Citi Fico Scores

[chrisw1968uk]

Hi All

Any ideas as to how accurate these scores are from the Citi Website?

If they are pretty accurate, then I have just gone over 800 for the first time (806) lol

Thanks All - Stay Safe Out There!!

[Anonymous]

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@chrisw1968uk wrote:

Hi All

Any ideas as to how accurate these scores are from the Citi Website?

If they are pretty accurate, then I have just gone over 800 for the first time (806) lol

Thanks All - Stay Safe Out There!!

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They are accurate of your FICO8 Bankcard score from Equifax. That is a 900 scale, not an 850 like the typical FICO8. 

[Citylights18]

I get the same reporting service that Citi uses with 3-4 cards so the scores are acurate.

I'm up 18 points myself. Very nice.

[wingennis]

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@chrisw1968uk wrote:

Hi All

Any ideas as to how accurate these scores are from the Citi Website?

If they are pretty accurate, then I have just gone over 800 for the first time (806) lol

Thanks All - Stay Safe Out There!!

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In my experience, it is an accurate score (EQ F8 Bankcard) at the time it was pulled.  

[Cory88]

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@chrisw1968uk wrote:

Hi All

Any ideas as to how accurate these scores are from the Citi Website?

If they are pretty accurate, then I have just gone over 800 for the first time (806) lol

Thanks All - Stay Safe Out There!!

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If you live were Suntrust is they use the same score for credit cards.

[chrisw1968uk]

cool - thanks all

[Wavester64]

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@Anonymous wrote:

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@chrisw1968uk wrote:

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They are accurate of your FICO8 Bankcard score from Equifax. That is a 900 scale, not an 850 like the typical FICO8. 

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I thought I read on here FICO 08 AND FICO 08 BANCARD are basically names for the same thing?  

[Aim_High]

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@Wavester64 wrote:

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@Anonymous wrote:

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@chrisw1968uk wrote:
They are accurate of your FICO8 Bankcard score from Equifax. That is a 900 scale, not an 850 like the typical FICO8. I thought I read on here FICO 08 AND FICO 08 BANCARD are basically names for the same thing?  

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They are different.

See this list:

[chrisw1968uk]

I still don't know why each bureau doesn't just have 1 set of numbers for you? Why so many variations?

[Aim_High]

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@chrisw1968uk wrote:

I still don't know why each bureau doesn't just have 1 set of numbers for you? Why so many variations?

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Basically, it's what FICO does and how they make their money.

They customize different scoring models for different types of loans and for the different credit bureaus' specifications.  A FICO score is just a quantified risk assessment on how reliable you will be for that type of loan.  Historical data is most helpful; past behavior is more indicative of future behavior.  So if I have 0 credit cards, I'm an unknown risk (and a higher risk) for revolving debt repayment.  If I have 30 credit cards but I've never had a mortgage, my mortgage risk is unknown (higher).  If I have 30 credit cards and seven late payments in the past 12 months, my risk is known (and higher of course) for future revolving debt.  You get the picture.  So different FICO models work better for different types of lending. 

Also, they fine-tune their models, not only for different lenders and types of loans, but based on further updating.  So if you go to buy a new iPhone, do you pay more for the latest version hot-off-the-press or the two-year old version?   FICO can charge more for updated modeling.  Some lenders will pay for that, some won't. 

To learn more about the different models, there's a ton of general info on the internet, but the actual FICO models are proprietary to FICO.  Or you can read more on the My Fico threads below:

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring