Credit Score

[bertusgeert 1]

So I check my free equifax quickly, but nowhere do I find the three digit number - why not? It isn't even in their FAQ.

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As jy dom is moet jy bloei!

[Rebecca 0]

Um, what's that in your avatar?

It's a little scary looking.

you've got to ask yourself one question: 'Do I feel loquacious?' -- well do you, punk?

[BillyVance 35]

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Um, what's that in your avatar?

It's a little scary looking.

a dead wookie?

"Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban

[kelel01 1]

You have to pay for your credit score.

[bertusgeert 1]

You mean then, that you have to pay for the the three digit number, and that the government only made it free for identity theft purposes and therefore you can only see all your info, but not your calculated score. Oh well

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As jy dom is moet jy bloei!

[kelel01 1]

Exactly. And it'll be different with each of the three agencies, so you kind of need al of them.

[bertusgeert 1]

But if I am only concerned about Identity theft then checking Equifax would surely be enough right?

Thanks for your expert knowledge.

And no, it's not a dead wookie, but an item available for purchase on the witchdoctor market.

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As jy dom is moet jy bloei!

[kelel01 1]

Yeah, because it'll tell you WHAT shows up . . . and if anything on there's not yours, then you can follow up on that.

[kelpdiver 2]

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But if I am only concerned about Identity theft then checking Equifax would surely be enough right?

You're looking for accounts you're not aware of, inquiries you didn't make, and for any bad marks like late payments.

Identify theft isn't the only problem that can affect your scores - so can mistakes.

You may be able to find FICO estimaters on the web. It's not going to be precise, but close enough based on the number of accounts, the debt ratio, and number of negative marks.

[skycat 0]

Actually if you buy something where they have to check your credit score you can ask the retailer what it is. When we bought Derek's bike I asked and they told me, I was very pleased to know it is extremely good.

I do get my credit report once a year but I didn't know my score either until then.

Fly it like you stole it!

[gravitational 0]

order your credit score *only* from myfico.com. If you know you've got some negatives that affect your score, get it from www.myfico.com/12 (this will give you the full 12 reasons - if there are 12 - for some of the negatives in your score. ordering directly from the homepage will only give you up to 4.) Looking for more on this, drop me a PM.

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Michael

[gravitational 0]

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Exactly. And it'll be different with each of the three agencies, so you kind of need al of them.

The score you need is your FICO score. Two of the 3 credit bureaus sell their own numbers that are not used by lenders to do anything. Buying the numbers from the bureaus is a waste of money.

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Michael

[gravitational 0]

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...you can ask the retailer what it is.

They're not obligated to tell you what it is and they generally have policies in place will not allow the employee to give you the number. But, if you ask nicely, you'll probably get it. Just don't expect to get it when you buy something.

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Michael

[TomAiello 26]

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...you can ask the retailer what it is.

They're not obligated to tell you what it is and they generally have policies in place will not allow the employee to give you the number. But, if you ask nicely, you'll probably get it. Just don't expect to get it when you buy something.

If the something you are buying is a house, not only will you get the numbers, but you'll also usually get free professional help in clearing up any problems (the mortgage broker wants that commission, after all).

-- Tom Aiello

Tom@SnakeRiverBASE.com
SnakeRiverBASE.com

[gravitational 0]

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If the something you are buying is a house, not only will you get the numbers, but you'll also usually get free professional help in clearing up any problems (the mortgage broker wants that commission, after all).

Yep...very true. But, if you're going to open a bank account or apply for a car loan, in most cases they are not going to give you the number - well, ask nicely and see what they say. In the case of car loans, there is another number altogether called the FICO Auto Industry Option Score instead of a traditional FICO score. In most cases, this score won't be much different than your regular FICO score, but it the finance person has the option to look at this score which looks specifically at your previous auto loan/lease history.
They're still not obligated to give it though.

Need more FICO info, ask me.

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Michael

[Elisha 1]

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Exactly. And it'll be different with each of the three agencies, so you kind of need al of them.

The score you need is your FICO score. Two of the 3 credit bureaus sell their own numbers that are not used by lenders to do anything. Buying the numbers from the bureaus is a waste of money.

Oh contraire. I work for a major lender in the home office (Greenpoint Mortgage). We usually get 3 Scores, ONE of them being the FICO (Fair Isaac) credit score. Which Score is used is entirely dependent on the individual loan program and documentation type (Full Documentation, Stated Income, missing one or more of income/assets/equity, etc.).

While I agree that it is probably a waste to get all credit scores out there since they would all be relatively close, getting your free credit report and maybe using the trick someone else suggested maybe sufficient if you just want something close. Checking out myfico.com is a good suggestion though, unless their service is expensive (I have no idea).

[gravitational 0]

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Oh contraire. I work for a major lender in the home office (Greenpoint Mortgage). We usually get 3 Scores, ONE of them being the FICO (Fair Isaac) credit score. Which Score is used is entirely dependent on the individual loan program and documentation type (Full Documentation, Stated Income, missing one or more of income/assets/equity, etc.).

While I agree that it is probably a waste to get all credit scores out there since they would all be relatively close, getting your free credit report and maybe using the trick someone else suggested maybe sufficient if you just want something close. Checking out myfico.com is a good suggestion though, unless their service is expensive (I have no idea).

MyFICO is 15-16$ last I checked for your three FICO scores from the 3 bureaus. I think you missed (and I didn't 'splain well) the point. If you order your score from TransUnion, you are NOT getting your FICO score with them but getting TransUnion's flavor of the score - not what potential (or existing) creditors look at.
Not sure if it's Experian or Equifax (can't find my notes) but one of those really does sell your FICO score and not their flavor of it.

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Michael

[Elisha 1]

OK.

Regardless, a loan an Underwriter can make an exception sometimes to a borderline score for a specific loan program. While there may be rules ( I should say "guidelines" instead), exceptions are frequently made.

[gravitational 0]

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OK.

Regardless, a loan an Underwriter can make an exception sometimes to a borderline score for a specific loan program. While there may be rules ( I should say "guidelines" instead), exceptions are frequently made.

Right. But they specifically look at the FICO score and not the TransUnion (or other) flavor of it, right?

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Michael

[kelpdiver 2]

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Right. But they specifically look at the FICO score and not the TransUnion (or other) flavor of it, right?

You keep harping on this, and it makes no sense.

MyFico doesn't have a score of its its own. It can't, because the score is based on bureau data. In their own words:

FICO scores are 3 digits numbers ranging from 300-850. You have 3 FICO scores, one for each credit bureau – Equifax, Experian, and TransUnion.

[gravitational 0]

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FICO scores are 3 digits numbers ranging from 300-850. You have 3 FICO scores, one for each credit bureau – Equifax, Experian, and TransUnion.

Yes...My point being is that creditors look at your FICO score. TransUnion and Experian (or Equifax)* will sell you their flavor of your FICO score. Their flavor is not used when making credit decisions and is a waste of money to obtain if you're curious as to what your credit scores are.
The only place to get your true FICO score from all the major bureaus is MyFICO.com.

MyFICO is a division of the Fair Isaac COrporation, the creators of the FICO score. The only place you can obtain your FICO score for all 3 bureaus is from them. All 3 bureaus use the same scheme to generate your FICO score based on Fair Isaac - they all just don't sell you your FICO score.

*(I'm still looking through my notes as I'm not sure if it's Experian or Equifax that provides your real FICO score and not their flavor of it that is useless to even know.)

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Michael

[kelpdiver 2]

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Yes...My point being is that creditors look at your FICO score. TransUnion and Experian (or Equifax)* will sell you their flavor of your FICO score. Their flavor is not used when making credit decisions and is a waste of money to obtain if you're curious as to what your credit scores are.

Were this true, I'd expect them to be trumpeting that fact on their own page. They don't. All they say is they're the place to get all 3 in one transaction. For $45.

[gravitational 0]

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Were this true, I'd expect them to be trumpeting that fact on their own page. They don't. All they say is they're the place to get all 3 in one transaction. For $45.

Equifax gives you your FICO score, Experian does not.
I'm heading out for a bit but will do all the research that you've lacked to do and post results later.
Fair Isaac is a licensed product that is the industry standard. All the bureaus provide the numbers to creditors. As licensees of the product from Fair Isaac, don't you think it's in Fair Isaac's best interest not to upset their customers?

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Michael

[Elisha 1]

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OK.

Regardless, a loan an Underwriter can make an exception sometimes to a borderline score for a specific loan program. While there may be rules ( I should say "guidelines" instead), exceptions are frequently made.

Right. But they specifically look at the FICO score and not the TransUnion (or other) flavor of it, right?

Wrong. Again, it is entirely dependent on the individual loan program and doc type. The lender gets all credit scores that are available for a borrower (from ALL the bureaus) and uses one over another for different reasons. My company has around 500 loan programs - maybe the most of any major lender. I'm an analyst in Operations, but I sit next to a couple of Corporate Underwriters (they have high authority levels). I don't look at the aspects of individual loan programs and why they work they way they do, but I do deal with lots of mortgage data on a daily basis.

[rmsmith 1]

If you are shopping for a mortgage then you'll need a good FICO score to get a decent interest rate. However, these days, just about anyone with a pulse can get a mortgage for a "McMansion". Be very careful where you buy since the housing boom has turned direction in many markets, and prices are likely to be headed downward for some time as they have been driven to meteoric highs due to easy money policies encouraged by the fed. The coastal states have been pumped up the highest followed by inland places with desirable weather. Do you homework, first!