Author Topic: FICO/Credit Score  (Read 2731 times)

El Gringo

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FICO/Credit Score
« on: February 04, 2016, 03:18:49 PM »
What's the difference between a FICO score and a credit score? And does anyone know why I'm getting different numbers from different sources that are reporting on the same reporting company (i.e. I'm getting different TransUnion scores - see below). Since November, I've opened three new credit cards, so my score has taken a hit. I'm interested in opening either one of the 5% rotating category reward cards, but I feel like opening another one will have a big hit on my score. If my score is in the 780-800, like some of the sources below say, then I don't mind. If it's in the 740s, though, like some sources say, then I want to wait.  Below are what various sources say is my score:


1. Credit Karma
a.   TransUnion Credit Score: 787
b.   Equifax Credit Score: 788
2. Credit.com
a.   Experian Credit Score: 801
b.   VantageScore: 794
3. Credit Sesame
a.   TransUnion Credit Score: 787
4. Mint.com
a.   Equifax Credit Score: 746
5. Barclay Credit Card
a.   Transunion FICO: 761
6. Capital One Credit Card
a.   Transunion Credit Score: 744
7. American Express Credit Card
a.   Experian FICO: 767


neo von retorch

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Re: FICO/Credit Score
« Reply #1 on: February 05, 2016, 07:30:38 AM »
El Gringo,

In Fall of 2014, I opened quite a few credit cards (Amex Blue Cash, Sallie Mae, Citibank Double Cash, Chase Ink...) and yes, it did ding my credit score a little, but it has recovered since. And hey, look, I'm house shopping this year. What major purchase(s) do you have coming up in the next six months that you'll need an immaculate score to get the best rate?

neo

Saving in Austin

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Re: FICO/Credit Score
« Reply #2 on: February 05, 2016, 07:52:59 AM »
Here is a full explanation of what a FICO score is:

http://bit.ly/1K2FTvt

El Gringo

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Re: FICO/Credit Score
« Reply #3 on: February 05, 2016, 07:54:19 AM »
El Gringo,

In Fall of 2014, I opened quite a few credit cards (Amex Blue Cash, Sallie Mae, Citibank Double Cash, Chase Ink...) and yes, it did ding my credit score a little, but it has recovered since. And hey, look, I'm house shopping this year. What major purchase(s) do you have coming up in the next six months that you'll need an immaculate score to get the best rate?

neo

Haha. I 've got those first three cards too (do you use your Amex card for anything? The Sallie Mae card trumps it on everything...unless, I guess you exceed their monthly grocery limit?).

I wouldn't be concerned about my credit rating for a major purchase, except I'm looking at graduate school this fall. My aim is to avoid debt as much as possible, so I sure hope I don't have to take out private loans, but I'm waiting to hear back from schools now on acceptance, financial packages, etc. In a few months, I'll have a better picture of what my financial situation will be.

El Gringo

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Re: FICO/Credit Score
« Reply #4 on: February 05, 2016, 07:58:53 AM »
Here is a full explanation of what a FICO score is:

http://bit.ly/1K2FTvt

Thanks - what I'm wondering is whether FICO is different from your traditional credit score? I was always under the assumption that they were two different scores - two different algorithms that tried to quantify your credit risk. It seems though that my assumption is wrong, and FICO is interchangeable with "credit score", is that correct?

neo von retorch

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Re: FICO/Credit Score
« Reply #5 on: February 05, 2016, 08:11:09 AM »
FICO is an organization that defined the credit score, and it looks like Transunion and Equifax follow their model, while Experian uses a variation for their scoring system.