FICO -->PLUS-->FICO

[Anonymous]

I know there is no true way to convert from FICO to PLUS or back again.. but I'm hoping to find some info here that might help me. 

First off, I can't find any breakdown of how PLUS scores are weighted.  I've seen the weights for FICO and Vantage.. but can't find it for PLUS.. can someone send me a link?

Here is our situation.  We are trying to get a mortgage before the $8K deadline (but if we don't make it not a big deal).  Our broker wants us to have a minimum credit score of 600.  I've been monitoring PLUS scores for a while, and back in Jan I had the broker pull the scores they would use in their decision here are the comparisons for the same day:

EXP PLUS: 561  FICO-II: 578

TU PLUS: 547   FICO-98: 586

EQ PLUS: 571  BEACON-5: 573

1. Is the broker pull not including medical?  He said to ignore those but they were listed on the report he sent me?

2. There is NOTHING negative newer than 4yrs ago.  The majority is old enough that 8 accounts were going to age off in Feb anyway, so I paid down revolving to <25% (and not reported yet will be <9%) and we waited.  Experian is still hanging onto most accounts where the same info has fallen off the other two.  Here are the current PLUS scores:

EXP PLUS: 571

TU PLUS: 584

EQ PLUS: 585  myFICO: 580

Thing is, the changes (OLD collections, and utilization) might be weighted differently.. so I don't know whether to expect that the lender's pull will change about the same amount, more, or less.  Also, since the PLUS range is slightly smaller, would that mean a larger change in the FICO scores??  Originally, all scores were higher and I think one would expect that the TU score would now be over 600.  I'm not sure about the other 2.  What do you guys think?  Am I just beating my head against a wall here?  I feel like it's not right that I can't know where I stand with lenders without shooting off a toe (aka harming my own credit to get the scores they see). .

Really, any insight would help!

Thanks,

numseeker

[marty56]

Welcome to the forum.  To convert from a Plus/Vantage score to FICO score is easy.

PLUS/Vantage + $15 here = FICO (TU/EQ) only.

Seriously, there is no way to convert from a FAKO score to a FICO score.  Even the more modest idea of parity between them won't work either. 

[Anonymous]

Hi numseeker.  You're in the right spot - glad you found these forums.  You'll find lots of good info here.

To see the scores and reports your lenders pull, go to myfico.com/12 and order both your TU and your EQ reports.  Unfortunately, you can't pull Experian.  Or just stay here, on this site, myfico.com, and order your TU and your EQ reports.  You are not "shooting off a toe" - pulling your own credit doesn't impact your credit in any way.  Whichever site you choose to pull your reports from, you will have a true FICO score.  On the myfico.com/12 site, you will also see the same 4 FICO reason codes your lender sees.

If you want to save a few bucks, google for myfico discount code and use that.

As you may have gathered, your plus scores and your lender's pull are not related in any way whatsoever anywhichway!  But you CAN pull FICO scores ---  which will help you tremendously.

Just say no to plus scores.  They are just a way to take your cash without enriching you in any way.

[bigman023]

The fico estimator here on this site is also an excellent tool to use, when you want to know your Ex FICO.  Just use your PLUS report and enter the data into the FICO estimator and you get an estimate of your FICO score. 

Message Edited by bigman023 on 02-19-2010 03:45 PM

[Anonymous]

As you can see in my original post, I did spring for my Equifax FICO score.  It is currently 580.  I was under the assumption that the score the lender pulled didn't add in the old medical stuff.. is this incorrect?  He was pretty insistent about not touching anything medical on our report and said it was ignored.  I figured that's why there was such a difference in the scores.  If this is incorrect, I would have worked to get that off!  That is the info that is around 4yrs old.  The estimators don't seem to be working well for our scenario since the questions seem to ask about more recent info and it says the score should be in the mid-600's.  I wish!! 

[GregB]

Old stuff has an effect but the older it is the less effect. I can't imagine that there is anyway for any score to "ignore" old info. I think he just means it doesn't count much. If you have lots of old negatives, it could be a case of several "not much" adding up to something significant.

Mortgages are using FICO scores so the EQ and TU FICO you get here will be the closest thing. You might pull an EX report to make sure the same info is on it. Don't pay extra for a score because it won't mean much.

It sounds like you are likely to be dissappointed with your current FICO.

[Jazzzy]

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numseeker wrote:
As you can see in my original post, I did spring for my Equifax FICO score.  It is currently 580.  I was under the assumption that the score the lender pulled didn't add in the old medical stuff.. is this incorrect? I don't think this is correct. Your FICO score counts medical collections.

He was pretty insistent about not touching anything medical on our report and said it was ignored. He may not have wanted you to touch these because paying off old collections will not help your score. A paid collection is scored the same as an unpaid collection. Sometimes, when someone pays an old collection, the collection agency updates the "date of last activity," and that can make the collection appear to be newer...which will hit your FICO score harder than an old collection. If he is telling you not to touch these, that they are ignored...he may mean that their underwriters don't look at medical collections. I would take him at his word, but you might want to clarify with him what he meant. Also, have you opted out with the credit bureaus? That is a good idea if you are applying for a mortgage. The credit bureaus can sell the information that you are applying for a mortgage to collection agencies. The collection agencies often come out of the woodwork and try to collect what they are owed when you are in the middle of a mortgage. They likely figure that you have down payment money saved up, and they want their share. Look into opting out.

I figured that's why there was such a difference in the scores.  If this is incorrect, I would have worked to get that off!  That is the info that is around 4yrs old.  The estimators don't seem to be working well for our scenario since the questions seem to ask about more recent info and it says the score should be in the mid-600's.  I wish!! 

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As said above, you can't try to extrapolate a FICO score from a PLUS score or any other score. They weigh the same factors differently, so there is no way to compare them. It's frustrating that we can't find out our own FICO scores before a mortgage app, but that's the way of the credit world right now.