topic Non Fico scores are a waste of time.. and money in General Credit Topics

Non Fico scores are a waste of time.. and money

Fico2Go — Mon, 16 Dec 2013 04:18:28 GMT

Over the past year I've monitored my scores on myfico website. For some odd reason I ended up on Equifax site two weeks ago. What I"m finding out is that even the scores for Equifax is different/wrong? from the myfico equifax score used for app approval.

I know this because as part of my monthly credit monitoring service I can check and update both my EQ scores and credit reports everyday for free. After studying 15 reports over the past 15 days it is my conclusion that .

I would not recommend going anywhere else besides Myfico.

Basically the score on TU is not really Myfico TU. The score on EXP is not the real MYFICO Exp. The score on EQ is not the myfico EQ score that is used.

That being said all these other scores on the market give a false sense of what the actual scores are.

btw.. does anyone know how to go about freezing my credit reports after placing a request to keep open for three months? I originally paid $5 to unfreeze for three months but since I will not be apping for at least six months I want to freeze them sooner than initially planned.

Re: Non Fico scores are a waste of time.. and money

myjourney — Mon, 16 Dec 2013 04:21:15 GMT

Told you this 2 days after you mentioned it 2 weeks ago....Waste of money but good for monitoring CR's that's it

Re: Non Fico scores are a waste of time.. and money

Anonymous — Mon, 16 Dec 2013 04:26:59 GMT

The FICO scores are available on some of the CRA sites, you have to search as they prefer selling their educational scores.

Also, lots of different variations within FICO, you can't tell what score the lender will use!

Re: Non Fico scores are a waste of time.. and money

CenturyChild — Mon, 16 Dec 2013 04:52:56 GMT

True, but the FAKOS are good for monitoring and seeing if you are making progress.

While they can be way off from a true FICO, they still have a purpose (at least IMHO) as they score the same basic categories and can give an idea if your doing OK or making any progress.

If you use them to monitor and as a guide, nothing more, they can still be usefull in thier own way.

Even the true FICOs seem to vary a bit from lender to lender.

Re: Non Fico scores are a waste of time.. and money

MMB85 — Mon, 16 Dec 2013 05:20:37 GMT

@Fico2Go wrote:
Over the past year I've monitored my scores on myfico website. For some odd reason I ended up on Equifax site two weeks ago. What I"m finding out is that even the scores for Equifax is different/wrong? from the myfico equifax score used for app approval.

I know this because as part of my monthly credit monitoring service I can check and update both my EQ scores and credit reports everyday for free. After studying 15 reports over the past 15 days it is my conclusion that .

I would not recommend going anywhere else besides Myfico.

Basically the score on TU is not really Myfico TU. The score on EXP is not the real MYFICO Exp. The score on EQ is not the myfico EQ score that is used.

That being said all these other scores on the market give a false sense of what the actual scores are.

btw.. does anyone know how to go about freezing my credit reports after placing a request to keep open for three months? I originally paid $5 to unfreeze for three months but since I will not be apping for at least six months I want to freeze them sooner than initially planned.

Good post.

And I agree with the others about how the fakos still serve their purpose and good for monitoring.

But one thing I have wondered since joining this site. How do you know that it isn't the other way around? Has it been proven the MyFico is the standard? How is Equifax wrong when they are the real credit buareaus?

Not at all saying that MyFico is wrong, I am just wondering what made this the standard over the real credit buareaus? Also, our credit scores are only valuable to companies pulling out info to determine what type of financing we qualify for, whether it is a car, mortgage or whatever. Those companies don't log into myFico and check out scores lol. They pull our information from the credit buareaus (EX, EQ, TU) and run the information through their own formula. Which by definition, makes it a FAKO. Right? or wrong? But yet that moment in time, that FAKO will be the only number that matters. Or am I just completely wrong how they do it?

Re: Non Fico scores are a waste of time.. and money

LearningMoreAboutCredit — Mon, 16 Dec 2013 05:32:15 GMT

@MMB85 wrote:
@Fico2Go wrote:
Over the past year I've monitored my scores on myfico website. For some odd reason I ended up on Equifax site two weeks ago. What I"m finding out is that even the scores for Equifax is different/wrong? from the myfico equifax score used for app approval.

I know this because as part of my monthly credit monitoring service I can check and update both my EQ scores and credit reports everyday for free. After studying 15 reports over the past 15 days it is my conclusion that .

I would not recommend going anywhere else besides Myfico.

Basically the score on TU is not really Myfico TU. The score on EXP is not the real MYFICO Exp. The score on EQ is not the myfico EQ score that is used.

