55:17 GMT

As stated, the scores that you get here are real FICO scores using the 08 model. It all depends on what each individual lender uses. For example, most in the mortgage industry use the 04 model. Some in the CC arena use the 08 model, and some use other models.

Re: Real Fico

takeshi74 — Tue, 28 Oct 2014 12:31:51 GMT

@Anonymous wrote:
I've read that the scores here on myfico are actually fako scores, which are the same on the other sites i've listed above. Is this true? Is there somewhere that i can purchase fico scores to be definete?

Always consider the source. FICO's are proprietary to Fair Isaac which the company that runs myFICO and FICO is a registered trademark. The pages specifically state that the scores provided are FICO scores (FAKO can not be referred to as FICO's).

As stated above, myFICO's scores are generated using the FICO 08 model. Keep in mind that while some creditors use the 08 model not all do. FICO has a number of different models used by creditors and the specific model used will affect the score that the creditor pulls. See also the Understanding FICO Scoring subforum. Here's a sticky from that subforum:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617

@Anonymous wrote:
I'm new to this whole thing and was actually going by what was on credit karma, credit seseme, and quizzle. In my heart one of them just doesn't seem right, but how do i really know?

In most cases the site should provide some details on the score. You just have to do some research.

https://www.creditkarma.com/article/guide-to-credit-karma-credit-scores

TransUnion Credit Score
This score, which ranges from 300-850, is calculated from TransUnion's proprietary scoring algorithm.

VantageScore
The VantageScore, which ranges from 501-990, is a credit scoring model created collaboratively by the three major credit bureaus: Equifax, Experian and TransUnion.

http://www.creditsesame.com/about/faqs/#cq1

What is a credit score and where did you get it?
Your credit score is number that indicates your creditworthiness. Credit scores are based on your personal credit history recorded by credit bureaus. Banks and credit bureaus collect all of your credit and debt information and give you a score: the higher the number, the better the score. Credit Sesame uses Experian’s National Equivalency Score (not FICO) to give consumers a better idea of their credit standing. The National Equivalency Score ranges from 360-840.

https://www.quizzle.com/frequently-asked-questions

What kind of credit score does Quizzle offer?
Quizzle features the VantageScore credit score. The VantageScore credit score is used by thousands of lenders, including the nation's largest banks, in their credit card, auto lending and mortgage businesses.

Re: Real Fico

takeshi74 — Tue, 28 Oct 2014 12:22:04 GMT

(nm -- accidental dupe)