You can now get your free FICO score on Transunion if you have a Barclay's card

Discussion in 'General Discussion | Credit Cards' started by miles and smiles, Nov 6, 2013.  |  Print Topic

  1. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    "...FICO announced Monday that it plans to allow any lender using FICO scores to make the scores available to consumers for free through a program called FICO Score Open Access. Barclaycard US and First Bankcard (the credit card business of First National Bank of Omaha) are the first to sign on, with free scores being made available to credit card customers starting today. "
    Announcement is here:
    http://money.cnn.com/2013/11/04/pf/f...ntent=My+Yahoo

    If you are a Barclay's cardholder, you can use this link to log on and get your Transunion FICO score:
    https://www.barclaycardus.com/servicing/score

    Barclays says:

    Access your FICO® Score anytime, 24/7, through Barclaycard online banking. It's a value-added benefit for cardmembers, and it's yours at no charge.1 And best of all, your FICO® Score will be refreshed periodically, so you can closely monitor changes to your score.

    Program Features
    Complimentary access to your score plus the top 2 factors affecting it
    Simple tool for understanding and tracking your credit score
    An alert anytime we learn your FICO® Score has gone up or down.

    Your FICO® Score falls into a range from 300 to 850, is calculated based on TransUnion credit data, and is offered solely for your own non-commercial, personal review, and benefit.



    Hopefully, other credit card companies will make Experian and Equifax FICO scores available for free in the near future.
     
    LIH Prem, NYBanker, tondoleo and 6 others like this.
  2. flyforawg

    flyforawg Silver Member

    Messages:
    551
    Likes Received:
    872
    Status Points:
    750
    Have a Barclays US Air card and it worked like a charm. Easy to do and once you set it up, the feature stays on and you can come back and review any time you log into your account.
     
  3. moongoddess

    moongoddess Silver Member

    Messages:
    441
    Likes Received:
    670
    Status Points:
    670
    That's definitely a very nice feature!
     
    tondoleo and miles and smiles like this.
  4. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    From what i read, I understand that they will update our scores about once ever 3 months. Now we can get our report for free and our TU score for free. :)
     
    gconnery, tondoleo and flyforawg like this.
  5. vickers

    vickers Gold Member

    Messages:
    1,421
    Likes Received:
    2,111
    Status Points:
    1,225
    Got it with the Barclay Rewards Card. Thanks for the links!
     
  6. gconnery

    gconnery Silver Member

    Messages:
    586
    Likes Received:
    459
    Status Points:
    620
    Yeah, this is awesome. Not as good as having a free Experian score, though I get that now by paying for it. But still, a very nice perk!
     
    tondoleo and miles and smiles like this.
  7. gconnery

    gconnery Silver Member

    Messages:
    586
    Likes Received:
    459
    Status Points:
    620
    Gary from View from the Wing suggests we may be seeing similar deals from other credit card providers in the future, which would be incredibly awesome.
     
    miles and smiles likes this.
  8. moongoddess

    moongoddess Silver Member

    Messages:
    441
    Likes Received:
    670
    Status Points:
    670
    It sure would be! Especially if different cards provided the FICO scores calculated by the other two major two companies (Experian and Equifax), so customers with several different cards could see all three numbers.
     
    miles and smiles likes this.
  9. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    jbcarioca likes this.
  10. Muerl
    Original Member

    Muerl Gold Member

    Messages:
    1,253
    Likes Received:
    2,656
    Status Points:
    1,445
    My Sears Card used to have a free Fico score from Trans Union, but that went away at some point.

    Eventually they shut down and sent everyone to Credit Karma.

