Credit Score Source?

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ChrisLL
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Credit Score Source?

Postby ChrisLL » Thu Feb 25, 2016 8:13 pm

I see a lot of people post their credit scores in their signature. I was just curious, where do most of you get your credit scores from when you look them up? I myself have been using Credit Karma, but when I try other sites, my scores always seem to vary. What's a good site that will give me scores that most lenders use? Thanks in advance. :)
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takeshi
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Re: Credit Score Source?

Postby takeshi » Fri Feb 26, 2016 8:24 am

There are countless sources. Make sure you're considering the specific scoring model and don't just assume that all scoring models are equivalent. Credit Karma provides TU and EQ VantageScore 3.0. Some creditors use one of these but most use a FICO model. However, FICO doesn't have just one model. FICO 8 is the most commonly used model but it is not used by all creditors/products.

ChrisLL wrote:when I try other sites, my scores always seem to vary.

Of course they will. Different models evaluate report data differently and can have different score ranges. You cannot use a score generated by one model to determine a score generated by another model. The model, the CRA and whether or not report data has changed over time can all have an impact on the number generated. The latter two points are actually redundant as they're both a matter of data. The big 3 CRA's don't necessarily have the same data.

If, for example, a creditor/product uses a TU FICO 8 then only the TU FICO 8 will matter to that creditor/product. Scores generated by other models and using other CRA's as data sources will not be relevant to that creditor/product.

ChrisLL wrote:What's a good site that will give me scores that most lenders use?

"Good" is always highly subjective and you need to clarify exactly what you mean whenever you use the word on any topic. We know you want a commonly used scoring model and FICO 8 would be the most commonly used one -- though, again, keep in mind that not all creditors/products use FICO 8. If a creditor uses a different model then the number they pull will differ.

Are scores the only thing that matter? Do you want monitoring/alerts? Do you want access to your reports? How often do you want scores and reports? What's your budget?

myFICO is one option. You can make a one time purchase or subscribe to their service. However, myFICO is trigger based and not all activity with a scoring impact is a trigger. The alerts/updates will provide you with FICO 8's and you get quarterly access to other FICO models and your reports.

Credit Check Total is another option. You get daily updates for Experian and, IIRC scores and reports for all 3 major CRA's once a month. I don't recall every option for FICO 8's off the top of my head but definitely check out those above.

There are also creditors that provide FICO 8's to their customers but generally it's just a FICO 8 based on one CRA. Discover and Barclaycard provide a TU FICO 8. Discover updates once a month and Barclaycard seems to update every other month. American Express provides an EX FICO 8 updated once a month.

Creditors like Citi and FNBO also provide FICO's but they are FICO 8 Bankcard which is not the same thing as FICO 8 and they have a different scoring range.
Last edited by takeshi on Fri Feb 26, 2016 8:39 am, edited 7 times in total.

takeshi
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Re: Credit Score Source?

Postby takeshi » Fri Feb 26, 2016 8:34 am

(nm - dupe)

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Vattené
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Re: Credit Score Source?

Postby Vattené » Fri Feb 26, 2016 11:30 am

I get monthly FICO 8 scores from my Discover and American Express accounts from TU and EX, respectively, as Takeshi mentioned. I use Credit Karma, too. Access to CRA data is more valuable than the scores themselves. I pull all three credit reports from each CRA when I can, but Credit Karma gives me more access and lets me monitor the data. That is plenty to meet my needs.

Having credit card accounts that provide true FICOs is a great perk, but it wouldn't be worth it to me to pay for any scores. Others' preferences, priorities, and willingness to take on additional monthly bills will differ, but IMO if you're keeping an eye on the data getting reported to CRAs and have some way to monitor trends in some type of score, that is enough for most people. Of course, that is easy for someone in my position to say after having gone through the mortgage process.
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Dcyphrz
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Re: Credit Score Source?

Postby Dcyphrz » Fri Mar 04, 2016 2:09 pm

Vattené wrote:I get monthly FICO 8 scores from my Discover and American Express accounts from TU and EX, respectively, as Takeshi mentioned. I use Credit Karma, too.

Same here. Citi and Walmart too. Fako from Capital One (Vantagescore I think?).

Also CreditSesame, Credit.com, Quizzle (not very good), Bankrate, off and on subscription with MyFICO which I always cancel after a month or two. I hate paying for scores.

*edit* Barclays gives out a TU FICO score also.
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ChrisLL
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Re: Credit Score Source?

Postby ChrisLL » Fri Mar 04, 2016 3:10 pm

Thanks for all the replies. I ended up checking out myFico and my scores are lower than on my Credit Karma... Pretty significant difference. 760 transunion score on credit karma, but 705 transunion on myFico. Ive made a goal to raise my myFico scores to 800+.
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Dcyphrz
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Re: Credit Score Source?

Postby Dcyphrz » Fri Mar 04, 2016 3:32 pm

ChrisLL wrote:... my scores are lower than on my Credit Karma... Pretty significant difference.

Yyyyup. CK/CS/etc give people the idea they'll score very high until the FICO model is used. The good thing about these free scores IMO is that the trends still hold even though the scoring model isn't the same. Across the same CRA's info, Vantagescore (for instance) won't print a chart that's in perfect lockstep with its FICO equivalent but for free, it's pretty good. It's interesting to compare all them as a credit profile changes.
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Vattené
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Re: Credit Score Source?

Postby Vattené » Fri Mar 04, 2016 4:35 pm

My FICOs are actually higher than my CK scores, but that just goes to show how different models produce different results. They should put a person in the same ballpark, but they just handle the data differently so it is going to vary from person to person.

It's a pretty small difference now, but my guess is the biggest cause of it is I have a few accounts that have been closed. FICO considers AAoA but CK considered AAoOA. That hurts me for CK but not for FICO.
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AnnaMads
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Re: Credit Score Source?

Postby AnnaMads » Sun Mar 06, 2016 8:41 pm

I check my scores through American Express. That being said, since Amex's CreditSecure isn't available on their mobile app I tend to use Credit Karma more often than not.

ingramjuan
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Re: Credit Score Source?

Postby ingramjuan » Mon Mar 07, 2016 9:52 pm

ChrisLL wrote:What's a good site that will give me scores that most lenders use? Thanks in advance. :)


I would like to think I have all the bases covered? For me I get my scores thru the following:
-Monthly-Amex
-Monthly-Discover
-Monthly-Capital One
-Monthly-Credit Karma
-Twice A Year From FICO
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Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
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