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odessit771, if you're worried about your credit in reference to employment as mentioned in your other thread, you're PERFECTLY IN THE CLEAR with those scores.
Those are VERY GOOD and highly desirable scores, but technically they are not FICO scores. The true FICO score is proprietary to Fair, Isaac Co. The scores generated by the major credit reporting agencies are proprietary to them respectively, and use their own algorithms which are similar but not identical to what FICO uses.
Last I looked, my TU score was 120 points lower than my Experian score, so I'm skeptical of their validity and usefulness.
To the OP: yeah, those are solid scores. A 20ish point bump across the board could get you the best deals. Banks (a personal friend is a loan officer) generally love consistent scores in the very high 700s and into 800 rankings. They will bury you with offers to make loans to that score level group.
freemkt makes some good points but I'd be curious that his/her 120 point difference doesn't reflect some distinctly incorrect info in the TU credit record data/score. The proprietary algorithms produce generally similar scores (in my experience) and I'd be wary if you got that large a difference.
I'd seriously check out anything greater than a 25 point difference (thats not hard criteria, just what I use). It is a pain in the butt to do the examination but something I've done in the past. CC companies are dealing with huge data volumes and mistakes do happen. JMO.
Just a tidbit that can save you some bucks - assuming you're an established bank customer (have prior completed loans with them, checking/savings accounts and have upper end scores; they will contact you when they're going to do a loan sale (offering very low rates) that may not be widely advertised to the general public.
The bank's reasoning is that its cheaper and more cost effective generally to first tap their existing high rated customer base when they've got cash to loan. Over the years we've snagged some pretty nice deals from our banks that way.
long101's information is consistent with my experience. The two banks we deal with regularly offer their premium rates for mortgages at the 780 & 790 level & above.
Last edited by Pilgrim21784; 12-04-2011 at 01:52 AM..
freemkt;21971414- Last I looked, my TU score was 120 points lower than my Experian score, so I'm skeptical of their validity and usefulness.[/quote]
When questioning the result check the inputs. Not all creditors report to all 3 credit bureaus and this is usually what is found when scores differentiate significantly from 1 to another.
The FICO score is a very flawed system. Playing with the Mega Banks is similar to playing with rattlesnakes. You will get bit. I would spend my time figuring out how to proceed in life without having to worry about the FICO... Learn to get by without having to borrow your way through life. It can be done and it should be done. Downturns in the economy are sure easier to navigate when Mr. Banker doesn't have a noose around your neck.
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