FICO score as opposed to Credit Scores

[df175]

Many services give a free "credit score" that is on the same scale as FICO (300-850) and that should be treated as an approximation to what the FICO would be.

If you're actually needing to finance something that has cut offs based on your score in terms of interest rates or eligibility for a loan, you may want to pay for the real FICO score at myfico.com. FICO is what all lenders use.

The Vantage scores are what the 3 credit bureaus collective are trying to push a serious a competitor to FICO, but it hasn't yet taken off. Vantage scales from 501-990.


I would recommend using the FICO Score Estimator as well, if you don't want to blow the dough to get your real FICO.

[df175]

Originally Posted by brava4

Ok, I read that the FICO goes up to 850 but the other 3 go up to 990. My score for all three reports is 932. So, I guess that is why I don't understand what the FICO would be.

932 Vantage is generally 760+ in FICO, or "A" credit. You're in the highest range; it really doesn't matter once you're 760+ (some say 780), but it's great to excellent for sure.

[Mircea]

Originally Posted by brava4

I've just recently gotten my credit reports and credit scores. I've not gotten my FICO score.

Is there a big or not so big difference between the two? Will my FICO score be similar to my credit scores?

Thanks

The FICO credit scoring system is proprietary. The credit bureaus use a close approximation to the algorithms used to calculate your credit score.

Your credit scores should vary from credit bureau to credit bureau. Credit reporting is optional, not mandatory. There is no State or federal law that compels a creditor or collector to report account information. That is purely a voluntary activity on the part of the creditor/collector.

The credit reporting system is a subscription scheme. In order to report credit information, you must first subscribe to one or more credit reporting agencies. Since not all creditors/collectors want to spend the money reporting to two or even all three agencies, your credit reports will contain different data.

Likewise, when you apply for credit, the creditor has a subscription service to check your credit report. That service may be through only one of the three credit bureaus, thus one of your credit reports may reflect inquiries that are not on the others, and inquiries do lower your credit score. Apply for a lot of credit over a short space of time and you'll see that.

The FICO systems is slightly different. You as a creditor subscribe to FICO, who in turn subscribes to the credit bureaus.

Scoring...

Mircea

[brava4]

Thanks all for the replies and info. It has been helpful.

[neaky1]

Credit scores are often called “FICO Scores” because most credit bureau scores used in the U.S. are produced from software developed by FICO (Fair Isaac and Company). But it’s important to understand that not every credit score you can buy online is a true FICO Score. Experian, Equifax, and Transunion all use FICO's scoring paradigm, but have made minor tweaks to it to suit their own needs. myFICO.com will give you your FICO scores as reported by Transunion and Equifax.