    Also, today I learned that my TransUnion Score is far better than I had expected. Of course its likely pre apps last week.
     
    jbcarioca likes this.
  11. jbcarioca
    Original Member

    jbcarioca Gold Member

    Messages:
    17,507
    Likes Received:
    57,455
    Status Points:
    20,020
    Each bureau is legally required to give you a free one once per year and any time an adverse action is based on their bureau. They don't like it, but then neither does FICO, except for the free advertising they get from the public identification with FICO as the source of credit scores. Sometimes it is, sometimes it is not but every major credit card issuer has proprietary scores that may or may not resemble what FICO claims to be "your credit score".
     
    miles and smiles likes this.
  12. Muerl
    Original Member

    Muerl Gold Member

    Messages:
    1,253
    Likes Received:
    2,656
    Status Points:
    1,445
    Though I would note that when I applied for my Mortgage the materials my broker was using was a FICO score. But again, thats not where the money wound up coming from eventually.
     
    jbcarioca and miles and smiles like this.
  13. LAM

    LAM Silver Member

    Messages:
    240
    Likes Received:
    280
    Status Points:
    475
    Got mine today through my US Air MC. My real Transunion FICO score is 26 points higher than my estimated Credit Karma score.
     
    jbcarioca and miles and smiles like this.
  14. Muerl
    Original Member

    Muerl Gold Member

    Messages:
    1,253
    Likes Received:
    2,656
    Status Points:
    1,445
    It was similar for me. My Wild ass guess as to why this is the case is that Credit Karma puts more emphasis on either pulls or age of credit than FICO does.
     
    jbcarioca and miles and smiles like this.
  15. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    My TU score was just 9 points higher than what CK estimated.
     
    Muerl and jbcarioca like this.
  16. jbcarioca
    Original Member

    jbcarioca Gold Member

    Messages:
    17,507
    Likes Received:
    57,455
    Status Points:
    20,020
    Conforming mortgages use real FICO scores for aggregation into generic risk buckets for securitization packaging and pass-though to Fannie Mae. Non-conforming mortgages do not in most cases but smaller lenders do still use them that way. In almost all cases mortgage brokers will have no direct access to precise lender processes nor will they have access to lender proprietary lending criteria for non-conforming mortgages. Thus, mortgage brokers usually use a generic mortgage specific FICO score often colloquially called "bureau FICO". For conforming mortgages that is a very good guide to risk buckets, thus pricing and terms. Points and % LTV usually, but not always, are the result of non-FICO-based analysis, driven mostly by "what the borrower will pay".

    Other things remaining equal (they are not) mortgage brokers try to push points when they can because their take is higher that way. While the mortgage broker world has changed quite dramatically since 2008, especially in California, Nevada, Florida et al, it fundamentally is the same beast it always was. That is, almost no mortgage brokers actually know much about credit decisioning apart from broad generalities and generic rules of thumb. That is usually enough because they do know their local lender preferences and have a decent guess about where a given borrower tends to fall. Thus they continue to perform a useful service IMHO, especially for people who have no time and/or inclination to investigate their options personally.
     
    miles and smiles likes this.
  17. jbcarioca
    Original Member

    jbcarioca Gold Member

    Messages:
    17,507
    Likes Received:
    57,455
    Status Points:
    20,020
    Because TU tends to be the credit bureau of preference in the southeast US, your CK and TU should be quite close. If it were not so you'd probably have a 'split-file' or some otehr discrepancy in reporting between bureaux. Roughly a third of all US credit reports do have reporting discrepancies between the bureaux that are serious enough to make a significant change in decisioning.

    Not too long ago I did a project for a major consumer lender in the US to evaluate bureau preference allocations. For 42% of their new customers changing bureau would have changed the credit decision. In that case apparent reporting errors accounted for almost 80% of those changes. During that process my team decided we would do an examination of our own records just to see, Prior to the look we took bureau FICO scores from each bureau for each of us.

    My own varied by 80 points from the lowest to the highest! Why? Here it is:
    1. I had an improperly merged file in one that merged someone with the same name as I, a totally different SSAN, and no shared residence. The person who shared my name was incarcerated in North Carolina on a 1st degree murder conviction. He was a very different age, ethnicity than am I and we had never resided in the same state. Including knowing the system pretty well it took more than six months to purge the file of my murdering person with my name.
    2. One bureau merged another file of a person whose SSAN was one digit different than mine, with a surname the same but different gender places of resident and history. That had no effect on my score because she had modest credit and paid everything as agreed. However, curing this one has not been complete despite years of trying. One department store card (run by GE Money) continues to send me her statements.
    3. Four more inconsequential reporting erros from major credit card issuers and one famous high-end auto lender who continues to report on a lease I never had, but which is properly paying.

