Equifax PowerScore FICO

[ddemari]

I can't help myself but subscribe to myfico and Equifax for credit monitoring. I recently bought their PowerScore FICO and was pleased with the results... It has me at about 70 points higher than EQ myfico.com score.

I started an online chat with a rep. through the Equifax site and asked if the FICO that I purchased was an actual FICO or an educational score.

The rep. told me that it is an actual FICO pulled from the day I ordered it. I asked her if she knew or could tell me what version of the FICO score through their website is.... she was only able to tell me that all they know is that it is a real FICO and no other information. 

I really want to know what my nextgen FICO score is but that is not available to the public? I have a penfed account but not a credit card with them. I want to app for one but want to know what my nextgen score is before I do. 

[mitchblue]

From what I understand the power score is fico 04 and it's used for Mortgages.

[ddemari]

Thanks! That's what I also have heard before. I can get a great mortgage rate but not credit card.... oh well! I must stay in the garden but it's so hard!

[Revelate]

FICO NextGen was Next Generation more than a decade ago: there's only 2 CU's which I'm aware of which use it, which is to say, not particularly relevant.  Admittedly they may be more but we're talking less than 1% of applications, and probably less than 0.1%.

Equifax's Score Power is the gold-standard for mortgages these days.

[ddemari]

Thanks for your reply. Good to know! My powerscore is 720 while myfico EQ is 665.

[Pesdaniel]

Can someone help me understand this. 

I had a $600 balance on a secured card, I paid and had a $4.00 balance my credit went up to 632 (EQ), before the monthly cycle, I paid the $4.which put my balance to 0 (zero). My surprised earlier, My score dropped because of the 0 balance. I mean what in the world... This is like a business now, messing up peoples' scores. I don't get it. That really upsets me to see how hard I've worked to put my score up. 

Anyway, any suggestions will be appreciated.

Thanks

[bdhu2001]

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@Pesdaniel wrote:

Can someone help me understand this. 

I had a $600 balance on a secured card, I paid and had a $4.00 balance my credit went up to 632 (EQ), before the monthly cycle, I paid the $4.which put my balance to 0 (zero). My surprised earlier, My score dropped because of the 0 balance. I mean what in the world... This is like a business now, messing up peoples' scores. I don't get it. That really upsets me to see how hard I've worked to put my score up. 

Anyway, any suggestions will be appreciated.

Thanks

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Your FICO score is based on your responsible usage of credit, not non-use. A zero balance on all cards, indicate non-use. It'll go back up when you put a small balance that you pay by due date.  Don't worry about it. As  you get more trade lines, it'll get easier to keep your your score up. 

[Pesdaniel]

Thanks for quick response.

I thought once I paid it all up, the score would go up. So it's better to use and pay instead of paying it all off. 

You have an amazing line of scores, what did you do?

I'm currently on a 650EX, 623EQ and 666TU

GOAL  750

[mongstradamus]

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@Pesdaniel wrote:

Thanks for quick response.

I thought once I paid it all up, the score would go up. So it's better to use and pay instead of paying it all off. 

You have an amazing line of scores, what did you do?

I'm currently on a 650EX, 623EQ and 666TU

GOAL  750

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Use cards ,make sure you aren't late ever on payment,and have one card report utilization of 1-9%. The most important thing is payment history imo

[bdhu2001]

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@mongstradamus wrote:

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@Pesdaniel wrote:

Thanks for quick response.

I thought once I paid it all up, the score would go up. So it's better to use and pay instead of paying it all off. 

You have an amazing line of scores, what did you do?

I'm currently on a 650EX, 623EQ and 666TU

GOAL  750

---

Use cards ,make sure you aren't late ever on payment,and have one card report utilization of 1-9%. The most important thing is payment history imo

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+1