FICO Score vs. Credit Score?

[blondimom]

Just curious-what's the difference?

 

[drgnfly30]

Well a Fico is a credit score but a credit score isn't necessarily a Fico score. Fico is a company - Fair Isaac that has it's own credit scoring system. Some companies use this some use their own (or possibly another companies) credit scoring system.
HTH
Christine

 

[blondimom]

Thanks-I am trying so hard to clear up my credit {we'll be buying a house in the next two years}, but these definitions can get confusing!!

 

[lisajl]

Thanks-I am trying so hard to clear up my credit {we'll be buying a house in the next two years}, but these definitions can get confusing!!

Just wait till you sign the paperwork for the house! That is confusing!

Good luck with your new place...it will be worth it!

Lisa

 

[ducklite]

Every mortgage company I know of puts the most weight on the FICO. Different types of loans have different minimum scores.

Anne

 

[iNTeNSeBLue98]

drgnfly30 summed it up pretty plainly. For more information on credit repair visit www.creditboards.com.

 

[Cheshire Figment]

Fair, Isaacs & Co (FICO) developed the credit score which analyzes a person's credit history and status and comes up with a number. This scoring system is used, with minor variations, by the major credit reporting agencies. Due to slight differences in your file at the agencies your score will probably not be the same in all, but will be very close together.

If you go to www.myfico.com you can buy (for about $40) the detailed credit reports and scores from all three of the major agencies. For each one there will be a narrative analysis which will give general reasons for low scores as they relate to you. There is also the ability to see the approximate effect specific changes will have in your scores.

 

[oogieboogie]

blondimom, I seriously suggest you sign up for creditboards.com. If you want to get some info, you can PM my DH (picantel). He knows about the ins and out of credit. He's a member of creditboards too - he's picantel there too. He can give you some pointers on how to start cleaning up your report.

 

[blondimom]

Thanks alot-it can become overwhelming-I am going to check out the other board now!

 

[EeyoreJMH]

By next month, I believe, you should be able to get a free credit report from each of the three companies that participate in the FICO scoring (Equifax, Trans Union, Experian). Some states started back in 2004, here on the East Coast, we're eligible next month. Check out the FTC site:

http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm

"Soon you’ll be able to get your credit report for free. A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies."

FICO has a pretty good site, too http://www.myfico.com/CreditEducation/?fire=1

DH and I just bought our first home (hope to close by October-- new construction) and found all this information very helpful. The only downside was that we had to cancel our trip this October to Disneyland (Grand Californian and everything)-- but the new home will be worth it!

 

[mistydoodles]

HI.

I work for a credit union as a loan officer. FICO score and credit score are really the same thing.

I have found a lot of information in regards to credit scores on www.experian.com On the left hand side there is something called Ask Max. Click on that and then there is a drop down menu with all sorts of info.

Another good source of info in regards to credit is www.suzeorman.com

I wouldn't pay any companies to find out your score. You can request a copy of your credit report from one of the three credit bureas free if you have been denied a loan. Also they are currently working on allowing everyone one free credit report a year.

Another way to find out what is going on with your credit report is to stop by your local bank or credit union and tell them you are in the process of wanting to buy a house. You want to find out what you will need to do to qualify for a mortgage. They will usually pull your credit report for you and go over it with you right there. They can also let you know what your credit score is at that time.

If you have any other questions please feel free to PM me or ask me on this board.

Good luck on getting your house.