What's your credit score?

J

Jesus

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dterpsss said:
false , high score usually means low utilization
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Idiot, I was stating that bragging that some credit card company can or will give you a huge line of credit is pathetic. I wasn't referring to usage.
 
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Prodyson

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Listen said:
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
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True, but my credit Karma score was pretty accurate. My scores were like 806 (equifax) and 820 something (trans union). I applied for a credit card for the travel benefits a month or so ago and they said my FICO score was like 831. So it was off, but close enough

If my credit history was longer I might have been able to get to 850, or at least in the 840’s. But we’re not making any big purchases right now so it’s irrelevant, I suppose.
 
Actually6Foot3

Actually6Foot3

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dterpsss said:
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
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Listen said:
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.
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I just told y'all I ran my scores through Equifax directly and this is accurate though :mjlol:

I literally have my entire credit report in a PDF on my PC dated 2.16.19 (since each bureau gives you one free report a year)

Credit Karma is not as far off as you guys are making it out to be. As a realtor I run credit often and people will say "can I just show you my credit karma" which we never accept as it could be doctored but more often than not their TransUnion is within 20 points of the score they've shown me. We also do a hard pull and get their ENTIRE report. I've ran more credit than I can count. In fact I just finished running someone's credit 20 minutes ago.
 
Harry Sax

Harry Sax

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I’m in the 560s any tips to get my number up? I tried to get credit cards and can’t ...I don’t have any major debt
 
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