That being said all these other scores on the market give a false sense of what the actual scores are.

btw.. does anyone know how to go about freezing my credit reports after placing a request to keep open for three months? I originally paid $5 to unfreeze for three months but since I will not be apping for at least six months I want to freeze them sooner than initially planned.

Good post.
And I agree with the others about how the fakos still serve their purpose and good for monitoring.

But one thing I have wondered since joining this site. How do you know that it isn't the other way around? Has it been proven the MyFico is the standard? How is Equifax wrong when they are the real credit buareaus?

Not at all saying that MyFico is wrong, I am just wondering what made this the standard over the real credit buareaus? Also, our credit scores are only valuable to companies pulling out info to determine what type of financing we qualify for, whether it is a car, mortgage or whatever. Those companies don't log into myFico and check out scores lol. They pull our information from the credit buareaus (EX, EQ, TU) and run the information through their own formula. Which by definition, makes it a FAKO. Right? or wrong? But yet that moment in time, that FAKO will be the only number that matters. Or am I just completely wrong how they do it?

@Anonymous, since there are at least 49 different FICO scoring algorithms there is never ever any way to know what lender is using what score unless they tell you...not to mention they may have their own internal scoring algorithm (and many do). EQ, EX & TU have their own scoring algorithm as well and that is the score you were seeing when you login. It is all for entertainment purposes and to keep consumers content. A google search will result in many stories that consumers don't get the actual scores lenders do. I digress, to answer why is the score @ myFICO the standard? Well, they (FICO) created the original algorithm for consumer credit scoring. HTH

Re: Non Fico scores are a waste of time.. and money

MMB85 — Mon, 16 Dec 2013 05:48:04 GMT

@LearningMoreAboutCredit wrote:
@MMB85 wrote:
@Fico2Go wrote:
Over the past year I've monitored my scores on myfico website. For some odd reason I ended up on Equifax site two weeks ago. What I"m finding out is that even the scores for Equifax is different/wrong? from the myfico equifax score used for app approval.

I know this because as part of my monthly credit monitoring service I can check and update both my EQ scores and credit reports everyday for free. After studying 15 reports over the past 15 days it is my conclusion that .

I would not recommend going anywhere else besides Myfico.

Basically the score on TU is not really Myfico TU. The score on EXP is not the real MYFICO Exp. The score on EQ is not the myfico EQ score that is used.

That being said all these other scores on the market give a false sense of what the actual scores are.

btw.. does anyone know how to go about freezing my credit reports after placing a request to keep open for three months? I originally paid $5 to unfreeze for three months but since I will not be apping for at least six months I want to freeze them sooner than initially planned.

Good post.
And I agree with the others about how the fakos still serve their purpose and good for monitoring.

But one thing I have wondered since joining this site. How do you know that it isn't the other way around? Has it been proven the MyFico is the standard? How is Equifax wrong when they are the real credit buareaus?

Not at all saying that MyFico is wrong, I am just wondering what made this the standard over the real credit buareaus? Also, our credit scores are only valuable to companies pulling out info to determine what type of financing we qualify for, whether it is a car, mortgage or whatever. Those companies don't log into myFico and check out scores lol. They pull our information from the credit buareaus (EX, EQ, TU) and run the information through their own formula. Which by definition, makes it a FAKO. Right? or wrong? But yet that moment in time, that FAKO will be the only number that matters. Or am I just completely wrong how they do it?
Well, since there are at least 49 different FICO scoring algorithms there is never ever any way to know what lender is using what score unless they tell you...not to mention they may have their own internal scoring algorithm (and many do).@ EQ, EX & TU have their own scoring algorithm as well and that is the score you were seeing when you login. It is all for entertainment purposes and to keep consumers content. A google search will result in many stories that consumers don't get the actual scores lenders do. I digress, to answer why is the score @ myFICO the standard? Well, they (FICO) created the original algorithm for consumer credit scoring. HTH

I know, that is what I am saying! And since some lenders use their own formula, by definition that is a fako, isn't it? But yet, at that moment in time, it is more important than a FICO since that is what the lender you are going through is using. Correct?

And I am still rather new here. So I am continuously learning more about credit and also this site. So this was never intended to discredit MyFICO. I know how great this site is and that they use one of the true alogrithms.

Re: Non Fico scores are a waste of time.. and money

LearningMoreAboutCredit — Mon, 16 Dec 2013 06:01:55 GMT

@MMB85 wrote:
@LearningMoreAboutCredit wrote:
@MMB85 wrote:
@Fico2Go wrote:
Over the past year I've monitored my scores on myfico website. For some odd reason I ended up on Equifax site two weeks ago. What I"m finding out is that even the scores for Equifax is different/wrong? from the myfico equifax score used for app approval.

