cancel
Showing results for 
Search instead for 
Did you mean: 

Only 1 FICO Score... Good Enough?

tag
Anonymous
Not applicable

Only 1 FICO Score... Good Enough?

Hello,

 

I only have one FICO score (801) and credit report from Equifax.  Nothing from the other two. 

 

I have one credit card which I've always paid off in full each month. Paid off my student loans 10 years ago.  No current loans or mortgages. 

 

A mortgage officer recently told me that I needed to have reports from at least 2 credit bureaus. 

 

Is this true?  And can I find out which credit bureaus other credit cards/store charge cards report to?

 

Thanks in advance!

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Only 1 FICO Score... Good Enough?

Welcome to the forums, bordeaux!

 

If you're planning to apply for something -- especially something significant, like a mortgage -- it probably makes sense to get all three of them, to make sure there are no surprises in any of them (and if there are problems or mistakes, to address them before you begin the application process).

 

If you're just wanting to keep an eye on your credit to build or maintain it because it's a wise thing to do, then one FICO score may be adequate. You can supplement it with what are sometimes calls FAKO scores from a site like Credit Karma. Credit Karma provides Vanatage scores for Equifax and TransUnion. They really aren't a good substitute for FICO scores, but they can tell you something. If those scores are similar, then it's reasonable to assume that your TransUnion FICO is similar to your Equifax. Credit Karma also provides some credit report information (although far from a complete report). But it can certainly help you to understand what may have gone wrong if something is out of wack somewhere.

 

And that's a nice FICO score, by the way!

Message 2 of 4
Anonymous
Not applicable

Re: Only 1 FICO Score... Good Enough?

Nice reply by Plip.  I like it that he's got openness to the cost-free Vantage Score approach. 

 

If our OP is a little limited on money, he could try enrolling in both Credit Karma and Credit.com, which are free  That will enable him to use the exact same scoring model (Vantage 3.0) with data from all three bureaus.  If he finds that his Vantage score (pulled on the same day) is almost identical across all three, then that makes it unlikely that his FICO 8's are wildly different across the Big Three.  An advantage with Karma is that he could start getting to know his credit reports really well -- he could pull them as often as once a week.

 

If he goes with that approach, he may have to hunt a little on C.C to find his Vantage score.  The first score that comes up on C.C isn't Vantage but you can find your Vantage score on that site if you click the right button.  C.C uses Experian data.  Karma uses EQ and TU.

Message 3 of 4
takeshi74
Senior Contributor

Re: Only 1 FICO Score... Good Enough?


@Anonymous wrote:

Only 1 FICO Score... Good Enough?


"Good" is always highly subjective so always clarify exactly what you mean when you use the word.  Whether one score is "good enough" depends on what you're looking to do.  Keep in mind that not all creditors use the same CRA or scoring model.  If all of yours use the CRA and model for the score you have then that may be good enough but you really should be monitoring your reports with all 3 CRA's.

 

If a creditor/product uses a different CRA and/or a different model then that 1 FICO you're relying on will not be relevant for that creditor/product.

 

If you're applying for a mortgage then make sure you're looking at your mortgage scores.  Mortgage lenders will typically look at scores based on all 3 CRA's and use the mid-score.

 

There are many FICO models used by creditors/products.  Don't assume that all FICO models are equivalent.  See also the Understanding FICO Scoring subforum and its stickies for info on the various FICO models used by creditors.

 


@Anonymous wrote:

And can I find out which credit bureaus other credit cards/store charge cards report to?

 


Again, what are you looking to accomplish?  Are you applying for credit and hoping to use one that pulls the CRA that you think has the best score for you?  Or are you trying to determine who your cards report to?

 

For the former you can refer to the Credit Pulls Database.  However, keep in mind that the CRA used can vary by region and even within region in some cases.  Additionally creditor can perform multiple pulls in some siutations.

 

For the latter you can pull your own reports.  If you're not routinely reviewing all of your reports then definitely do so.

 


@Anonymous wrote:

They really aren't a good substitute for FICO scores, but they can tell you something.


One cannot use a score generated by one model to determine a score generated by another model.  That applies when comparing FAKO to FICO, FAKO to FAKO or FICO to FICO.  Different models evaluate report data differently.

 

Additionally, while most creditors/products use one of the FICO models, the TU and EQ Vantagescores provided by CK are relevant to creditors/products that acutally use them.

 

One cannot simply rely on the FICO name alone.  The specific model and its relevance to a given creditor/product matters for FICO models as well.  For example, if a creditor/product uses an EX FICO 8 Bankcard  then other FICO models will not be relevant to that creditor/product.

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.