Question about my credit score

[liz9100]

This really bother me and I don't understand why it happened. I have myfica for credit scoring. I show a trans union score of 518 on the myfica. I called transunion up and they gave me a score of 621. That's a very big change in score. I called a few other place up and found the same thing but I called store who declind me for credit. They also show a different score of 40 points. Why did this happen and is anyone finding this problems.

[haulingthescoreup]

Hi, liz, welcome to the forums! You have just discovered the difference between FICO and FAKO. The scores that you buy here are FICO scores. (You can also buy your EQ FICO from Equifax, and your TU FICO from transunioncs.com, notice that "cs" at the end.) But what you got from TransUnion was a FAKO. It's on a completely different scale, no one knows what the formula is that creates it, and no lenders use it. But it's a pretty sweet way for someone to make money off of consumers.

There are lots of other types of FAKO's out there. Please read Credit Scoring 101, stickied at the top of several of the forums here.

In the meantime, I'm moving your post to Understanding FICO Scoring.

[liz9100]

SO Fica is used for which companys. Then the other one is used for which companys. Sorry am so mixed up on this subject.

[llecs]

FICO, not Fica,  is the formula used by Fair, Isaac & Co to calculate the scores for each CRA: TU, EQ, & EX.

To confuse things a bit, EX and TU created their own scores. These are called FAKO scores. They are meaningless and don't accurately depict your one and only FICO score. They both sell these scores under different names for a small fee. FICO scores are used mostly by mortgage lenders and some CC issuers.

FAKO's also range as low as 300 points to as high as 900 points based on the product. Therefore, you get an impression that your score may be doing well, but the true, accurate FICO score may be several points off. In my case, my EX score through FICO is 90 points higher than my FAKO EX score from TrueCredit.com. FICO range is 300 to 850.

[Junejer]

To add to what the other posters wrote--banks, in general, will use a fico score, not just mortgage lenders. When you go to your bank or CU for a HELOC or car loan or personal loan, OD protection, checking acct...(I think that you get it), they will pull your credit report and up will pop a FICO score from either EQ, EX or TU, depending upon which CRA the financial institution subscribes to. It's reported that over 90% of banks and financial institutions use FICO scoring. The others out there are just pretenders.

[liz9100]

Thanks this helps me out a lot............