what is the big difference between fico and other scores out there

[RebelSon]

i myself dont see any big deal with a FICO and a PLUS / VANTAGE / OTHER scorers out there

okay i ran my EX FICO with my lender and got a score of 660, my EQ FICO is 640, and my TU FICO is 710

all ficos so far okay....

i went to freescore.com and was scored EX 650, EQ 660, TU 689 (FAKO)

just now i got all 3 of my scores the PLUS way

EX 665 EQ 638 TU 704

VANTAGE: EX 740 EQ 698 TU 770 ( their model goes all the way up to 950, not 850 like fico)

THE point of all this is that alll credit scores are the same and will tell you just where u stand....

i think plus and fako are as good as fico

[Lel]

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@RebelSon wrote:

i myself dont see any big deal with a FICO and a PLUS / VANTAGE / OTHER scorers out there

okay i ran my EX FICO with my lender and got a score of 660, my EQ FICO is 640, and my TU FICO is 710

all ficos so far okay....

i went to freescore.com and was scored EX 650, EQ 660, TU 689 (FAKO)

just now i got all 3 of my scores the PLUS way

EX 665 EQ 638 TU 704

VANTAGE: EX 740 EQ 698 TU 770 ( their model goes all the way up to 950, not 850 like fico)

THE point of all this is that alll credit scores are the same and will tell you just where u stand....

i think plus and fako are as good as fico

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I think there is validity to what I've highlighted in red (I don't think all scores are the same).  The various credit scores can be used to get a sense of your overall credit behavior.  If you choose one score to follow over time, it may demonstrate an improvement (or deterioration) in your score depending on your credit management.

The problem with non-FICO scores, however, is that they are poor surrogates for actual FICO scores, which are still the most widely used scores.  In the mortgage industry, these scores are almost exclusively used.  On the mortgage loans board, people will often report that they got their 3-in-1 credit report and scores from some other website, saw that their scores were all in the mid-650s, and then went to apply for a mortgage, only to be told that a couple of their scores were in the 500s, making approval difficult if not impossible.

So yes, you could track your own improvement in credit management using a non-FICO score, if you are not relying on these scores to determine whether you may be in a position to apply for new credit.  When the time comes to apply for credit, then the FICO scores are the better choice.

[RebelSon]

im gonna pull all 3 credit scores every month for the next 3-4 months from 5 different sites and see all the changes and see if the score are still the same...

My fico scores was a lot higher than my PLUS scoores tell you the truth... thats why im doubting it

will take pics and let everyone know every month....

[Anonymous]

I'll add my $.02 worth of data points on the PLUS scores.  It was a good learning experience to compare these with my and DH's FICO scores.

I get fako PLUS scores from CCT and was pulling them when we did our mortgage app. That allowed us to compare all three PLUS and FICO scores for both DH and I - so six scores altogether. I also subscribe to ScoreWatch and get FICO EQ score updates that I compare with my ongoing CCT fako PLUS scores.

When we compared scores, they were all over the place. DH's PLUS EXP score was his highest, his FICO EXP score was his lowest. Mine was converse; my PLUS EXP score was my lowest and my FICO EXP score was high.

DH's PLUS score range between the three CRA's is less than 10 points. His FICO scores cover an almost 90 point range.

When companring FICO to PLUS, some of our scores were relatively close, some were 100 points off.

When my FICO went up, my PLUS did't. When my PLUS went up, my FICO went down. No pattern. No nothin'.

"The truth is, only Fair Isaac knows how FICO scores are calculated, and their formula is kept very secret. Other credit scores can sometimes come close to the mark, but they can be off by as much as 100 points either way. This is important because lenders don't use FAKO scores; they almost always use FICO. So it does you no good to know a score that a) isn't correct, b) won't be considered by lenders."

Experian is fairly straight forward in saying, "The Experian-developed PLUS Score model is a consumer-focused credit score." That means it is a product designed to sell to consumers. It is, in short, a cash cow. Because it is not designed to mirror FICO - but is designed as a consumer tool, it has differing criteria. That is also why the advice given along with PLUS and other FAKO scores is faulty when applied to FICO scoring. Following FAKO advice can, and does, lower FICO scores.

Hope that's helpful!

[rckstrscott]

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@RebelSon wrote:

im gonna pull all 3 credit scores every month for the next 3-4 months from 5 different sites and see all the changes and see if the score are still the same...

My fico scores was a lot higher than my PLUS scoores tell you the truth... thats why im doubting it

will take pics and let everyone know every month....

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It depends on the type of informaiton in  your reports... The FAKOS are really consistent with simple stuff, on time payments, ect..

When you start compounding in bad stuff, like judgments, multiple collections, liens, it starts going haywire.

Plus some FAKOs don't even use the same score range.. But currently, my FAKO on truecredit for Equifax is approx 102 pts lower than my Fico.. and that is no joke.

-scott