Plus score

[Berkster]

Can someone tell me how much of a factor does the Plus score weigh in on credit approvals? And which one do creditor use the FICO score or Plus score. Thanks.

[MarineVietVet]

---

@Berkster wrote:
Can someone tell me how much of a factor does the Plus score weigh in on credit approvals? And which one do creditor use the FICO score or Plus score. Thanks.

---

Hi there.

The PLUS is not used by any lenders. To explain a little further:

(With all due credit to long time member llecs for this):

"Virtually everyone sells scores, but they are not all FICO scores. If you got scores from the big 3, then very likely 2 or all 3 of them are not FICO scores. Experian and TransUnion do not sell FICO scores on their website. We call these non-FICO scores, FAKOs, and can easily be as much as a few points to 100+ points off your real FICO when pulled the same day. If it didn't say "FICO" next to the score, then it isn't.

Other companies (e.g. freecreditreport.com, freescore.com, truecredit, creditkarma, Equifax Credit Complete, Quizzle, and dozens of others out there) sell scores, but they are nothing more than gimmicks and lenders don't use them. They do this because they want to avoid paying any fees to FICO and when they say "credit score" people buy it anyway on the assumption that it is a FICO. The scores are off because the formula is different, factors in different things as compared to FICO, and score ranges are different than FICO's (e.g. FICO is 300-850, Vantage is 501-990, PLUS is 330-830, TransRisk is 350-850, and so on)."

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Berkster]

Thank you MarineVietVet, that really cleared things up for me. How frequently should I be checking my scores? I hear once annually is that the standard if you do not use a score watch product? Thank you for your service Hoo-Rah!!!!!!

[MarineVietVet]

---

@Berkster wrote:
Thank you MarineVietVet, that really cleared things up for me. How frequently should I be checking my scores? I hear once annually is that the standard if you do not use a score watch product? Thank you for your service Hoo-Rah!!!!!!

---

How often to check reports is a very individual choice. I guess it depends on where you are in your repairing and rebuilding journey. I'm fortunate enough now that I only check mine once a year at annualcreditreport.com.

Many people check monthly, others several times a month. I can't really give you a good answer.But you might check out this excellent CMS Guide here onsite. Others can offer recommendations as to how and how often they check their reports.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[pizzadude]

If you are planning a major installment loan purchase soon, like a car or mortgage, etc.. then you should check your scores well in advance so that you know where you stand, and also to give yourself time to make any necessary improvements to your CRs.

[Berkster]

Thanks pizzadude I appreciate the feedback