What's your credit score?

[King Poetic]

690 on one

717 on another

 

[BigMoneyGrip]

725 nothing to brag about

 

[Listen]

This is probably the perfect time to explain Credit Scores.

95% of lending institutions use credit scores from a company called Fair Issac, better known as FICO.

The scores you get from Credit Karma, Credit Sesame etc are not the scores actual lenders will use when you apply for credit. They are scores called Vanguard scores, also referred to as FAKO scores, since they aren’t really fake per se but just not relevant for lending purposes.

To confuse matters more, FICO has new algorithms applied to new versions every 3-5 years, and lenders aren’t required to “upgrade” to the new versions, so every lender you apply to could be using a different version.

Add another layer in that they also offer specialized scores for verticals, such as “Auto Enhanced” which is geared towards auto loans and grades your car payment history higher etc. Same for credit cards, Mortgages.

Then also add in that their are 3 different bureaus that report your credit, and you get 3 different scores for each bureau.

Not to derail, but is it any wonder people don’t understand credit? Lol

 

[Kane1]

So I paid my car off and my fukking score dropped 30 points, leaving me
around 800.

After that fukk that shyt,,

FACTS


I was at a 815 before I traded in my car for a new whip

 

[dterpsss]

This is probably the perfect time to explain Credit Scores.

95% of lending institutions use credit scores from a company called Fair Issac, better known as FICO.

The scores you get from Credit Karma, Credit Sesame etc are not the scores actual lenders will use when you apply for credit. They are scores called Vanguard scores, also referred to as FAKO scores, since they aren’t really fake per se but just not relevant for lending purposes.

To confuse matters more, FICO has new algorithms applied to new versions every 3-5 years, and lenders aren’t required to “upgrade” to the new versions, so every lender you apply to could be using a different version.

Add another layer in that they also offer specialized scores for verticals, such as “Auto Enhanced” which is geared towards auto loans and grades your car payment history higher etc. Same for credit cards, Mortgages.

Then also add in that their are 3 different bureaus that report your credit, and you get 3 different scores for each bureau.

Not to derail, but is it any wonder people don’t understand credit? Lol

Exactly, even credit karma’s “equifax” score uses vantage . Vantage score is never equal to equifax’s actually score. NEVER. His equifax score is probably close to 730 which is till an impressive recovery

 

[ball15life]

750.


I remember my 505 days

Edited for my life

 

[Listen]

Exactly, even credit karma’s “equifax” score uses vantage . Vantage score is never equal to equifax’s actually score. NEVER. His equifax score is probably close to 730 which is till an impressive recovery

Yup. The scores aren’t worthless but they just won’t be accurate when your trying to figure out what a lender will think of you or where a score falls within a rate bracket.

The one most lenders are using for general loans now is the FICO 8 score. I pay once or twice a year to get all 3 bureau reports and all the scores through myfico. It’s pricey, like $40 bucks or something, but it gives you all 3 reports with real FICO scores across all the versions they have, so you have real numbers before you do a hard inquiry for credit on anything.

 

[TEKBEATZ]

840

 

[Save $ not Hoes]

This is probably the perfect time to explain Credit Scores.

95% of lending institutions use credit scores from a company called Fair Issac, better known as FICO.

The scores you get from Credit Karma, Credit Sesame etc are not the scores actual lenders will use when you apply for credit. They are scores called Vanguard scores, also referred to as FAKO scores, since they aren’t really fake per se but just not relevant for lending purposes.

To confuse matters more, FICO has new algorithms applied to new versions every 3-5 years, and lenders aren’t required to “upgrade” to the new versions, so every lender you apply to could be using a different version.

Add another layer in that they also offer specialized scores for verticals, such as “Auto Enhanced” which is geared towards auto loans and grades your car payment history higher etc. Same for credit cards, Mortgages.

Then also add in that their are 3 different bureaus that report your credit, and you get 3 different scores for each bureau.

Not to derail, but is it any wonder people don’t understand credit? Lol

They dont teach it. Keep going breh.

 

[levitate]

803.

 

[QuintessentialMan]

We dont have credit scores out here in the Motherland.

Everything strait cash homie

 

[Dirty Mcdrawz]

Yup. The scores aren’t worthless but they just won’t be accurate when your trying to figure out what a lender will think of you or where a score falls within a rate bracket.

The one most lenders are using for general loans now is the FICO 8 score. I pay once or twice a year to get all 3 bureau reports and all the scores through myfico. It’s pricey, like $40 bucks or something, but it gives you all 3 reports with real FICO scores across all the versions they have, so you have real numbers before you do a hard inquiry for credit on anything.

Is that considered an hard credit pull or a soft one?

 

[Justise M]

740 last I checked

 

[cheek100]

This is probably the perfect time to explain Credit Scores.

95% of lending institutions use credit scores from a company called Fair Issac, better known as FICO.

The scores you get from Credit Karma, Credit Sesame etc are not the scores actual lenders will use when you apply for credit. They are scores called Vanguard scores, also referred to as FAKO scores, since they aren’t really fake per se but just not relevant for lending purposes.

To confuse matters more, FICO has new algorithms applied to new versions every 3-5 years, and lenders aren’t required to “upgrade” to the new versions, so every lender you apply to could be using a different version.

Add another layer in that they also offer specialized scores for verticals, such as “Auto Enhanced” which is geared towards auto loans and grades your car payment history higher etc. Same for credit cards, Mortgages.

Then also add in that their are 3 different bureaus that report your credit, and you get 3 different scores for each bureau.

Not to derail, but is it any wonder people don’t understand credit? Lol

Facts
U think credit karma and the rest are giving u a “real” score but as someone said earlier subtract 65-100 pts and that’s what lenders REALLY see.

 

[Jesus]

It doesn't matter....nikkas worry too much about credit score....Good for you that you were trusted by a CC company to be in debt over 15k with their card.