Chase/Wamu PFICO just updated!!!

[wmarat]

WAMU PFICO is a card enhanced FICO score, so it is different from FICO score you get from myfico.com.

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@Uniqua wrote:
WaMu's PFICO is PJUNK!

It's always behind and 40 pts. lower than my actual FICO scores. It is a waste of my time. Still can't figure out the hype on this garbage.

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Message Edited by wmarat on 10-16-2008 03:05 PM

[Donks3369]

This PFICO score is worthless in my opinion.  The difference between this score and my FICO score is 120 different.  Unfortunately for me, the PFICO is higher.  It may give you a score on how you do with credit cards, but I don't know of many lenders that would use a credit card only score.

[wmarat]

From WAMU site:

We display the Bankcard Industry Option FICO score. This score adjusts the Classic FICO score based on bankcard credit risk. The Classic FICO score measures a consumer's general credit risk; it is a tool that helps lenders predict how likely a consumer is to default on any credit obligation in the future. Large differences between the Classic FICO score and the Bankcard Industry Option FICO score indicate a consumer whose general credit risk is different than their bankcard credit risk.

From FICO site:

An added layer of risk management for your portfolio

Most lenders acknowledge that consumers tend to regard and pay their loan obligations differently. So for your particular portfolio, getting deeper insight into the consumer's payment behavior can give you a great advantage in your risk prevention and management. Fair Isaac's Industry Option FICO scores are designed to give you that insight.

How and why they work

Available at all three major credit bureaus, the Industry Option FICO scores build on the predictiveness of classic FICO scores by incorporating additional credit information that is predictive for your specific industry-bankcard, auto lending, installment lending and finance company lending.

With the Industry Options, a credit file is first scored by the "broad-based" risk scorecard system, and then by one of two industry-specific overlay scorecards - one for files with derogatory information on any type of account, one for files without. This overlay adjusts the credit bureau scores up or down. The resulting score is scaled to match the same "good versus bad" odds as the broad-based risk scores.http://www.fairisaac.com/fic/en/product-service/product-index/industry-fico-scores/

[tatiana]

I got all excited when I saw this...DASHED to wamu.com...my heart skipped a beat when I saw the "Updated: Oct. 1" language...and then it all promptly deflated when I realized that my score hasn't changed since last month. 

Still 759.  xD

[Uniqua]

My2cents can't tell me what it is I NEED to do!

Doesn't matter if it "supposedly" helps you gauge how worthy you are of credit cards. If it's behind 30-60 days, how is that going to help you unless you find out what your "actual" score is at the time you CC app? Ask yourself why it's offered for free.

It's still junk in my book. I like WaMu, but I refuse to get on this "PFICO" bus to nowhere.

[Uniqua]

Yes Donks3369. It is worthless!

I can care less for the PFICO, but I love the discounts offered on WaMu's website. I'll take those over that fake score any day.

[Uniqua]

Wmarat, I do understand that it is different, but if you pay close attention to how they explain this "Bankcard Industry Option FICO score," you can tell that your best option to find out your bankcard credit risk is to get your FICO scores from here.

[Anonymous]

I totally agree it is worthless if you are applying for a mortgage. But some banks use this score to determine your worth for their "credit cards". It's not as pointless as you think. WaMu uses PFICO to find your worth... There is at least one bank that uses PFICO.

[Uniqua]

Every single PFICO that WaMu has shown me has been my ACTUAL FICO 60 days prior.  I know because I have been buying my CRs and scores here monthly so I know for a fact what my scores have been.

TU FICOs
May - 609
June - 643
July - 663
August - 668
September - 710

WaMu PFICOs
July - 609
August - 643
September - 663
October - 668

If I want to know my PFICO, all I have to do is look at my CR and score from two months ago.  This is how I have come to realize why it is offered for "free" and why it is purely junk! 

[wmarat]

Even a person with 850 FICO score, under certain circumstances, will default, which makes any score wothless and useless.