What is the diff. between Myfico and TC scores?

[mmckey]

Will someone please tell me the difference between myfico and truecredit scores? I The scores from the two sites vary by alot so I did not know which was the better, more accurate site. Which one has the scores more likely to be used when applying for a mortgage or car loan?

Thanks in advance,

Missy

[SecretAgentWoman]

TrueCredit scores are an educated guess of your FICO score based on your current credit report. Myfico.com is the actual FICO score used by many lenders.

[pjfan]

My True Credit scores are very off. They are lower than my actual FICO scores.

[LNY]

Will someone please tell me the difference between myfico and truecredit scores? I The scores from the two sites vary by alot so I did not know which was the better, more accurate site. Which one has the scores more likely to be used when applying for a mortgage or car loan?

Thanks in advance,

Missy

You will never see the scores used for a mortgage or car loan. They are not available to consumers.

[pjfan]

Really... The scores I acquired from MYfico.com were the same ones the mortgage broker pulled. They matched up with his.

Now I am really confused........ How can we know where we stand? Was that just a coincidence with me? The scores were exactly the same as shown on Myfico.com???

You will never see the scores used for a mortgage or car loan. They are not available to consumers.

[LNY]

TrueCredit scores are an educated guess of your FICO score based on your current credit report. Myfico.com is the actual FICO score used by many lenders.

The scores you receive from myfico.com are not the scores used by lenders. Each industry (credit card, mortgage, auto etc.) has its own proprietary scoring formula. The FICO scores you buy are a general approximation, but they're not the scores used by lenders. The only way for a consumer to receive the actual score used by a credit card issuer is to get the "PFICO" given by WaMu/Providian and now Juniper. Everything else is approximate, but of course FICO is of more use than FAKO.

[pjfan]

Thanks LNY. So I assume you have to be a WAMU or Juniper customer to get the PFICO?

The scores you receive from myfico.com are not the scores used by lenders. Each industry (credit card, mortgage, auto etc.) has its own proprietary scoring formula. The FICO scores you buy are a general approximation, but they're not the scores used by lenders. The only way for a consumer to receive the actual score used by a credit card issuer is to get the "PFICO" given by WaMu/Providian and now Juniper. Everything else is approximate, but of course FICO is of more use than FAKO.

[LNY]

Really... The scores I acquired from MYfico.com were the same ones the mortgage broker pulled. They matched up with his.

Now I am really confused........ How can we know where we stand? Was that just a coincidence with me? The scores were exactly the same as shown on Myfico.com???

Could be a coincidence, or maybe your broker doesn't use proprietary scoring software. But for the most part the mortgage industry uses its own version of the FICO scores, enhanced for its own unique industry needs (certain factors weighted differently than for credit card lending, for instance). Because God forbid your own financial picture should be crystal clear to you...

[LNY]

Thanks LNY. So I assume you have to be a WAMU or Juniper customer to get the PFICO?

Yes, but with Juniper it's NOT available with any of the Juniper partner (branded) cards... only the generic Juniper card.

[pjfan]

Thanks again LNY.

I did recieve a WAMU preapproval this week. I did not want to risk the hard inquiry by actually accepting the card online. Do you think it would have much impact to go ahead and apply?

How often does one get turned down with a pre approved offer?

Also is the way my name is spelled on the notice a clue as to which CRA they did the soft inquiry on?

my name is different with all three, (ie John, Jonathon, John D)

Yes, but with Juniper it's NOT available with any of the Juniper partner (branded) cards... only the generic Juniper card.

[LNY]

Thanks again LNY.

I did recieve a WAMU preapproval this week. I did not want to risk the hard inquiry by actually accepting the card online. Do you think it would have much impact to go ahead and apply?

How often does one get turned down with a pre approved offer?

Also is the way my name is spelled on the notice a clue as to which CRA they did the soft inquiry on?

my name is different with all three, (ie John, Jonathon, John D)

You're going to hate this, but there's no answer to this. You're just as likely to get declined as approved with a preapproval. It means almost nothing these days. As for the name thing, that's more likely to be indicative of which mailing list they bought your name from.

The only caveat is this: Does it say you are "invited to apply"? If so, that's as good as a cold application. It's not a preapproval.

The impact of an inquiry depends entirely on what else is on your report. No "general" answer to that one either, I'm afraid.

