I ask because after browsing this site for awhile I've read a few people state that a credit score doesnt matter and shouldnt be a focal point. While I would LOVE to not focus on it if a credit score is a significant factor in whether or not I'm approved for a credit card or wasting HP inquiries then yes I'm going to focus on it and do my best to improve it. If lenders stop focusing on the score then I'll gladly follow along, until then I'd like to know if it matters. Then I read different companies use different scoring models, 04 / 08, they make up their own scoring models etc.. which adds to the mystery bc now I'm not sure if what they see is anything like what I see or if my information is all wrong. Having said that I have a couple questions.
What scoring model does myfico.com currently use?
What scoring model do most lenders use (Amex, Barclays, Discover, Citi, Chase...)? I'm sure it differs but it would be nice to at least have an idea since I'm wondering if the TU standard I purchased and EX score watch are even relevant at this point or if this is the actual score information companies view when I hit apply.
If I ever happened to get denied for a credit card would the denial letter include the score the company viewed when they pulled my report so I could compare it to what I see from myfico.com? Since this is the only place to get a "true" FICO score.......or so I thought
Forgive me if these are repeat questions, feel free to include links to other threads that cover these topics if you wish. Was looking for current answers since things can change, a lot of what comes up when I search is information from 2011, 2012ish. Thanks! 
Good post, BluePoodle. Agree with all you said. 
Scores matter, but aren't the end all.
Scores matter, but aren't the end all.
@BluePoodle wrote:I am not sure where "scores don't matter" but I would assume it is for those of us who are not planning to apply for anything but still very focused and X score goal. Or not wanting to take a HP because we want to maintain a certain score, when in reality the scores are for the credit application process.
The other side of the coin is where the scores are reasonably good but a person could still be denied. For thin files, or too many new accounts, HP's etc. That would be like my daughter who has a high score (compared to me) in 715's range but short AAoA and payment history and low income. So even though she is close to prime scores for mortagage, etc...she does not have a thick enough file or time to gaurantee she would be approved for large loans.
Those are just my thoughts on the blanket statement. Reality is that scores do matter but so do other factors.
Whats actually on your credit reports i think matters more than scores. Since scores can fluctuate due to how different scoring models factor certain things. In general tho keep utilization fairly low, pay on time, and have no baddies, if you do those things you should be in good shape imo.
Ok so the score matters but the reasons that contribute to the score are key. I guess. smh I know this is new to me but a lot of what goes on in this rebuilding process makes my brain hurt. Doesnt help that EX / EQ / TU all seem to have their own way of coming up with a score or determining what is or isnt good based on the same information. The way some issues in my report are interpreted by each makes my eyebrow raise 
Guess as long as I make consistent on time payments, maintain a low utilization, chill in my garden to build a decent history and dont go on a mad app spree the score/information will gradually improve.
Mongstradamus were you reading my mind? 
@CallaLilyLover wrote:Ok so the score matters but the reasons that contribute to the score are key. I guess. smh I know this is new to me but a lot of what goes on in this rebuilding process makes my brain hurt. Doesnt help that EX / EQ / TU all seem to have their own way of coming up with a score or determining what is or isnt good based on the same information. The way some issues in my report are interpreted by each makes my eyebrow raise
Of course. Your score is only a reflection of what's on your report. So of course paying on time, keeping utilization low, and keep accounts all go to show that you are a reliable customer. While it may seem confusion for the most part it shouldn't be too confusing. Just focus on getting rid of the baddies if one has them and your score/profile is bound to be headed to prime land with consistent, positive usage of credit.
@PlasticOrPlastic wrote:Add a BK7 to your report and see how much your scores matter...there is a ton more factored into an approval than simply a credit score. I hit 705 credit score and still wasnt able to get certain cards or credit products, and I'm still getting pre approvals for credit cards I've never heard of with amazing interest rates of 25%-38.99%. So to answer your question they matter but aren't the only factor for an approval.
Exactly!
@CallaLilyLover wrote:Mongstradamus were you reading my mind?
great minds think alike :-)