I know this because as part of my monthly credit monitoring service I can check and update both my EQ scores and credit reports everyday for free. After studying 15 reports over the past 15 days it is my conclusion that .

I would not recommend going anywhere else besides Myfico.

Basically the score on TU is not really Myfico TU. The score on EXP is not the real MYFICO Exp. The score on EQ is not the myfico EQ score that is used.

That being said all these other scores on the market give a false sense of what the actual scores are.

btw.. does anyone know how to go about freezing my credit reports after placing a request to keep open for three months? I originally paid $5 to unfreeze for three months but since I will not be apping for at least six months I want to freeze them sooner than initially planned.

Good post.
And I agree with the others about how the fakos still serve their purpose and good for monitoring.

But one thing I have wondered since joining this site. How do you know that it isn't the other way around? Has it been proven the MyFico is the standard? How is Equifax wrong when they are the real credit buareaus?

Not at all saying that MyFico is wrong, I am just wondering what made this the standard over the real credit buareaus? Also, our credit scores are only valuable to companies pulling out info to determine what type of financing we qualify for, whether it is a car, mortgage or whatever. Those companies don't log into myFico and check out scores lol. They pull our information from the credit buareaus (EX, EQ, TU) and run the information through their own formula. Which by definition, makes it a FAKO. Right? or wrong? But yet that moment in time, that FAKO will be the only number that matters. Or am I just completely wrong how they do it?
Well, since there are at least 49 different FICO scoring algorithms there is never ever any way to know what lender is using what score unless they tell you...not to mention they may have their own internal scoring algorithm (and many do). EQ, EX & TU have their own scoring algorithm as well and that is the score you were seeing when you login. It is all for entertainment purposes and to keep consumers content@. A google search will result in many stories that consumers don't get the actual scores lenders do. I digress, to answer why is the score @ myFICO the standard? Well, they (FICO) created the original algorithm for consumer credit scoring. HTH
I know, that is what I am saying! And since some lenders use their own formula, by definition that is a fako, isn't it? But yet, at that moment in time, it is more important than a FICO since that is what the lender you are going through is using. Correct?

And I am still rather new here. So I am continuously learning more about credit and also this site. So this was never intended to discredit MyFICO. I know how great this site is and that they use one of the true alogrithms.

No, not really. Just their variation of FICO. IMHO, I stand by my previous highlighted comment. Understand that a small number of the population truly understands their credit profile and various types of score models.

Perhaps this link will explain better than I can (I don't want to confuse you or anybody else):

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

Re: Non Fico scores are a waste of time.. and money

MMB85 — Mon, 16 Dec 2013 06:04:55 GMT

@LearningMoreAboutCredit wrote:
@MMB85 wrote:
@LearningMoreAboutCredit wrote:
@MMB85 wrote:
@Fico2Go wrote:
Over the past year I've monitored my scores on myfico website. For some odd reason I ended up on Equifax site two weeks ago. What I"m finding out is that even the scores for Equifax is different/wrong? from the myfico equifax score used for app approval.

I know this because as part of my monthly credit monitoring service I can check and update both my EQ scores and credit reports everyday for free. After studying 15 reports over the past 15 days it is my conclusion that .

I would not recommend going anywhere else besides Myfico.

Basically the score on TU is not really Myfico TU. The score on EXP is not the real MYFICO Exp. The score on EQ is not the myfico EQ score that is used.

That being said all these other scores on the market give a false sense of what the actual scores are.

btw.. does anyone know how to go about freezing my credit reports after placing a request to keep open for three months? I originally paid $5 to unfreeze for three months but since I will not be apping for at least six months I want to freeze them sooner than initially planned.

Good post.
And I agree with the others about how the fakos still serve their purpose and good for monitoring.

But one thing I have wondered since joining this site. How do you know that it isn't the other way around? Has it been proven the MyFico is the standard? How is Equifax wrong when they are the real credit buareaus?

