@Anonymous wrote:
MyFico.com offers FICO scores for Transuion and Experian. Do the lenders look at these scores, or does Transunion and Experian use Vantage instead of FICO? Bascially, why purchase a FICO score from myFico.com if the only credit bureau that uses this score is Equifax? Is this a true statement? Please help me understand.
Hi, ARM, welcome to the forums!
myFICO sells all three scores: EQ, TU, and EX. Equifax also sells the EQ FICO from their site, which can get confusing. Real FICO's have a little gold seal on them. These scores are still the industry standard.
The scores that you get here are the classic FICO scores, commonly used by mortgage lenders. There are tweaked versions of FICO's for specific industries, like the credit card industry and the auto loan industry. These are essentially the basic FICO's weighted more heavily for CC use or car loan history, as appropriate.
The three bureaus got together and created the Vantage score. Some lenders are pulling the Vantage score, but only in addition to the FICO's. (I suspect they're trying to see how well they correlate with FICO's.)
To my knowledge, no traditional lender uses Vantage only, and none use the so-called "FAKO's" that you can buy from EX (the PLUS score), TU, and various credit monitoring services.
Clear as mud?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007