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"SmartCredit"? I don't think so!

Member

"SmartCredit"? I don't think so!

Hi everyone ,  New to the group here but I have been lurking for some time and gathering information.  I am in the "potential" market for buying a used car and in the research process I came across a post that mentioned smartcredit.com, I went to the site and checked out their shpeeel  lol, they CLAIM to be the best source for credit score info INCLUDING your "AUTO SCORE".  Haaaaaa.... !!

 

Well I signed up for their trial plan and I was BLOWN AWAY!  I have been working hard to get my scores up and get everything in good standing etc. And I have done a dam good job if I must say so myself. I already am a member of all three credit bureaus and  I have had no reason to doubt the info I get from them including my FICO scores. But I was curious to see what this so called smart credit service would say about my Auto Score.

 

I should fill you in on the fact that I knew my scores were as follows EQ 672, EX 645, TU 620, all as of today.  And keep in mind I have a car financed  with Cap 1 for 72 mos and I am about to make my 60th FLAWLESS payment.  I have some cards that are highly "utilized" and one very old collection ding and thats it.  No other late payment or anything bad on any of my credit cards.

 

So... I sign up and log in to "Smart Credit".... First off they DO NOT give you any of your own literal credit scores, instead it appears they jumble up things and come up with their own screwed up number which for me turned out to be 580???? In their further run down they stated I am such a poor risk for Insurance  and so on, basically they tried to make me feel like scum!  thanks goodness I knew better! But my thing is what about those who don't know better, this still can really stress you out if you let it. 

 

I KNEW I could not be that bad of a candidate and sure enough I decided to go ahead and run a scenario on a car that I have my sights on and see if the deal can be done. I got a call back from the finance guy and POW they got scores in the 685 range!  I am awaiting the final call but at this point I am already satisfied, even if I still get turned down I know its not because I have "Poor" or unworthy credit. Once I pay down a couple more balances my scores will be just that much higher.  

 

I say shame on places l like smart credit. com and  I highly recommend those of you who are looking to have great access to your credit reports etc work with the actual bureau sites.

 

I just wanted to put this out there and hopefully it will help a bit for someone lol, and I needed  to vent. ;.)

Message 1 of 7
6 REPLIES
Moderator Emeritus

Re: "SmartCredit"? I don't think so!

SmartCredit offers a non-FICO score (we call these FAKOs) called a ConsumerDirect Credit Score. It has a range of 350-850 (vs. FICO's 300-850), and I'm not sure how it is weighted. Lenders do not use it. In fact they say this within the T&C:  All of our Scores are not to be used to determine or grant  credit in any manner. They are for educational purposes only. In short, don't worry about them. However, use the service for report info if your goal is to monitor or track CR changes.

 

There are only a few rare places you can get your FICO scores. The only place you can purchase all 3 FICO scores together are from your lender. MyFICO is the only place you can get two of your three scores together (EQ and TU). Experian sells FAKO scores. TransUnion sells FAKO scores, and Equifax sells FAKO scores, though you can find a FICO if you look hard enough.

 

Other than myFICO.com, you can also buy your EQ FICO from www.equifax.com/myFICO-products or from your lender. Other than myFICO.com, you can only buy your TU FICO from your lender. Finally, as of a few years ago, Experian no longer allows consumers to buy their own EX FICO score from anywhere. There are some banks and CUs that offer your FICO as part of a service or benefit. These include places like PSECU, DCU, M&T Bank, Walmart.com, Unitus Community Credit Union, and a couple of others. Any other score from any other source are not FICO scores, but a knock-off we call FAKOs.

 

As a side note and generally speaking, if you apply for a car through a bank or CU, then odds are they are pulling a Classic FICO (same as on here or from any mortgage lender). If you app through a dealer, then chances are they'd pull an auto-enhanced FICO that weighs your auto history a bit more. YMMV on what they pull of course.

 

Message 2 of 7
Member

Re: "SmartCredit"? I don't think so!

WOW, thanks for the full rundown.  You learn something everyday indeed! ;.)    So in that case are the "FAKO" scores generally that far off from the real thing?

Message 3 of 7
Moderator Emeritus

Re: "SmartCredit"? I don't think so!


@MJNTX wrote:

WOW, thanks for the full rundown.  You learn something everyday indeed! ;.)    So in that case are the "FAKO" scores generally that far off from the real thing?



Hi there.

 

You can never, ever, ever rely on a FAKO score for accuracy. They could be much higher or much lower than your FICO scores.

 

Ignore all FAKO scores all the time.

Message 4 of 7
Member

Re: "SmartCredit"? I don't think so!

Ok So if I understand correctly then the TU score I just got from MyFico Is THE REAL DEAL right?  Because its actually 30 POINTS higher the the "apparent fako" score I get from the actual TU website.  And the score Im getting from my membership with Equifax is actually legit.  As for Experian, can I get the score from the guys trying to finance my car loan when that time comes? 

Message 5 of 7
Moderator Emeritus

Re: "SmartCredit"? I don't think so!


@MJNTX wrote:

Ok So if I understand correctly then the TU score I just got from MyFico Is THE REAL DEAL right?  Because its actually 30 POINTS higher the the "apparent fako" score I get from the actual TU website.  Yes the TU score here is a FICO and although it's an older version (TU98) many lenders still use it.

 

And the score Im getting from my membership with Equifax is actually legit. The ScoreWatch product from here and www.equifax.com/web-myfico-products/ provide EQ FICO scores but the "Equifax Credit Score" (and all products related to that score) sold at the EQ website are not FICO scores. You have to be very careful what you buy at the EQ website.

 

As for Experian, can I get the score from the guys trying to finance my car loan when that time comes? Yes any lender can pull an EX FICO score.


One thing I will ask is where did you get your scores? No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO.

At one time you could also purchase your Transunion score at transunioncs.com but no more. Wal Mart now offers a TU08 score to those who have their store card and the Discover version.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/

Message 6 of 7
Member

Re: "SmartCredit"? I don't think so!

I thanks so much for the clarification,  to answer your last question I got my EX score from the Experian site http://www.experian.com/consumer/login.html

 

I did not think it was a fake and I am very disappointed to find out it is!   I am really disgusted by things like this. This is something we should ALL have leagal access to ANY time we want it.  And then the fact that they can dangle FAKE information over our heads just .... Smiley Mad

 

Anyway thanks to you guys I am just that much more aware and I am going to keep improving my situation with even more knowledge of what to look for and beware of.

Message 7 of 7