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Discussion in 'Credit Talk' started by Shelby, Apr 12, 2001.
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No, there is a FICO score for each of the 3 credit bureaus. The only one available to the general public is Equifax.
You have to be joking right????
Ok I'm confused...I thought there was a Beacon and Empirica score for the other bureaus....please explain what is what.
TRW/FICO Model: This scoring system developed by TRW in association with Fair, Isaac, and Company, Inc. The score enables credit grantor to identify credit prospect with the best credit opportunities and avoid losses due to charge-offs, repossessions, collections, and bankruptcies.
Beacon: This scoring system developed by Equifax in association with Fair, Isaac, and Company, Inc. Beacon helps identifies and projects the full range of serious consumer credit risks which include bankruptcies, charge-offs, repossessions, loan defaults, and serious delinquencies.
Empirica: This scoring system developed by Trans Unionin association with Fair, Isaac, and Company, Inc. Empirica has been fully validated to predict the performance odds, slow pays, no pays, and bankruptcies with unprecedented accuracy.
................................all use Fair, Isaac and Company, Inc. = FICO
TRW Information Systems (Only the Credit Reporting Division) is now known as Experian
if you currently have a good FICO score how much and for
how long will it be impacted if you close, say 6, brand new
CC accounts or don't activate them?
do not know answer to question....I would guess best not to activate cards if you currently have a reasonably low debt to limit ratio,see numbers 3 and 6 below....
Items which may effect the FICO score are listed below:
1) Too many companies checking your credit if you have applied for credit cards for example or other credit items
2) Delinquency in payment for example your car or a mortgage payment
3) Too many open accounts - accounts maybe that you are not even using but have not been closed out
5) Tax Liens
6) Too many accounts opened within the last year
some more notes from ....http://my-fico-score.com/
under the heading
"How To Improve Your Score"
Don't open a number of new credit cards that you don't need, just to increase your available credit
Apply for and open new credit accounts only as needed.
Note that closing an account doesn't make it go away.
If you have been managing credit for a short time, don't open a lot of new accounts too rapidly
Ok, thanks. But which score are people referring to when they say their FICO is a certain number.... if there is one for each bureau.
currently only one available for consumers (if you have internet access,a credit card or checking)is through Equifax...cost $12.95 can be obtained from: