Helpful Resources


Community




Creditmagic Twitter





Credit on Facebook



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

Author Message
fireyone



Joined: 26 Feb 2008

Posts: 4285
127 Magic Points
PostPosted: Tue Sep 09, 2008 1:48 am    Post subject:

This is true. I just actually wonder which score is more impartant the FICO or credit. And why do we need so many scores anyway. Just like now there is one m ore credit reporting agency. Innovois...why do we need one more to complicate matters. They can not be that beg of an outfit if the federal giverment is not making them hand out a free report. Not onlly that when you hear people taliking about reports it is a name not mentioned.
image
mirage12



Joined: 24 Jul 2008

Posts: 8
275 Magic Points
PostPosted: Thu Sep 11, 2008 2:45 am    Post subject:

I thought FICO score and credit score are the same.. Confused
image
anthony

anthony

Joined: 31 Jul 2006

Posts: 516
13571 Magic Points
PostPosted: Thu Sep 11, 2008 7:25 am    Post subject:

Hi mirage
FICO score is a type of credit score which is used by most of the creditors to judge your creditworthiness. It is a credit scoring model prepared by Fair Issac corporation. However, there is another type of credit score know as Vantage Score which is being prepared by the three credit bureaus to overcome difference in the credit score which is now found among the FICO score of the three bureaus. Both FICO score and Vantage score are different credit scoring models.

_________________
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.
image
fireyone



Joined: 26 Feb 2008

Posts: 4285
127 Magic Points
PostPosted: Thu Sep 11, 2008 5:03 pm    Post subject:

Wht are there so many different scoring methods?
image
goodnatured



Joined: 03 Nov 2007

Posts: 3927
10 Magic Points
PostPosted: Sat Sep 13, 2008 12:37 am    Post subject:

It depends on you are looking at it or how the credit reporting agency calculates the score.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa
image
Mary

Mary

Joined: 06 Jul 2006

Posts: 686
17396 Magic Points
PostPosted: Thu Sep 25, 2008 10:38 am    Post subject:

I agree with Anthony. However, the creditors mostly determine the creditworthiness of the borrower depending upon the FICO score. Since the FICO score sometimes varies among the credit bureaus, borrowers often use middle credit score and average credit score to determine the borrowers creditworthiness. Average credit score is mostly used by sub prime lenders who lend money to people with very low credit score.
_________________
Where there's a will, there's a way !!
image
tressa_burns



Joined: 17 Dec 2008

Posts: 3
121 Magic Points
PostPosted: Thu Dec 18, 2008 12:36 am    Post subject: Which is of more importance... Credit score or FICO score?

i say both you need both for almost every thing
image
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007

Posts: 1889
1356 Magic Points
PostPosted: Thu Dec 18, 2008 3:49 am    Post subject: score

From what I understand, a FICO score is like an 'average' of your credit score. However....to be honest, I'm still a bit 'fuzzy' on the difference.
image
carol

carol

Joined: 27 Jun 2006

Posts: 1307
29555 Magic Points
PostPosted: Thu Dec 18, 2008 8:40 am    Post subject:

Credit score is a general concept of measuring your creditworthiness by taking into account different factors in your credit report. The concept was developed by Fair Issac Corporation and so it is also known as FICO score. Lately another scoring model has been developed by the three credit reporting agencies of US, known as vantage score. In vantage score, the score ranges from 501 to 990 and does not use the concept of authorized user thereby reducing the risk of the borrowers.
_________________
Keep in touch
Carol
image
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007

Posts: 1889
1356 Magic Points
PostPosted: Fri Dec 19, 2008 6:00 am    Post subject: credit

Vantage Score??!!......who, in the world, can keep up with all the way that they determine your 'worthyness'. Does a Vantage Score actually come up on a CR that the lender may get for you? You said, CAROL, that the Vantage Score can actually HELP someone who has bad credit? Can you explain, a bit more, how they (CB's) determine what you VS may be? What are the 'factors', etc?
image
naomi



Joined: 14 Feb 2009

Posts: 9
344 Magic Points
PostPosted: Sat Feb 14, 2009 10:14 am    Post subject: Which is of more importance... Credit score or FICO score?

FICO SCORE is the score that is mostly used by the creditors to help them decide whether to grant the loan application. FICO SCORE is the score that is being calculated whatever is in their credit report, giving the lenders the chance to review what is their payment behavior,how they pay certain debts. As a matter of fact, fico score is widely used and you can only obtain it through one of the major credit reporting agency.
image
ensurepune

ensurepune

Joined: 17 Feb 2009

Posts: 102
510 Magic Points
PostPosted: Thu Feb 26, 2009 4:24 pm    Post subject: Which is of more importance... Credit score or FICO score?

both are important but there is no choice for both are important mentioned over here so i have selected one of them.
image
carol

carol

Joined: 27 Jun 2006

Posts: 1307
29555 Magic Points
PostPosted: Fri Feb 27, 2009 7:27 am    Post subject:

There are two different types of credit scores. They're the FICO score and the Vantage score. FICO score has so long been used by the lenders to judge the creditworthiness of the borrowers. Now, since the score vary across the three bureaus, the bureaus have developed Vantage score which is still not in use. However, recently, I found that Experian has decided to discontinue offering FICO score to borrowers, but it will continue to offer FICO score to the lenders. Debtors can only get FICO scores from the other two bureaus - TransUnion and Equifax.
_________________
Keep in touch
Carol
image
shekhar

shekhar

Joined: 30 Mar 2009

Posts: 35
545 Magic Points
PostPosted: Tue Apr 14, 2009 5:05 am    Post subject: Which is of more importance... Credit score or FICO score?

The credit Score is more important for get improvement in Education & home.
image

Quick Reply
Your Name
Subject
Message body
 Previous  1, 2, 3
Page 3 of 3

 





Page loaded in 21.074 seconds.