That's racist!

[Freak]

There is so much wrong in the post...

Looks accurate to me.

:dunno: (missing emoji. Somebody tell Frank to get on that).

 

[tumscalcium]

Looks accurate to me.

:dunno: (missing emoji. Somebody tell Frank to get on that).

Damn Frank. Again.

 

[Freak]

Credit Bureaus do not create credit “scores”, they create credit “reports”.

Credit reports from 1 of the 3 bureaus are then used to create Credit scores.

Example - the FICO Score 8 uses data from Equifax to generate its score (the most commonly used score in the marketplace).

You used to be able to go to myFICO and request your score.

If you have an American Express card you can view your FICO score each month in the account page. It tracks monthly. That’s what I use.

 

[Obsessed]

Credit Bureaus do not create credit “scores”, they create credit “reports”.

Credit reports from 1 of the 3 bureaus are then used to create Credit scores.

Example - the FICO Score 8 uses data from Equifax to generate its score (the most commonly used score in the marketplace).

You used to be able to go to myFICO and request your score.

The agencies have their own scoring models. If they didn’t, all three of your scores would be exactly the same...

All 3 of them generate their own scores. Not one of the 3 As you stated.

Which report pulled is based on geographical area. Equifax is not the predominately one used. It is however more commonly pulled in the Midwest and the south. Trans union is pulled primarily in the south and experienced in pulled more on the east and west coast.

Capital one for example pulls all 3 and bases your interest rate and credit limit on your lowest score of the 3.
Barclaycard pulls transunion.
Navy Fed pulls equifax
PenFed pulls experian.
American Express pulls based on where you live.

 

[Obsessed]

If you have an American Express card you can view your FICO score each month in the account page. It tracks monthly. That’s what I use.

Discover does this as well. Transunion.
Navy Fed does too. Equifax...

 

[BearCat204]

Credit Bureaus do not create credit “scores”, they create credit “reports”.

Credit reports from 1 of the 3 bureaus are then used to create Credit scores.

Example - the FICO Score 8 uses data from Equifax to generate its score (the most commonly used score in the marketplace).

You used to be able to go to myFICO and request your score.

I have a monthly subscription to MyFico that provides reports and live updated credit beacons

 

[BearCat204]

Discover does this as well. Transunion.
Navy Fed does too. Equifax...

All of which are FAKO scores. They are not accurate beacon scores. You can use that service that they provide and the scores they show you will be different from what they would use as far as credit worthiness with them. Cap One does the same thing.

 

[LouderVol]

All of which are FAKO scores. They are not accurate beacon scores. You can use that service that they provide and the scores they show you will be different from what they would use as far as credit worthiness with them. Cap One does the same thing.

is this just a pun or another new term I should know?

 

[Obsessed]

All of which are FAKO scores. They are not accurate beacon scores. You can use that service that they provide and the scores they show you will be different from what they would use as far as credit worthiness with them. Cap One does the same thing.

My transunion has always been spot on with discover. Hmmm
I used to use myfico during the testing stages. We had 20% discount codes. Those came in handy.

 

[Obsessed]

is this just a pun or another new term I should know?

It’s a term used to describe fake scores like credit karma.

 

[BearCat204]

is this just a pun or another new term I should know?

Its any score that isn't your actual FICO beacon score. Vantagescore is an example of a FAKO and is passed as being your credit score even though it could be +/- 30 points from your actual FICO

 

[LouderVol]

Its any score that isn't your actual FICO beacon score. Vantagescore is an example of a FAKO and is passed as being your credit score even though it could be +/- 30 points from your actual FICO

so in this case the answer was actually "yes".

good info by the way

 

[T-TownVol]

But, is credit a racist white privilege way to keep the minorities down?

 

[85SugarVol]

Looks accurate to me.

:dunno: (missing emoji. Somebody tell Frank to get on that).

IT is accurate.

Pretty sure I already called you out in the RF to get on those old emojis :wink2:

 

[85SugarVol]

The agencies have their own scoring models. If they didn’t, all three of your scores would be exactly the same...

All 3 of them generate their own scores. Not one of the 3 As you stated.

Which report pulled is based on geographical area. Equifax is not the predominately one used. It is however more commonly pulled in the Midwest and the south. Trans union is pulled primarily in the south and experienced in pulled more on the east and west coast.

Capital one for example pulls all 3 and bases your interest rate and credit limit on your lowest score of the 3.
Barclaycard pulls transunion.
Navy Fed pulls equifax
PenFed pulls experian.
American Express pulls based on where you live.

The scores are different because the reports are different.

Sigh....

 

[Obsessed]

The scores are different because the reports are different.

Sigh....

LOL

 

[Boca Vol]

He’s saying carrying a cumulative balance of 6% of your total available credit will increase your score.

He seems to think that’s true.

I’d encourage you to go to Fair Isaac (they are the company that creates the FICO) and see what they have to say about THEIR score.

Years ago the bank I worked for had some Fair Isaac people to talk about FICO scores. They had very little idea how their own product was calculated. The discussion sounded a lot like this board with some saying carry ZERO balances and others saying use your available credit but no more than X%.

The Fair Isaac guys had nothing.

 

[ClearwaterVol]

Years ago the bank I worked for had some Fair Isaac people to talk about FICO scores. They had very little idea how their own product was calculated. The discussion sounded a lot like this board with some saying carry ZERO balances and others saying use your available credit but no more than X%.

The Fair Isaac guys had nothing.

For the last several years, I have spent exclusively on credit cards. I pay the entire balance the day before the statement comes out. Therefore, my credit score shows zero balances and a high credit access. If I forget to pay the day prior and the balance reported, my score takes a small hit.

 

[LouderVol]

For the last several years, I have spent exclusively on credit cards. I pay the entire balance the day before the statement comes out. Therefore, my credit score shows zero balances and a high credit access. If I forget to pay the day prior and the balance reported, my score takes a small hit.

I wonder if its the change of habit that causes the hit?

 

[85SugarVol]

For the last several years, I have spent exclusively on credit cards. I pay the entire balance the day before the statement comes out. Therefore, my credit score shows zero balances and a high credit access. If I forget to pay the day prior and the balance reported, my score takes a small hit.

That is excellent managenent of your “Credit Utilization”. Which is 30% of your score.

You’re also paying on time, every time. “Payment History”. Which is 35% of your score.

 

[LouderVol]

That is excellent managenent of your “Credit Utilization”. Which is 30% of your score.

You’re also paying on time, every time. “Payment History”. Which is 35% of your score.

does it help more to spend more and pay it off at the same time as you did when you spent less? is that the Credit Utilization?

 

[McDad]

Wheres @BowlBrother85? He's in banking. He should be providing his insight.

 

[Obsessed]

does it help more to spend more and pay it off at the same time as you did when you spent less? is that the Credit Utilization?

We played with this too.

Personally, I’d run 4-5k through one of my cards a month. Two weeks in, I’d pay it off and run a couple thousand through it again and then pay it off.
It had no bearing.

Ideally, if you are going to let a balance report, you want your utilization to be under 30% of your credit limit.
Example: 1,000 credit line.
Less that 300 bucks reporting.

 

[Obsessed]

Wheres @BowlBrother85? He's in banking. He should be providing his insight.

They have no idea how it works either. They have a required score needed for approval. You either get it or you don’t.

Some banks that aren’t strictly score driven will do a manual review before a decision is made.

 

[85SugarVol]

does it help more to spend more and pay it off at the same time as you did when you spent less? is that the Credit Utilization?

Credit Utilization is nothing more than how much of your Total Available Credit you are using at one time.

Learn How Owing Money Can Impact Your Credit Score | myFICO