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HomeCredit ForumCredit repair

Which is of more importance... Credit score or FICO score?

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asked: Which is of more importance... Credit score or FICO score?
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lostrikan24



Joined: 07 Jul 2008
lostrikan24's page
Posts: 32



1544 Magic Points
Subject: Which is of more importance... Credit score or FICO score?
 
 Posted on Wed Jul 09, 2008 6:16 am  
I have been trying to figure this question out for a while. 3 credit scores and 3 FICO scores. When you apply for something it's a gamble as to which they are going to look at. So in order to make it in this world we would have to keep all 6 in good standing. Which is the most critical side though?
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3137



5332 Magic Points
 
 Posted on Thu Jul 10, 2008 3:02 am  
Which one can you control more? what is the difference?
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
lostrikan24



Joined: 07 Jul 2008
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Posts: 32



1544 Magic Points
 
 Posted on Thu Jul 10, 2008 3:06 am  
Goodnatured,
We seem to talk all the time now...lol. Mind if I type GN for short? And why do our avatars change all the time? Anyways, I will research some of the ins and out of the two sides and post a review soon. Thanks for replying!
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3137



5332 Magic Points
 
 Posted on Thu Jul 10, 2008 3:30 am  
Don't mind what you call me, LOL.

I look forward to reading your post after you do your research, have fun with this task.

I am not sure why the avatars change, sometimes I end up with some really goofy ones and other times they are just plain out there! LOL.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 378



4034 Magic Points
 
 Posted on Thu Jul 10, 2008 7:21 am  
EACH CS is equally important & goodnatured your avitar chages b/c you havent set a perminet one yet.
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anthony

anthony

Joined: 31 Jul 2006
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12319 Magic Points
 
 Posted on Thu Jul 10, 2008 9:27 am  
Hi
As far as I know, FICO score itself is a credit score which is developed by Fair Isaac and company. All the three credit reporting agencies depend on the FICO method to calculate the credit score. The FICO score is based on the credit history and other factors in the credit report of each of the three bureaus. As a result, there are three FICO scores.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
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goodnatured



Joined: 03 Nov 2007
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Posts: 3137



5332 Magic Points
 
 Posted on Thu Jul 10, 2008 3:49 pm  
I did not realize tha it would be this easy. thank you.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
cbass1017



Joined: 01 Feb 2008
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Posts: 89
Location: PA


353 Magic Points
 
 Posted on Fri Jul 11, 2008 3:29 am  
Hi lostrikan24,

I believe the biggest difference between the two is that a FICO score is used by most lenders to determine your availability for credit while a "credit score" is usually just a generic version of your FICO score that some places like credit monitoring companies use to make you think you know where your credit stands.

I've always been a firm believer that you shouldn't be concerned with your scores at all. Your score itself is not the only thing that determines your eligability for credit. You should be more worried about what is in fact showing on your credit report and that it is accurately being reported.

There are too many people out there with poor credit that will pay someone to view their credit scores quite often when that money could be better used to help you pay down your debts and get your credit back on track.

But I'm no "all-knowing master" so I'll be curious to see what your studies find...

Best of luck
_________________
Scott McKay
DiYCreditGuide.com
 
Mary

Mary

Joined: 06 Jul 2006
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Posts: 324



8704 Magic Points
 
 Posted on Fri Jul 11, 2008 11:34 am  
yes chass, you are right. There is no big difference between a FICO score and a credit score. Credit score is a common term while FICO score itself is a credit score which is used mostly by the creditors for determining your credit worthiness.
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goodnatured



Joined: 03 Nov 2007
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Posts: 3137



5332 Magic Points
 
 Posted on Fri Jul 11, 2008 9:27 pm  
So they are the same?
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
erb1953



Joined: 31 Dec 2007
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Posts: 631



8 Magic Points
 
 Posted on Sat Jul 12, 2008 12:59 am  
Are they not the same score or very similiar? I hear both terms in reference to your credit, but never really questioned the difference between the two.
 
scott

scott

Joined: 28 Jun 2006
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Posts: 182



4917 Magic Points
 
 Posted on Sat Jul 12, 2008 11:41 am  
Actually, FICO score is a type of credit score. The basis of calculating FICO score was developed by Fair Issac based on certain standards and so it is also known as FICO score. Credit score is a general term as said by Mary and FICO score is itself a type of the credit score.
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SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 891



2654 Magic Points
Subject: credit score
 
 Posted on Tue Jul 15, 2008 4:39 am  
If they are the same, "or similiar", then why call it a different name? I've had people try to explain the difference to me.........I guess I just 'don't get it.' A score is a score..........no matter how you look at it.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3137



5332 Magic Points
 
 Posted on Wed Jul 16, 2008 2:49 pm  
Two different origins I guess, you say potato, I say patawto, LOL. You get the picture.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2858



1966 Magic Points
 
 Posted on Fri Jul 18, 2008 1:20 pm  
Good one gnatured. I get the pic
 
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