    Lesson: check all you credit reports regularly, not just the scores.
     
  18. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    Thanks for the insights. I had already guessed that a 9 point difference was not of significance.
    But I will check to see if any of my other neighboring cell mates have tried to hack into your accounts. ;) :D
     
    jbcarioca likes this.
  19. jbcarioca
    Original Member

    jbcarioca Gold Member

    Messages:
    17,507
    Likes Received:
    57,455
    Status Points:
    20,020
    I appreciate that courtesy. It's good that you have been approved for all the 59 new accounts you applied for last month. Have you successfully charged all of them up to the limit? I know ATM access is sometimes restricted in NC prisons.:rolleyes::cool:
     
    miles and smiles likes this.
  20. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    No, No, No. It was only 49. Obviously your sources are no longer as sharp as they have been in the past. :p

    Actually I haven't applied for a card in 11 months now. My stash of miles and points seems to be enough to keep me flying free for a while, especially when my "big" upcoming trip is a 300 mile one to the beach. :)
     
    jbcarioca likes this.
  21. Muerl
    Original Member

    Muerl Gold Member

    Messages:
    1,253
    Likes Received:
    2,656
    Status Points:
    1,445
    My Mortgage was rather esoteric, so my broker was a lifesaver because no local bank (ok there may have been some, but I called 7 and the best I got was 'Try calling this broker') offered a multifamily FHA. She also had a number of contacts for non FHA multifamily loans were there a need for them. But as I said we were not typical first time home buyers.

    In general, from a number of brokers I have know personally though I agree with this conclusion.
     
    miles and smiles and jbcarioca like this.
  22. jbcarioca
    Original Member

    jbcarioca Gold Member

    Messages:
    17,507
    Likes Received:
    57,455
    Status Points:
    20,020
    You do describe a situation that often benefits from a knowledgable local broker. Especially in places such as NYC with co-ops, complex condo conversions and multi-family freeholds local knowledge is indispensable. It's just those situations in which many large national players offer no product at all, and special FHA and otehr rules abound, not to mention some seriously arcane collateral protection limitations.
     
    miles and smiles likes this.
  23. Doctor Of Credit

    Doctor Of Credit Member

    Messages:
    2
    Likes Received:
    3
    Status Points:
    25
    For those wondering, this is the TU-08 FICO classic score. Just got mine, 822 :). I guess it's time to apply for some new cards. Also walmart offers the same score for free, no point though their rewards suck.
     
    jbcarioca and miles and smiles like this.
  24. Doctor Of Credit

    Doctor Of Credit Member

    Messages:
    2
    Likes Received:
    3
    Status Points:
    25
    Does anybody know if First National Bank of Omaha are offering their free FICO scores yet? If so what score is it? If not, does anybody know what bureau they pull from?
     
    jbcarioca likes this.
  25. jbcarioca
    Original Member

    jbcarioca Gold Member

    Messages:
    17,507
    Likes Received:
    57,455
    Status Points:
    20,020
    The First Bankcard offering is FICO Open Access, and uses the actual score used by them in making credit decisions. They also disclose the primary decisioning factors and advice to consumers on improving the score. They will have first FNB Omaha customers, then the other issuer banks that they process. Differently than most others who have disclosed scores this one apparently uses the actual bureau preference logic of First Bankcard. This article from Cleveland about Ohio savings, one of First Bankcard otehr customers, gives most of the information.
    http://www.cleveland.com/business/index.ssf/2013/11/post_126.html

    If you want more specific information I will be in Omaha late next week so send me a Conversation and I'll see what can be disclosed.

    This is the most useful of all the efforts so far IMHO, because it does not use any variant of bureau rico, but the actual scores deployed for credit decisioning. It does not include behaviour scores or any of the credit line assignment logic, so the utility is entirely limited to up/down automatic logic for initial credit approval. That is still much better than anybody else does so far. Open Access is a decent money-spinner for Fico too, once again they;ve figured out anotehr way to charge multiple times for the same information taht belongs to their clients in the first place. It's a good strategy.:cool:
     
    Muerl, miles and smiles and tondoleo like this.

Share This Page