Not at all saying that MyFico is wrong, I am just wondering what made this the standard over the real credit buareaus? Also, our credit scores are only valuable to companies pulling out info to determine what type of financing we qualify for, whether it is a car, mortgage or whatever. Those companies don't log into myFico and check out scores lol. They pull our information from the credit buareaus (EX, EQ, TU) and run the information through their own formula. Which by definition, makes it a FAKO. Right? or wrong? But yet that moment in time, that FAKO will be the only number that matters. Or am I just completely wrong how they do it?
Well, since there are at least 49 different FICO scoring algorithms there is never ever any way to know what lender is using what score unless they tell you...not to mention they may have their own internal scoring algorithm (and many do). EQ, EX & TU have their own scoring algorithm as well and that is the score you were seeing when you login. It is all for entertainment purposes and to keep consumers content@. A google search will result in many stories that consumers don't get the actual scores lenders do. I digress, to answer why is the score @ myFICO the standard? Well, they (FICO) created the original algorithm for consumer credit scoring. HTH
I know, that is what I am saying! And since some lenders use their own formula, by definition that is a fako, isn't it? But yet, at that moment in time, it is more important than a FICO since that is what the lender you are going through is using. Correct?

And I am still rather new here. So I am continuously learning more about credit and also this site. So this was never intended to discredit MyFICO. I know how great this site is and that they use one of the true alogrithms.
No, not really. Just their variation of FICO. IMHO, I stand by my previous highlighted comment. Understand that a small number of the population truly understands their credit profile and various types of score models.

Perhaps this link will explain better than I can (I don't want to confuse you or anybody else):

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

Oh ok, thanks for the help and the link. I will read up.

Re: Non Fico scores are a waste of time.. and money

unc0mm0n1 — Mon, 16 Dec 2013 06:50:16 GMT

NOt sure if you are aware but all CS are worthless including MyFico if the lender you want to borrow from uses a different scoring model. I don't waste my money on any CR unless I know a lender uses that specific report. I'll keep using free services like CS, Quizzle and CK to monitor my credit but I think it's a little silly to think MyFico has your one and only CS. Heck even Fico has a million credit scores.

Re: Non Fico scores are a waste of time.. and money

compassion101 — Mon, 16 Dec 2013 09:15:08 GMT

I'd rather invest my money elsewhere rather than paying for scores or CMS tbh. Maybe I'm in the minority here on that but I don't feel it's worth it.

There are so many different scoring models used. IMO there are enough free ways to get your credit reports and to know a ballpark figure to your score, and from there you will know what things generally make your score move. So unless you are buying a house or some other large loan I feel it's a waste of money to spend money on obtaining credit scores.

Re: Non Fico scores are a waste of time.. and money

Fico2Go — Mon, 16 Dec 2013 12:01:35 GMT

Well although other scores provide a good direction of understanding of where u are, the benchmark is fico.

For example, 640 fico is needed for fha loans. 720 fico is conventional. 760 is prime rate conventional. These are not ballpark numbers that banks use specifically. YOU ABSOLUTELY will not get fha under 640. Consumers can negotiate and lenders can make exceptions but YOU MUST have 640. So to say that myfico is any less valuable or to say that other scores are just as valid is misguided.

I suspect creditors use thier own algorithm and scoring methods but fico is how they benchmark. For a particular product you must have a minimum fico of xxx.

The credit companies already disclose that fico is used in whole or in part.

Anyways I was just shocked that the credit scores they use in whole or in part were not even thier own scores. If the bureaus are not even using thier own scores why should anyone? So in that retrospect, the bureaus scores are also fako scores.

For some of the comments regarding the 40+ variation of fico scores there may be certain utility for those scores but the benchmark is fico standard.

Personally I will stick to using just the actual credit reports and fico scores when negotiating terms and rates with banks because thats what they see also.

Re: Non Fico scores are a waste of time.. and money

Anonymous — Mon, 16 Dec 2013 12:41:00 GMT

A couple of things here.

1. Credit scores are used to predict future delinquency, and you can find tables that show how a given score like 750 maps into a risk of future problems.

2. I've never once seen a comparison of FICO and FAKO scores, that indicates the relative predictive value of each. I don't doubt that many scores are basically worthless, but it might be hard to prove this.

3. Deriving a scoring model is hard, and requires a lot of serious crunching, looking at the effect of a model over time on anonymized reports.

4. One reason for a standard like FICO is mortgages, that are often standardized for purposes of bundling into mortgage securities and then selling on financial markets.

Re: Non Fico scores are a waste of time.. and money

Anonymous — Mon, 16 Dec 2013 15:25:15 GMT

@MMB85 wrote:
@Fico2Go wrote:
Over the past year I've monitored my scores on myfico website. For some odd reason I ended up on Equifax site two weeks ago. What I"m finding out is that even the scores for Equifax is different/wrong? from the myfico equifax score used for app approval.

I know this because as part of my monthly credit monitoring service I can check and update both my EQ scores and credit reports everyday for free. After studying 15 reports over the past 15 days it is my conclusion that .

