FICO and Credit Modeling Websites

[Amethyst]

Quite a while back, we had a thread about CreditKarma and CreditSesame, two free services which attempt to predict your FICO score. I think one tries to model how TRANSUNION would score you, and the other models EXPERIAN. Or something like that.

Anyway, my Barclay Arrival master card offered free access to my "real" FICO score (since the card company already has my personal info) so I went to the site and checked. To my surprise, it was considerably higher than the CreditKarma score and almost 20 points higher than the CreditSesame score.

Just thought this was curious, and may interest some.

Amethyst

[Katsmeow]

Are you sure that the real "FICO" score is indeed a FICO score and not a credit score? There are various credit scores that credit bureau's use that aren't the same as a FICO score (for example, the Vantage score). These often use different scales and are not the same.

Even for true "FICO" scores, there are different ones. The FICO score that a mortgage company might use might be different from the FICO score that a credit card company would use.

I do think that CreditKarma gives you a TransUnion score if I recall. Sometimes creditors may report to only one or two bureaus instead of all of them. This may not make a material difference but can make a difference particularly if something that has a big impact on credit score (whether for good or ill) is reported to one bureau and not another.

[Animorph]

Just take out a new mortgage or refi to see your scores. I think we saw three scores for both DW and me. Not too far apart, but not exactly in agreement either.

[Amethyst]

The site says "FICO" and has a lengthy explanation of what influences your score.

Hmm, Animorph, I'm not quite sure I want to re-mortgage Chez Amethyst just to get my score :-)

Amethyst

[JOHNNIE36]

I just did a complete check on Credit Karma and they show a thing called "Credit Score Center" where they list your Trans Union credit score, your Vantage Score, a score for auto insurance and one for home insurance. Not sure what this all means but it helped me one time on car insurance. My insurance company informed me at renewal time that my cost went up because I didn't get their best rate based on my credit score. I called the insurance company on this, gave them the credit scores I had which showed I deserved the best rate. They revised their numbers and I got their best rate. Unbelievable.

[daylatedollarshort]

I pay for the myfico service. I may not keep it forever, but it is interesting for now to see what events like applying for a credit card or forgetting to pay a balance off on a credit card do to my score.

[project2501]

Only place I've used for 10yrs https://www.annualcreditreport.com/index.action .

USAA bank referred it, so we've been checking free every year ever since. Even though haven't used any credit since getting my life ahead, it's nice to keep a pulse check on it. That stuff about not having a top high score without debt is bs.

[kaudrey]

If you do the estimate on the FICO website, it is accurate. I just got a home equity loan, so I know my credit score. I just went to that estimator, and the high side of their estimate is what my score is.

[JOHNNIE36]

It looks like big changes are coming with reference to knowing your FICO scores. It was on the news this morning that Discover (for one) will start printing your FICO score on your monthly statement every month. Not sure when this will start or if there are other credit card companies that will also do this.

[easysurfer]

Quote:

Originally Posted by JOHNNIE36 It looks like big changes are coming with reference to knowing your FICO scores. It was on the news this morning that Discover (for one) will start printing your FICO score on your monthly statement every month. Not sure when this will start or if there are other credit card companies that will also do this.

+1 Saw the coverage on the news also.

More info about Discover's plans :

Quote:

Discover Financial Services (DFS), the credit-card lender with the second-lowest default rate among the biggest U.S. issuers, will provide credit scores to customers at no cost. Card holders will have access to their FICO scores, the most widely used credit-grading formula by U.S. lenders, on their monthly bill, the Riverwoods, Illinois-based firm said today in a statement. The offering begins today for customers of the “Discover it” card and will be provided to all other clients in the next few months, the company said

Discover Offering Card Holders Free FICO Scores on Monthly Bills - Bloomberg

[prototype]

Quote:

Originally Posted by Amethyst Quite a while back, we had a thread about CreditKarma and CreditSesame, two free services which attempt to predict your FICO score. I think one tries to model how TRANSUNION would score you, and the other models EXPERIAN. Or something like that. Anyway, my Barclay Arrival master card offered free access to my "real" FICO score (since the card company already has my personal info) so I went to the site and checked. To my surprise, it was considerably higher than the CreditKarma score and almost 20 points higher than the CreditSesame score. Just thought this was curious, and may interest some. Amethyst

I just checked my score on CreditKarma and CreditSesame. The Karma/Transunion (FICO estimate?) had me at 795, I was dinged for not having any loans (mortgage, car loan,...) for a long time . The Sesame/Experian estimate? had me at 840. Both had top end scales of 850.

I remember a few years back paying the $20 to get my "FICO scores" and reports from all 3 major credit bureaus. All the info each had was the same and correct. But the scores varied about 30 points if I remember correctly. Something like 800-830. Go figure.

Anyway I am glad to see some that some financial institutions are starting to provide credit scores to their customers.

[Amethyst]

That pleases me about Discover. I've always resented the notion that your FICO score is some awful secret that you, yourself cannot know, but can only wait to be informed of when you apply for a loan. It's like the high school Prom Committee assigning you a grade of A, B, C or F, on criteria that you can guess at, but only they know for sure.

Amethyst

[FANOFJESUS]

Some credit unions to this to but not with the real FICO. But mine feeds me a number that is with in 20 points of the real FICO number which I think is a good deal for free.