Your Credit Score Is a Ranking, Not a Score

[pipeguy]

Don't know if this has been posted before since it's dated 2010 - but it's an interesting read.

http://www.clevelandfed.org/research/commentary/2010/2010-16.cfm

Department of the Federal Reserve Bank of Cleveland

[vanillabean]

Good question indeed. "Given that consumers’ credit scores can’t be compared across time, how do lenders use the scores?” Remember when 760 was the new 720? Then last year, someone mentioned 780. Is it 800 now? Times have certainly changed and do so every so often.

[HiLine]

GPA's would be a great analogy for FICO scores. 

[Revelate]

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@HiLine wrote:

GPA's would be a great analogy for FICO scores. 

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Not certain which is worse, my old 2.04 (my friend when I picked up a transcript classically stated: you want to SHOW that to someone?!?!?!) or my FICO score

[user5387]

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@pipeguy wrote:

Don't know if this has been posted before since it's dated 2010 - but it's an interesting read.

http://www.clevelandfed.org/research/commentary/2010/2010-16.cfm

Department of the Federal Reserve Bank of Cleveland

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I believe that FICO scores are a mapping into a table of future delinquency rates.

If you want to compare two scores, you really need the table.