Credit Scores?

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6 posts
JSS3
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Credit Scores?

Postby JSS3 » Wed Aug 07, 2013 8:34 am

I was under the impression that if one wanted their true credit score(Ficos) that you'd have to pay to get them, or see it individually when you received either a denial letter/a new credit card. I believed that all companies that you'd purchase the scores from had the SAME score that were 100% accurate unlike CreditKarma, CreditSesame, Credit.com etc. Of course scores change depending on what's reported to the 3 bureaus in a month. However, I signed up for a free trial to receive my credit score. Found out it only gave me 1 of them then went and signed up another place on the same day and received all 3 scores. (I'll stick with the latter company). With that said, the scores given were different. It was done on the same day so no adjustments or new items showed up on my credit report to give two totally different numbers. I did this in the beginning of the month so nothing was reported to the companies in order for anything to "change". ..and especially not minutes apart.

What I'm puzzled about is--- why, depending on which paid company you sign up with, will your scores be different? If that's the case, why would I need to sign up for any of these services when, just like Creditkarma, I'm not going to get the exact number of where I'm truly at? Both these sites are paid for subscriptions, how am I to know which number to go with? Doesn't seem like you can ever truly know your score. You'll only know the ballpark you're in, and in the case of paying for these numbers, you'd just get a more "accurate" ballpark?

Am I missing something?


I'll let the numbers demonstrate below. They were all gathered on the same day.

CreditKarma (TU) -751
Paid For TU score- 760

CreditSesame (EX) - 778
Quizzle (EX) -672
Credit.com (EX)-700
Paid For EX score -738

(*Discover approval letter score for EQ(received yesterday. Applied for Discover card 8/1/13))

Discover EQ - 744
1st Paid for EQ - 764
2nd Paid for EQ - 773
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000


MemberSince99
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Postby MemberSince99 » Wed Aug 07, 2013 10:01 am

Your initial impression was correct. If you want a TRUE FICO score you have to get it through MyFICO or a lender.

Having said that there are different FICO models used.

What CK and CS and even the bureaus themselves sell you is a FAKO not a true FICO score. The FAKOs give you a good idea only and are not used by lenders that I am aware of.

So if you really want a FICO you either have to apply for something and get not the best terms or ask the lender for your score, or break down and give some $$$ to MyFICO. Or use one of the few sources to give you a FICO score (the Walmart card gives you your TU FICO once a month; there are a few things like this out there).

That's it - that's your options when it comes to this.

JSS3
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Postby JSS3 » Wed Aug 07, 2013 11:01 am

Yes, I understand there are FAKO'S and FICOS. My question was with regards to when you've paid for "true" Ficos. Even then, there are different scores depending on where you go. It seems like you can never truly know. In that case, I feel like paying for them isn't necessary since it gives me, what I consider, a more "accurate" ballpark figure...not something definitive.

You stated FICOs use different modeling systems so it seems there are too many numbers in order to settle on just one...which is what I believed I'd get no matter where I went. I paid for an EQ score and it says 773 for one, 764 for another. My Discover letter reports 744. I don't know where I truly stand or which "real" score is the correct one? IT would appear all 3 are depending on the model used. I have some clarity on this now. I'll stick to FAKOS to give me the ballpark number.
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

MemberSince99
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Location: WI

Postby MemberSince99 » Wed Aug 07, 2013 12:22 pm

Life should be so simple.

Bottom line: if you want a true FICO, buy it from the source. Shouldn't need to even worry about it except when going for a car loan or mortgage to be honest - FAKOs are good enough to give you some kind of idea where you stand.

JSS3
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Posts: 57
Joined: Sat Mar 09, 2013 12:24 pm
Location: Pennsylvania

Postby JSS3 » Wed Aug 07, 2013 12:55 pm

JSS3 wrote:Yes, I understand there are FAKO'S and FICOS. My question was with regards to when you've paid for "true" Ficos. Even then, there are different scores depending on where you go. It seems like you can never truly know. In that case, I feel like paying for them isn't necessary since it gives me, what I consider, a more "accurate" ballpark figure...not something definitive.

You stated FICOs use different modeling systems so it seems there are too many numbers in order to settle on just one...which is what I believed I'd get no matter where I went. I paid for an EQ score and it says 773 for one, 764 for another. My Discover letter reports 744. I don't know where I truly stand or which "real" score is the correct one? IT would appear all 3 are depending on the model used. I have some clarity on this now. I'll stick to FAKOS to give me the ballpark number.

So true!

I'm fairly new to building credit and learning little tidbits along the way.
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

flan
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Location: chicago

Postby flan » Wed Aug 07, 2013 9:50 pm

MemberSince99 wrote:Life should be so simple.

Bottom line: if you want a true FICO, buy it from the source. Shouldn't need to even worry about it except when going for a car loan or mortgage to be honest - FAKOs are good enough to give you some kind of idea where you stand.


Except that most of the scores that fico sell to consumers are not ones used by lenders. And quite a few lenders, especially credit card companies, have their own score model. The only way to get that is from them.

I agree with not worrying about most of the time. Pay your bills. That's what really matters.



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