topic Re: fico score in General Credit Topics

fico score

Anonymous — Wed, 19 Aug 2009 19:06:31 GMT

Hello all I am really confused now. I checked my score at my fico this morning before going to the bank and my fico said my eq score is 646 so i go to the bank and try to get a loan then the bank pulled eq report and it said my eq score was 678 so do the banks get diffrent scores than i get from my fico

Re: fico score

DI — Wed, 19 Aug 2009 22:37:54 GMT

@Anonymous wrote:
Hello all I am really confused now. I checked my score at my fico this morning before going to the bank and my fico said my eq score is 646 so i go to the bank and try to get a loan then the bank pulled eq report and it said my eq score was 678 so do the banks get diffrent scores than i get from my fico

That's interesting. I'm going to hold off buying any more FICO scores. When I hear cases such as these, I can't help but wonder if my FICO score is a FAKO too.

Re: fico score

Jazzzy — Wed, 19 Aug 2009 22:47:47 GMT

I agree...this is very frustrating.

I have read on these forums that auto dealers, for example, use a different FICO calculation than a mortgage banker.

Very frustrating, however, that we pay for a "true" FICO score here, and then it doesn't match the bank.

Re: fico score

Math_Rocks — Thu, 20 Aug 2009 00:35:09 GMT

I think the issue is that different lenders can choose to use different FICO models. I think it would be impossible for myFICO to offer every possible model so they give us a genuine, real FICO but probably of the most general and/or most used type. Personally, I think it is still a good investment. It gives me a baseline from which to work and evaluate changes.

Re: fico score

Anonymous — Thu, 20 Aug 2009 00:43:54 GMT

I don't work for FI (FICO's proprietor) nor do I have any financial stake in them. They have a financial stake in my wallet if anything. I wish there were less scores and there was only 1 choice at each bureau, but that said, these scores are better than you can buy anywhere else. Many of the scores here are used (TU is the biggest drift from this),but by and large EQ is good and when they sold EX that one was too. As the previous poster said, it may not be exact, but it is a good general guide AND the advice they give is excellent as to what is holding back your score. Use this website and you will find ways to raise your score in the short and long term.

Sorry that yours didn't line up but at least the bank got the higher score!

Re: fico score

Imhotrodcrazy — Thu, 20 Aug 2009 00:55:11 GMT

IMHO, credit scores are about as useful as a poke in the eye with a sharp stick.

Re: fico score

Anonymous — Mon, 24 Aug 2009 06:05:28 GMT

The should be a website called "MYFICOS". They would then provide the top 20 models used by mortgage, aouto and other lenders.....That way before you go and apply you have a real....score in hand.

Re: fico score

mystikal1 — Mon, 24 Aug 2009 06:23:11 GMT

I agree when lender pulled Eq right on the money, TU 24pts lower here.

Re: fico score

Anonymous — Mon, 24 Aug 2009 13:31:08 GMT

I have had this issue several times. Lenders use this 'FICO', but they combine their own system with the FICO that is weighted differently depending on application. For example, for an auto loan high UTIL may affect your score more negatively than it would with a different type of loan.

Re: fico score

Anonymous — Mon, 24 Aug 2009 14:00:27 GMT

Well in this case i guess t worked to my advantage. A little off topic the thing is on the fico score summary it says one of the things lowering my score is no history of revolving trade lines. So i go to the score simulator and click open new credit card account with 1000 limit and it shows my score going from 646 to 688 i dont like revolving accts i have never had any just alot of installment credit accts. so i guess the question is not having revolving trade lines hurt my score?

Re: fico score

Anonymous — Tue, 25 Aug 2009 20:58:53 GMT

It would definately be a good idea to open a credit card account. Just keep it below 10% balance to limit.

Re: fico score

haulingthescoreup — Wed, 26 Aug 2009 01:34:43 GMT

gamoo1 wrote:
Well in this case i guess t worked to my advantage. A little off topic the thing is on the fico score summary it says one of the things lowering my score is no history of revolving trade lines. So i go to the score simulator and click open new credit card account with 1000 limit and it shows my score going from 646 to 688 i dont like revolving accts i have never had any just alot of installment credit accts. so i guess the question is not having revolving trade lines hurt my score?

Yes, it absolutely hurts your score to have no revolving credit. FICO measures your risk to lenders of not repaying your debts, and since revolving credit is unsecured, it's riskier than other things, like mortgages and auto loans.

If you have a nice history going of responsible management of revolving credit, your FICO scores will reflect that. If you choose not to have revolving credit, you will definitely take a hit, as the formula will not be able to gauge your willingness to repay.

I'd get one card, even a secured card, put a recurring charge on it like your cell phone bill or cable service, PIF it every month without fail, and let six months go by. I think you'll be happy with the results.

Good luck!

Re: fico score

Anonymous — Wed, 26 Aug 2009 10:51:49 GMT

Ok I tried for two cards and was denied. I called the chase backdoor recon number and the recon said i have no credit card exp. and no unsecured exp ecept for one unsecured loan evrything else is secured. although i dont see how having secured credit reflects my abliity to pay but the recon said my secured on time payments he would not consider that credit history so i didnt argue i just took my denial. so today i will go to the bank instead of over apping for cards and just get 750.00 secured card