Sick and Tired of scores running the world

[ChrisinKC]

"And I'll throw out that as of not too long ago TU98 was used much more frequently than TU08 (and still might be true today). If TU98 is outdated and considered a FAKO is the newest version of TU FICO considered the same?"

Any score that is not WIDELY used, but is misrepresented as being your "true" FICO score, is a FAKO in my book. I don't care how recently the algorithm was produced.

[dpittsmd1985]

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@ChrisinKC wrote:
And what u said is exactly why the use of the current credit scoring system needs to eliminated until it's completely revamped.

No one should have to GUESS what they would qualify for, but with all of the credit scoring models, that's what everyone has to do. That only works out well for the lenders. For a ample, my score on TU08 MIGHT be 850, but with TU98 it's 736. If there's not a consistent scoring algorithim, lenders can CHOOSE to "award" you with a rate for the 736 score instead of 850. I wonder who that works out better for?

Credit scoring needs to be COMPLETELY transparent. There needs to either be ONE algorithm that EVERYONE uses, OR each lender must tell you PRIOR to applying which algorithm they use, AND the customer should have access to the exact same score as the lenders use. Why take the risk of losing points for applying for credit when you know that you will either not be approved at all, or you may not receive the terms that you need?

The current system is a BIG FAT SCAM and it ONLY benefits the lenders. It's time people spoke up and DEMANDED transparency and CHANGE. Call your state representative and DEMAND CHANGE.

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I agree with you 100%.  I have never had any charge-offs, collections or bankruptcy, my utiliz is less than 5%, I had 4 30 day lates back in 2008 due to medical leave and no hard pulls in 10 months, average account age 11 years, decent credit mix (except no mortgage), okay credit limits on my cards. but my EQ and TU are both in the upper 600's.  There are others who have had collections, charge-offs , bankruptcies, etc and have scores in the 700's.  Its all bu**%%** 

[ChrisinKC]

"Its all bu**%%** "

And I agree with you. It is all $+*%#@.

For everyone who agrees with us, I URGE you to contact your state representatives in congress and DEMAND transparency and CHANGE. I've been in contact with mine several times over the past couple of years, but it's going to take more than me to realize change.

[android01]

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@llecs wrote:

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@Anonymous wrote:

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@ABuckNow wrote:

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@ChrisinKC wrote:

Hmmmm, I wonder why my Transunion score from the bank doesn't match the myfico.com score of 789?????  Why is my score 53 points lower from the mortgage company as opposed to myfico.com?  What a freaking joke.  

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That's an easy one: the TU score myfico sells is basically a FAKO.  it's fico's outdated TU98 model.  it's irrelevant.  it may as well be a Vantage, or a Plus score 

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Some lenders still use TU98.  And it can't be a FAKO even if it is outdated.  It is still a FICO.

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And I'll throw out that as of not too long ago TU98 was used much more frequently than TU08 (and still might be true today). If TU98 is outdated and considered a FAKO is the newest version of TU FICO considered the same?

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The point is that TU04 is the most widely used FICO credit score and should be offered here.  Fair Isaac (MyFico) should ALWAYS offer the most widely used score for purchase.  

[llecs]

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@android01 wrote:

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@llecs wrote:

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@Anonymous wrote:

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@ABuckNow wrote:

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@ChrisinKC wrote:

Hmmmm, I wonder why my Transunion score from the bank doesn't match the myfico.com score of 789?????  Why is my score 53 points lower from the mortgage company as opposed to myfico.com?  What a freaking joke.  

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That's an easy one: the TU score myfico sells is basically a FAKO.  it's fico's outdated TU98 model.  it's irrelevant.  it may as well be a Vantage, or a Plus score 

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Some lenders still use TU98.  And it can't be a FAKO even if it is outdated.  It is still a FICO.

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And I'll throw out that as of not too long ago TU98 was used much more frequently than TU08 (and still might be true today). If TU98 is outdated and considered a FAKO is the newest version of TU FICO considered the same?

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The point is that TU04 is the most widely used FICO credit score and should be offered here.  Fair Isaac (MyFico) should ALWAYS offer the most widely used score for purchase.  

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I certainly don't disagree. I'd be first in line if they offered each version (or at least other versions) for sale. My comment was more tongue-in-cheek. I've mentioned this before, but I don't think myFICO has the power to offer any FICO version they want like many think they could. 

[ChrisinKC]

It's really just a matter of principle, and I truly will NEVER understand why people aren't knocking down the doors of congress DEMANDING that everyone's "true" scores must be readily available to the consumer and mandate that law to the credit scoring agencies. No more FAKO scores, and no more scores being misrepresented as your "true" score when lenders don't even use that algorithm.

[jugstore]

Well as a matter of principle I recommend you call those medical collection agencies and make sure they start reporting to all three CRAs

If we all knocked down the doors of congress and demanded accurate scores across the board then GWs and PFDs would be a thing of the past.

[Anonymous]

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@jugstore wrote:

Well as a matter of principle I recommend you call those medical collection agencies and make sure they start reporting to all three CRAs

If we all knocked down the doors of congress and demanded accurate scores across the board then GWs and PFDs would be a thing of the past.

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+1

[Booner72]

I think those of us here are "up in arms" about it in the only way there is - by trying to learn how it works and play the game by their rules. There isn't anything that we can do about it other than this. Getting mad about things we can't change is a waste of energy. Your scores are very good. Be happy!

[ChrisinKC]

Yeah, I'd be happy to do that, once all of the other corrupt crap is fixed.

Once all of that crap is fixed, my score would be higher than now even WITH those medical collections being NEWLY reported to all 3 bureaus.