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You smell like someone obsessed with FICO scores, and there's an entry in the DSM-5 for that.
The Fair Isaacs Credit Organization, or FICO for short, uses a proprietary algorithm that has been closely safe-guarded for decades. The FICO scoring system is widely held to be the single most accurate predictor of credit-worthiness for businesses and private individuals (yes, businesses have a FICO score, too).
No one, except FICO employees who have access to the algorithm and those are very few, knows exactly how the algorithm works.
To use the proprietary FICO algorithm requires payment of an annual hefty subscription fee.
Free credit monitoring services like CreditSesame, CreditKarma and others do not provide a true FICO score. CreditKarma isn't going to pay $1.7 Million a year to use the FICO algorithm and then let you get a free FICO score.
A handful of companies have developed an alternative algorithm to FICO, and while it is a close approximation, it isn't a true FICO score.
If you're getting a FICO score, you'll know, because the FICO logo will be prominently displayed on the page, along with the appropriate trademark/servicemark symbol.
Nowhere is the FICO logo displayed on CreditKarma, which happens to use an algorithm developed by Experian. CreditSesame probably uses the Experian system as well.
Regardless of the system used, if your credit score is 750 or greater, then that's outstanding.
just to add , there are 55 different fico scores .each one weighted and molded for specific use in specific industries . none of them will match your consumer score exactly .
fico 8 is a bank card score and weights credit card use and down plays other types of credit . it can even use a different scale that runs to 900 . the free citi bank score goes to 900 as does wells fargo
.
fico 9 disregards medical debt .
so those are not even comprehensive scores like most lenders would use .
Last edited by mathjak107; 07-14-2018 at 03:58 AM..
wells fargo is a fico bank card score and the high is 900 . you can't even compare that to a traditional score that runs to 850. nor is it a comprehensive credit score , it is just a bank card score .
" Wells Fargo cardholders can now access their FICO Bankcard Score based on Experian data. Unlike the classic score, this FICO score has a range of 250-900 (classic is 300-850"
My current FICO score is listed at 777, it went down 2 points last month probably because I got a new Savor credit card (3% cash bank on dining), the first new card I've gotten in a number of years.
My GF is 24 years old, she has two credit cards, both with pathetically low limits, like I think a few thousand dollars total. She has never had student loans, a mortgage, or any other credit whatsoever besides these two cards and her credit history is 4 years I believe on the oldest card. Her FICO according to Wells Fargo is 799.
Could someone please help me to understand this? I don't think I have ever had a 799 all of the time I have been checking, and I never let my FICO score bother me because 1) I still get instant approved for $10K limit cards when I want one, and 2) My understanding was to break 800 it simply takes a LONG credit history, having researched it and read that most people in that category have 27 year credit histories or an average account age well above my total credit history.
1. Wells Fargo FICO scores, or any other FICO score you think you have is NEVER 100% accurate. Why? Because FICO has different scores and any lender could use any of those scores. You're only looking at ONE FICO score, when a lender could very well use a different FICO score. Wells Fargo FICO 8 could say you have a 790 but the score I pull up for you to borrow my money is FICO 4 and says you have a 740, that's just the way it goes.
Quote:
FICO: It’s the most common credit score in existence that’s used by lenders. But did you know you have more than one? That’s right. The world’s most popular credit score comes in more flavors than Baskin-Robbins offers in ice cream.
There are older versions and newer ones; there are scores tailored for specific lending purposes, such as mortgages or credit cards; and there are scores custom-made for each of the three major credit reporting bureaus. Even though all these scores share the FICO brand, you likely won’t score exactly the same on each one.
2.You're way too obsessed with something as trivial as a FICO score as a person who already has good credit.
3. Your GF has a better "Well Fargo score" than you because her credit history is far shorter. So it's much easier to start off with good credit when that's the only history you have. Despite her high score, she could still be denied loans or credit left and right due to not having a long credit history.
As her credit history grows, it will adjust accordingly and likely not stay so high due to inevitable hard credit inquiries, credit utilization, closed accounts, etc.
The whole thing is ridiculous. DH and I have been married for almost 44 years. We each have the same credit cards and both our names are on all accounts. The only thing that I had myself was a car loan that was paid off in 2013 at less than 3 years. We have no mortgage or any other loans and pay all our bills on time or earlier and pay off all credit cards, Visa, AmEx and Discover every month, all having a higher credit limit that we will ever use.
AmEx lists my FICO score at 800. Discover lists DH FICO score at 845. Can't figure out why the huge discrepancy. Both say they would be better if we had more credit cards and paying off a loan....not going to happen. Yes, I know they are both excellent but how can someone be rated on something that financial institutions can't agree on. About the only loan we might consider is another car loan and probably not for a couple years, so I'm not going to worry myself but I just think it is ridiculous.
The whole thing is ridiculous. DH and I have been married for almost 44 years. We each have the same credit cards and both our names are on all accounts. The only thing that I had myself was a car loan that was paid off in 2013 at less than 3 years. We have no mortgage or any other loans and pay all our bills on time or earlier and pay off all credit cards, Visa, AmEx and Discover every month, all having a higher credit limit that we will ever use.
AmEx lists my FICO score at 800. Discover lists DH FICO score at 845. Can't figure out why the huge discrepancy. Both say they would be better if we had more credit cards and paying off a loan....not going to happen. Yes, I know they are both excellent but how can someone be rated on something that financial institutions can't agree on. About the only loan we might consider is another car loan and probably not for a couple years, so I'm not going to worry myself but I just think it is ridiculous.
Yeah, that's about how I feel about it. I also am a rebellious person in general and I'm not jumping through hoops for them, I have plenty of credit cards and high limits on them all, so it's good enough for me. Like other people said, I shouldn't worry about it.
I don't think your FICO score has literally anything to do with your ability to get a mortgage, to be completely honest. Maybe if your score sucks, sure, but otherwise it seems to apply more to instant approvals on small debt amounts like credit cards. I guarantee there are people with 840 FICO scores who couldn't qualify for a $250,000 mortgage and other people with 770s who could get a mortgage 4x that without issue. So what exactly the point of the score is, who knows, because it's clearly not an indication of who can afford more debt.
My current FICO score is listed at 777, it went down 2 points last month probably because I got a new Savor credit card (3% cash bank on dining), the first new card I've gotten in a number of years.
My FICO score is different with two different reporters. Both score on 850 scale.
I have a barely or somewhat acceptable score of 849 as reported by Discover. My score, as reported by Chase Manhattan, is at a near-bankruptcy/check bouncer level of 831.
My FICO score is different with two different reporters. Both score on 850 scale.
I have a barely or somewhat acceptable score of 849 as reported by Discover. My score, as reported by Chase Manhattan, is at a near-bankruptcy/check bouncer level of 831.
What gives?
Dude you better get that fixed! What’s going to happen if it falls another 3-4 points?! Doesn’t the IRS come and throw you in debtors prison?!
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