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What are the best credit builders

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Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 601

11 Magic Points

Wed Feb 13, 2008 6:36 pm

FICO is the standard. VantageScore is a score developed by the CRAs (different scale, different formula); each will cost you money to obtain, but if you buy one, go with FICO.
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Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1400

34749 Magic Points

Thu Feb 14, 2008 6:49 am

Scores differ because the method of calculation differs. The model might be the same but each CRA have their own calculations. Hence the discrepancy.
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erb1953

Joined: 31 Dec 2007
erb1953's page
Posts: 621

-55 Magic Points

Sat Feb 16, 2008 2:47 pm

When I do a search for fico, credit score comes up, so I am thinking that they are essentially the same thing.

Ism

Joined: 13 Feb 2008
Ism's page
Posts: 44

2506 Magic Points

Sat Feb 16, 2008 3:23 pm

From how I understand the difference, FICO is the brand name of a credit score, kind of like Kleenex vs tissues. For lending purposes, most companies are going to go with the Kleenex version (FICO), but you can get other brands too. I guess VantageScore would be Puffs! Wink

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498

111 Magic Points

Subject: credit

Thu Feb 21, 2008 7:06 pm

That's a good comparision, 'ISM'. That explain it in 'Lamens Terms', I guess you can say. Ok...I'm LESS confused, about a Fico Score now. Thanks.

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