[pjfan]

No it is a pre-approved offer, (you received this offer because a preliminary review of your credit report from a consumer reporting agency showed that you met our credit requiremnets for a Visa Platinum Account.........yada, yada yada,)

It is tempting because I like the idea of the PFICO coming along with it. I just don't want to damage my credit if I get denied.......

The only caveat is this: Does it say you are "invited to apply"? If so, that's as good as a cold application. It's not a preapproval.

The impact of an inquiry depends entirely on what else is on your report. No "general" answer to that one either, I'm afraid.

[LNY]

No it is a pre-approved offer, (you received this offer because a preliminary review of your credit report from a consumer reporting agency showed that you met our credit requiremnets for a Visa Platinum Account.........yada, yada yada,)

It is tempting because I like the idea of the PFICO coming along with it. I just don't want to damage my credit if I get denied.......

Do you really have that many inquiries?

[pjfan]

Long story.

I have applied and recieved 3 credit cards in the last 3 weeks. We are trying to improve scores for a mortgage. We were told by the lender (that also pulled our credit) that we had no Fico score with EX, EQ was 647 and TU was 531.

We had to get some TL's opened up immediatlely. Was added as an authorized user and now have a FICO score showing from myfico.com 625.

another TL would be great in our situation, and I would love to just cancel the Cap 1 card I just got. Since I heard such horrid things about them on these boards.

based on that do you think it would hurt???

Thanks so much LNY for all you advice and help!!!

Do you really have that many inquiries?

[LNY]

Long story.

I have applied and recieved 3 credit cards in the last 3 weeks. We are trying to improve scores for a mortgage. We were told by the lender (that also pulled our credit) that we had no Fico score with EX, EQ was 647 and TU was 531.

We had to get some TL's opened up immediatlely. Was added as an authorized user and now have a FICO score showing from myfico.com 625.

another TL would be great in our situation, and I would love to just cancel the Cap 1 card I just got. Since I heard such horrid things about them on these boards.

based on that do you think it would hurt???

Thanks so much LNY for all you advice and help!!!

In your situation I would NOT cancel that Cap 1 card. Keep it for strategic reasons. You need the TL.

Look around here and find out which CRA they're likely to pull in your state. Make that a habit when you apply for anything. Are the 3 inquiries spread across all three reports?

[LNY]

Have you looked into the Hooters card?

[pjfan]

Really, ok then if you think it is not such a bad thing in our situation I will keep it...I do wish I would have read here before I got the Cap 1 card:cool:

By the way you can also get an actual FICO® score from trasunion here

https://www.transunioncs.com/TCSWeb/entry/home.do

Cap1 hit all three

Wells fargo hit experian

Orchard hit experian

So really no hits on EQ or TU accept the mortgage lenders which count as one they were all within a weeks time.

Do you know if WAMU will show the PFICO right away after you get approved or do you have to wait for your first billing statement. (assuming I apply and get approved which is doubtful if they pull TU)

In your situation I would NOT cancel that Cap 1 card. Keep it for strategic reasons. You need the TL.

Look around here and find out which CRA they're likely to pull in your state. Make that a habit when you apply for anything. Are the 3 inquiries spread across all three reports?

[LNY]

Really, ok then if you think it is not such a bad thing in our situation I will keep it...I do wish I would have read here before I got the Cap 1 card:cool:

By the way you can also get an actual FICO® score from trasunion here

https://www.transunioncs.com/TCSWeb/entry/home.do

Cap1 hit all three

Wells fargo hit experian

Orchard hit experian

So really no hits on EQ or TU accept the mortgage lenders which count as one they were all within a weeks time.

Do you know if WAMU will show the PFICO right away after you get approved or do you have to wait for your first billing statement. (assuming I apply and get approved which is doubtful if they pull TU)

Unfortunately it takes a couple of months for the PFICO to start updating. The first score you see is the one you had when they approved you.

As for the Cap 1 card, just use it sparingly and obviously pay in full. Do a search for fake limit for how to get it to report your limit and improve utilization.

And this thread has been totally hijacked...

[pjfan]

I know thanks for the help and so sorry...........

And this thread has been totally hijacked...

[LNY]

I know thanks for the help and so sorry...........

Hey, I went along with it, didn't I??