I would not recommend going anywhere else besides Myfico.

Basically the score on TU is not really Myfico TU. The score on EXP is not the real MYFICO Exp. The score on EQ is not the myfico EQ score that is used.

That being said all these other scores on the market give a false sense of what the actual scores are.

btw.. does anyone know how to go about freezing my credit reports after placing a request to keep open for three months? I originally paid $5 to unfreeze for three months but since I will not be apping for at least six months I want to freeze them sooner than initially planned.

Good post.
And I agree with the others about how the fakos still serve their purpose and good for monitoring.

But one thing I have wondered since joining this site. How do you know that it isn't the other way around? Has it been proven the MyFico is the standard? How is Equifax wrong when they are the real credit buareaus?

Not at all saying that MyFico is wrong, I am just wondering what made this the standard over the real credit buareaus? Also, our credit scores are only valuable to companies pulling out info to determine what type of financing we qualify for, whether it is a car, mortgage or whatever. Those companies don't log into myFico and check out scores lol. They pull our information from the credit buareaus (EX, EQ, TU) and run the information through their own formula. Which by definition, makes it a FAKO. Right? or wrong? But yet that moment in time, that FAKO will be the only number that matters. Or am I just completely wrong how they do it?

FICO scores are used by 90% of all lenders. That is what makes them the standard.

There are other lenders that use different sources for obtaining scores, be it, FAKO or internal scores, they just don't use FICOS.

A CRA score that is sold to the consumer is not a FICO score but, a score THEY devised based on what THEY want included, and how.

EQ is the only CRA that sells a true FICO score through their EQ SW and it is the exact same score you get from here.

When a creditor runs your reports and scores from the CRAs, they are getting a FICO score.

To clarify, each CRA has a FICO score, we, the consumer just cannot purchase them or see them for free. EQ is the only one.

Re: Non Fico scores are a waste of time.. and money

Fico2Go — Mon, 16 Dec 2013 16:13:52 GMT

Guiness56, the EQ score on Equifax.com is not fico. My fico is 30 points higher. However equifax.com does have an option for u to purchase a fico score.

The default score that u get unlimited updates is not fico.

Re: Non Fico scores are a waste of time.. and money

Anonymous — Mon, 16 Dec 2013 16:30:37 GMT

@Fico2Go wrote:
Guiness56, the EQ score on Equifax.com is not fico. My fico is 30 points higher. However equifax.com does have an option for u to purchase a fico score.

The default score that u get unlimited updates is not fico.

I said EQ SW is the same and it is. The EQ SW from EQ and the EQ SW from myFICO are the EXACT score.

Re: Non Fico scores are a waste of time.. and money

Fico2Go — Mon, 16 Dec 2013 17:40:38 GMT

No. There is no SW on Equifax site.

I believe under the Equifax brand they are using Score POWER ( SP ). For the Myfico.com version it's called Score WATCH ( SW ).

The SW and SP scores are the same.

Re: Non Fico scores are a waste of time.. and money

CenturyChild — Mon, 16 Dec 2013 17:40:39 GMT

Perhaps a bit off topic, but an interesting thing I noticed with Chase in particular.

When I got my last 2 Chase cards, in the letter they sent with the cards they gave a credit score and the typical "This is what hurts your score" list..

But the score itself was a Vantage type scoring system with a range up to 990. (May have been 900 I cant remember now)

A friend of mine applied and was declined the Freedom, due to too short a history as the main reason.

But in his letter, it stated denial reason, and on the back the list of items that hurt score BUT gave a FICO score.

At any count the only thing Im pointing out is this:

I found it interesting that, at least Chase, an approval gives you the internal score system they used.

A denial results in a FICO score.

I just wonder why?

Re: Non Fico scores are a waste of time.. and money

Fico2Go — Mon, 16 Dec 2013 17:45:31 GMT

It's possible that if you are an existing customer, Chase pulls its internal scoring system. For new customers they use the standard fico.

It could be a soft pull, hard pull issue too.

Re: Non Fico scores are a waste of time.. and money

Anonymous — Mon, 16 Dec 2013 18:05:20 GMT

@Fico2Go wrote:
No. There is no SW on Equifax site.

I believe under the Equifax brand they are using Score POWER ( SP ). For the Myfico.com version it's called Score WATCH ( SW ).
The SW and SP scores are the same.

http://www.equifax.com/fico-score-credit-watch/?CID=2&equifax_fico_G_E&adID=37872037146&gclid=CMP12faptbsCFYZi7AodzkYAjw