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Old 11-26-2018, 05:45 PM
 
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So, both Wells Fargo and American Express offer me the ability to view my FICO score for free through my accounts. Both specifically say this is my FICO Score 9 (not Vantage score), yet the scores are about 50 points different than each other.


How can that be?
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Old 11-26-2018, 05:49 PM
 
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they use different criteria and maybe even different scales . the credit cards give you fico 8 bank card scores not comprehensive credit scores . fico 8 bank card scores don't all use 850 as a top score or start at the same number . some go up to 950.

bank card scores do not count certain other things much so your actual comprehensive credit score will differ as well
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Old 11-26-2018, 06:35 PM
 
Location: Portal to the Pacific
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This is why when you apply for a mortgage they run multiple credit reports and each report gives a different number. Added to this there is now a way for borderline consumers to influence their own scores. So say you have a score in the mid-600's, you can now opt in to have your bank accounts included in your FICO measurement. I just heard about it today on Stacking Benjamins.
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Old 11-27-2018, 03:36 AM
 
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there are 55 different fico scores that cater to different industries .

the credit card scores that are free are not really comprehensive scores .they are fico 8 bank card scores .

they weight credit cards heavy and many run from 250-900. non fico 8 scores run 300-850
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Old 11-27-2018, 12:34 PM
 
Location: North Idaho
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Add it all together and if you are good at managing your money and pay all your debts on time, everyone will give you a good score, even if the actual number isnt the same from every source
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Old 11-27-2018, 07:10 PM
 
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Thank you everyone. As I look closer, American Express was FICO 8, and Wells Faro was FICO 9. I see how there are many different scores that can be used. But, I always thought they were somewhat close to each other. Guess not.


So, any way of figuring out which one anyone will use?


In the next year I am looking to get a $100k home equity loan (not a HELOC) for a renovation. While I am doing everything to make sure my score is at its best, I want to make sure that I am not asking for rates from someone looking at a lower score.


Any advice?
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Old 11-28-2018, 01:33 AM
 
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fico 9 eliminates any medical debt . so it too can vary quite a bit from a comprehensive fico score. fico 9 goes to 850 , fico 8 can go to 900
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Old 11-30-2018, 04:42 AM
 
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Quote:
Originally Posted by spencgr View Post
So, both Wells Fargo and American Express offer me the ability to view my FICO score for free through my accounts. Both specifically say this is my FICO Score 9 (not Vantage score), yet the scores are about 50 points different than each other.


How can that be?



https://www.myfico.com/credit-educat...score-versions
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Old 11-30-2018, 04:47 AM
 
20,569 posts, read 13,592,536 times
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Quote:
Originally Posted by flyingsaucermom View Post
This is why when you apply for a mortgage they run multiple credit reports and each report gives a different number. Added to this there is now a way for borderline consumers to influence their own scores. So say you have a score in the mid-600's, you can now opt in to have your bank accounts included in your FICO measurement. I just heard about it today on Stacking Benjamins.

*UltraFICO* will not be released until early 2019 as small pilot program.


https://www.housingwire.com/articles...s-for-millions


https://www.usatoday.com/story/money...ry/1730838002/


Nor is it exactly clear that using this new score will result in an increased FICO score, but could very well be the opposite.


Then you have the real fact that despite FICO 9 being released over four years ago a majority of lenders still use FICO 8.
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Old 11-30-2018, 04:59 AM
 
20,569 posts, read 13,592,536 times
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Originally Posted by oregonwoodsmoke View Post
Add it all together and if you are good at managing your money and pay all your debts on time, everyone will give you a good score, even if the actual number isnt the same from every source


Yes, and no.


FICO 8 is more forgiving of accounts with rare late payments, but comes down heavily on those with high utilization. Thus it doesn't matter if one pays credit card bills on time per se; but if have racked up large debts in relation to individual and overall total credit available (high utilization) credit score is dinged.


Payment history is 35% of FICO score, about another 30% comes from utilization of credit (again both individual accounts and overall total available.


Someone with an excellent payment history (perfect history of on time payments) but shows usage of >30% to greater than 50% of available credit will have a lower credit score than someone who not only pays on time, but also carries little or no balances and thus has a lower utilization rate.


Now if by "pay all your debts on time" you mean paying off all credit card bills each month and carrying no balances, that is a different story.
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