my fico theory!

Discussion in 'Credit Talk' started by Cyprigirl, Nov 3, 2001.

  1. Cyprigirl

    Cyprigirl Well-Known Member

    I could be wrong but think the reason for higher fico lender scores than consumers for some has to do with how delinquents are handled. I have one negative that dates back to 96 and i think that the real fico does not take it into account because it really accounts for three years. Whereas, the consumer score one is based of items reported and if a lender of the negative updated recently the consumer score reflects the latest update on each account. now if you don't have any delinquencies and have a lot inquries then i think the scores may match.

    This is just my opinion!

  2. Cyprigirl

    Cyprigirl Well-Known Member

    any thoughts!
  3. Cyprigirl

    Cyprigirl Well-Known Member

    Are you guys ok today?

    I find hard to believe no one has any thoughts or opinions regarding my theory.

  4. roni

    roni Well-Known Member

    I think the problem is that people don't understand what is a fico and what is not.... The only thing that is a fico that is available to consumers if from based on info in your Equifax report. People who have seen their lenders FICO scores from Equifax say they're an exact match.

    FICO scores from your Experian files and Trans Union files are not available directly to the consumer.

    Any other score, you don't know how they model the information. It's a waste of time to worry about those anyway for a very simple reason.... THEY'RE NOT USED BY LENDORS/CREDITORS!
  5. Cyprigirl

    Cyprigirl Well-Known Member

    What I mean is that it depends what is in the credit file, for instance, you have no negatives but a lot of inquiries and/or high debt to credit rations your score should match with the lender scores, but I think if you have negatives that have been reported recently but the actually time you were late was lets 4 years ago it is not reflective in the actual fico lenders see, and if you don't wake up sleeping dogs then score should match.

    I think the lenders score go back only 3 years meaning anything good or bad in your file in the last three years is going to affect your score. But if something is 6 years old it really won't affect your score that much if at all anymore.

    When I talked to target, i got the rep to tell me that I have a 696 whereas my fico consumer score says 646 when I pulled it again last night.

    the main reason for the lower score was recent delinquency and serious delinquency, and that's because I had one lender that I was late with 5 years ago reported recently and that killed my score.

    I am sure if I place that account in dispute the scores would then match because the account would not count against me druing disputes.

  6. brad

    brad Well-Known Member

  7. breeze

    breeze Well-Known Member

    It's a random number generator, Cypri. We've proved it.

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