Nov 20 2016

Credit Scores vs. FICO Score – myFICO® Forums #capital #credit #card

#my credit rating

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I need help understanding the differences as well.

So you are saying that usually only Mortgage companies pull an actual FICO score?

What about when applying for credit cards, car loans, etc. are these creditors also pulling an actual FICO score, or are they usually pulling whatever score each respective Credit Bureas uses.

And do any of the credit bureaus actually use a real FICO score or formula or one that was created by the Fair Issac Company for the Credit Bureau to use, or do all 3 have their own separate, proprietary formula/score that they use?

In other words, when I apply for a credit card or car loan, what score are they seeing?

I’ve been told to not look at these FAKO scores, that if I want to see what these creditors are pulling I need to pull an actual FICO score. But this confuses me because it seems that each CRA uses their own score and that this is what these creditors are pulling.

I understand the importance of checking my FICO, but is it also worthwhile to track these FAKO scores?

I was about to sign up for the service, but read many blogs/posts that it was a waste of time because they don’t pull real scores but actually the proprietary scores of the credit bureau.

I need to know what scores creditors are seeing (other than a mortgage company), I need to start shopping for a new car and need to know what score will they be pulling, a true FICO or the credit bureau’s scores.

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