Author Topic: Do you think FICO is giving out bogus scores to get folks to apply for loans?  (Read 772 times)

swampwiz

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I get free "FICO" or "Vantage" or whatever scores with my credit cards, but they always seem to be higher than the ones that get reported to me when I get declined for a credit card.

This article explains:

https://www.cnbc.com/2015/12/24/that-great-credit-score-you-got--its-probably-wrong.html

my opinion:  The free scores they give out are bogus.

Laserjet3051

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No, I dont think their fake. There are a variety of different credit models. The one a potential creditor may use to support your credit application may not be the same one you see. My advice is to review and track as many different credit scores (models) for you that are available and use that range to forge ahead. If you want to dig deeper you can review the different variable weightings that comprise each model to get a better idea of what each score really says about you. With a mid 800 range of scores i am never denied and typically get competitive rates.

PDXTabs

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Also, there are three different credit bureaus that the lender can pull data from (Equifax, Experian and TransUnion). For a while one of the bureaus had much better data for me than the other two. When I went to apply for car insurance I applied at a whole bunch of places and the one I accepted obviously was pulling from the bureau with the good data.

MrUpwardlyMobile

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No, I dont think their fake. There are a variety of different credit models. The one a potential creditor may use to support your credit application may not be the same one you see. My advice is to review and track as many different credit scores (models) for you that are available and use that range to forge ahead. If you want to dig deeper you can review the different variable weightings that comprise each model to get a better idea of what each score really says about you. With a mid 800 range of scores i am never denied and typically get competitive rates.

At mid-800s, you can basically assume you’ll be approved and get the best rates they offer.
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jlcnuke

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They're not "fake", there are just multiple scores. FICO doesn't just give you one credit score, there are many they develop and different lenders/etc use different ones. So the FICO score you get one place may not be the same FICO score another place is using.
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rothwem

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I don’t have a whole lot of faith in the free credit scores. Capitalone told me I was an 821, but when I applied for my mortgage, it had me at 770-781 across the three credit bureaus. Luckily, 770 is still pretty good, but I would’ve been in for a nasty surprise if I was on the edge.

Hargrove

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According to the article, the scores you get are often not applicable to the things you would, you know, typically use them for - dunno that "irrelevant" is better than "fake," but that's pretty bad.
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MilesTeg

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There is more than one FICO score, theres an auto one, a mortgage one, a revolving one, etc.

See here: https://www.myfico.com/credit-education/credit-scores/

In particular take a look at the pamphlet download.

Johnez

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They are useless. The places pulling scores aren't using Credit Karma or Vantage or any of that crap. If that's not fake I don't know what is.