Free FICO Scores?

Discussion in 'General Discussion | Credit Cards' started by NorthtoAlaskaa, Apr 8, 2014.  |  Print Topic

  1. NorthtoAlaskaa

    NorthtoAlaskaa Active Member

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    Hello,

    I use CreditKarma for my TransUnion score and CreditSeasame for my Experian score.

    Does anyone know of a similar portal to view one's EquifX score?

    Thanks so much.

    -j
     
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  2. gregm

    gregm Gold Member

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    Not exactly on topic. Has anyone ever compared the scores from CreditKarma or Sesame to their actual scores from Experian or TransUnion? I use the apps and was told the scores don't necessarily match.
     
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  3. John Deere

    John Deere Silver Member

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    Both credit sesame and credit karma are fake scores.
    I've compared them and they were way off.
     
  4. gconnery

    gconnery Silver Member

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    Let's be clear here. None of these free services, or even consumer-facing services that you can pay for like at experian.com will tell you your actual FICO score, meaning the ones that the credit card companies see.

    You can get your real TransUnion FICO score if you have a BarclayCard credit card. Just login and click on the panel at the lower right saying "FICO score". I've seen 100 point differences between my CreditKarma and Barclay FICO scores.

    Not saying its not worth checking the free ones. They just aren't that accurate. Some credit card issuers will tell you your credit score when you apply, usually in a physical mailing. You should take note of it if you happen to get one.
     
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  5. NYCUA1K

    NYCUA1K Gold Member

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    This is absolutely correct. Through my AMEX Biz Platinum, I signed up for something called CreditSecure for a fee that entitles me to two 3-bureau credit reports/scores a month. Not once has the TransUnion score from AMEX CreditSecure matched that from CreditKarma. The latter is almost always 10 points higher. Free Experian or Equifax scores do not compare much better either...
     
  6. edekba

    edekba Gold Member

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    Discover also does the real FICO score...
     
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  7. NYCUA1K

    NYCUA1K Gold Member

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    I have the Discover It card and do get a single, free "FICO" score, which is also provided by TransUnion. I am not sure how "real" it is, however, because it has never matched my for-fee TU score, and it is about 10 points higher than even my CreditKarma score from TU.
     
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  8. satman40

    satman40 Gold Member

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    I checked CreditKarma after FTY in Chicago last year, first time in 72 years...it has gone up 60 points, this year, and they have pushed a few cards to sign up my way..

    Worry if you get turned down, or your CL gets cut..

    I never had a problem as a kid, bought my first house at 18, quit borrowing for home loans in 95,

    Funny about bank, they don't want to loan money when you need it, when you don't they call you all the time..
     
  9. gregm

    gregm Gold Member

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    Well put!
     
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  10. othermike27

    othermike27 Silver Member

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    And the corollary: If you owe a bank $1 Million, they own you; but if you owe a bank $100 Million, then you own them. (Yes, I cleaned up the original version a bit.)

    Now - back on topic: My Credit Karma FAKO score is currently 40 points lower than my Transunion score as reported on my Discover card account. Once last year I satisfied my curiosity and paid myFICO.com for all three scores at the same time - the spread was 24 points across the set.

    Since your score can range over a 500-point spread (350-850), and there is a big subjective element to some of the criteria, I would view two scores within 50 points of each other as being pretty much equal. In other words, don't get all excited over small changes in score up or down. Note also that most of these scores are updated only periodically (monthly, or something like that), so a big discrepancy could be caused by comparing one updated score to another from last month. The main thing I want to know is: do they think my score is "Excellent?" If so, I'm happy. No further detail required.
     
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  11. NYCUA1K

    NYCUA1K Gold Member

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    I agree with the above. The 3-bureau scores that I get for a fee differ by just 16 points, with TransUnion and Equifax differing by just 4 points, and Experian always being the lowest because, for whatever reason, all the "hard pulls" on my credit score when I apply for a new credit card are with Experian. These 'hard pulls' likely explain the 16-point discrepancy because otherwise all three reports are virtually identical in every respect.
     
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  12. gconnery

    gconnery Silver Member

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    Also I've seen at least some blog posts and comments that a credit score that is *too* good is not seen as a good sign either. It means you're unprofitable, or intentionally managing your credit score and thus it may not be "real".
     
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  13. euromannn
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    euromannn Gold Member

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    This is where the problem is:
    You state 10 points at CreditKarma while the post above states 100 points.

    Clearly the FREE CreditKarma is limited to TransUnions which is not as widely used as Experian so that is another factor to consider.
     
  14. NYCUA1K

    NYCUA1K Gold Member

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    I am not sure I quite get the gist of what you call the "problem". In my post, I was comparing two scores (free and paid for) that were supposedly provided by the same credit bureau, which were consistently different by 10 points (the free score was higher). Why are they different if the same bureau puts them out? I believe that the 100-point difference that you cited was in regards to a difference in scores from different credit bureaus. In fact, based on my own experience as one who gets for-fee scores, the difference between bureaus is usually much less (it is just 16 points in my case). A difference of 100 between credit bureaus might be fine for free credit scores but I think that it would be too high for scores that lending agencies base their decisions on. We are talking about a difference of, e.g., 750 vs 650. Such a difference would in all likelihood cause a lender to scrutinize the reports a bit more. I was agreeing with the totality of the idea in the prior post, not necessarily with the details.
     
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  15. Card man

    Card man New Member

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    It gives us bragging rights to something no one can see...

    Reminds me of the middle leg game.
     
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  16. euromannn
    Original Member

    euromannn Gold Member

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    Call up one of your credit card companies and ask:
    Which Credit Bureau do you use to run my FICO score? The data from that credit bureau is most important. Transunion has the least data on it versus Experian and Equifax.

    Thus Credit karma is an approxiamtion of Transunion which is only an approximation of a true FICO score at Experian.

    Good luck as I have seen over 100 point diferential between KC vs Equifax when the Bank I sued was only using Equifax data history to run FICO.
     
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  17. NYCUA1K

    NYCUA1K Gold Member

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    I do not need to call to find out which credit bureau a bank or lender used. They are required by law to indicate where they got the credit information, and as a subscriber to a credit monitoring service through AMEX, I always get alerts when a hard inquiry is made along with which credit bureau made it. Each bureau has its own score. There is little doubt that the so-called FICO score does depend on which credit bureau is used, but Credit Karma's or Discover's "FICO score" is provided by TransUnion (CK or Discover tells you so), therefore one should expect a better concordance.

    Importantly, if there is a 100-point differential between the bureaus, then it is time to comb one's 3-bureau reports to find discrepancies and reconcile them. It is what I did about two years ago. I found out that some bureaus still included info on credit cards or student loans that were close or paid off over a decade ago, even showing a balance in some cases! Such loose ends account for the discrepancies between the bureaus, because after I tied them all up, the scores have been very close. The FICO (Fair, Isaac & CO) itself is straightforward to estimate from credit reports. However, if the scores differ between the bureaus, then they have different credit info on you that must be reconciled. My very small 16-point differential between Experian, TransUnion and Equifax is due to the fact that all the 'hard pulls' on my credit info were made with Experian. Other than that, the 3 credit reports have exactly the same information. I made sure of it. This means that the hit on my credit score due to the 5 CCs that I applied for over the past couple of years is about 16 points...;)
     
    Last edited: Apr 9, 2014
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  18. satman40

    satman40 Gold Member

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    Hard to understand why anyone would bring litigation against a bank, because they turned them down,

    I have been ask to put more skin in the game,

    It was a business decision on their part, and they have risk with that decision.

    Banks have very little mark up on the product they sell, most of us use their product for free, the first 30 days...
     
  19. euromannn
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    euromannn Gold Member

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    If onyl you could comprehend a statement instead of taking it personally.
     
  20. NYCUA1K

    NYCUA1K Gold Member

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    If you would only stop speaking in riddles, I might know what you are talking about. What did I take personally, out of context? As far as I can tell all I did was to try to address whatever point you were trying to make.

    The bottom line is that the FICO scores from the three bureaus should be close if they are based on similar credit reports. If not, then the consumer would be wise to try to reconcile the info in the reports, like I did, because there is no reason for them to be different for the same individual.
     
    Last edited: Apr 9, 2014
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  21. sma_15

    sma_15 Silver Member

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    This of course brings up the question. Why are they approximations and not the actual score a lender would see?
     
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  22. gregm

    gregm Gold Member

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    I think the takeaway is that the 'scores' from these apps do not reflect real FICO scores from any of the big 3.
     
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  23. gregm

    gregm Gold Member

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    These apps do provide other info besides pseudo-scores. The pseudo-scores can be considered 'approximates' of sorts.
     
  24. sma_15

    sma_15 Silver Member

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    Well yes I realise this but if they are billing themselves as a way to improve your score, should they not be providing the actual score? Does the pseudo-score have a use at all or is it fairly useless? Or am I missing something here?
     
  25. gregm

    gregm Gold Member

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    IMO, unfortunately, if they're not accurate, they are fairly useless. As I noticed on both CK and Ses, there is other information one may find useful, besides the pseudo-score.
     

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