Comments on: What Is My Credit Score and How Is My FICO Calculated? http://www.moneybluebook.com/what-is-my-credit-score-and-how-is-my-fico-calculated/ Personal Finance Beyond Credit Cards and Balance Transfers Sun, 08 Nov 2009 03:56:44 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Raymond http://www.moneybluebook.com/what-is-my-credit-score-and-how-is-my-fico-calculated/comment-page-1/#comment-70922 Raymond Mon, 18 May 2009 15:34:49 +0000 http://www.moneybluebook.com/?p=218#comment-70922 Athena, Credit scores vary so much for a variety of reasons. First of all, different credit scores utilize different scoring algorithms to compute their scores - weighting different credit and historical based factors differently. The idea behind credit scores is to come up with a way to best evaluate an individual's potential risk factors and future capacity to handle debt obligations. Because a variety of mathematical methods have risen to take on this task, we have more than one credit score variation in the market today (FICO, Experian Plus, VantageScore). Another reason why credit scores based on the same formula (FICO for example) but derived from different credit bureaus differ so much is due to differences in what's contained in the respective credit reports. Credit reporting errors and data reporting lag time frequently lead to different scoring outcomes. I don't think the federal government will ever really set definitive standards on the precise composition of credit scores (that may be over-reaching on their part), but I think they may ultimately deem it important enough to compel its free disclosure to consumers the same way credit reports are now freely available to consumers at least once a year via annualcreditreport.com Athena,

Credit scores vary so much for a variety of reasons. First of all, different credit scores utilize different scoring algorithms to compute their scores – weighting different credit and historical based factors differently. The idea behind credit scores is to come up with a way to best evaluate an individual’s potential risk factors and future capacity to handle debt obligations. Because a variety of mathematical methods have risen to take on this task, we have more than one credit score variation in the market today (FICO, Experian Plus, VantageScore).

Another reason why credit scores based on the same formula (FICO for example) but derived from different credit bureaus differ so much is due to differences in what’s contained in the respective credit reports. Credit reporting errors and data reporting lag time frequently lead to different scoring outcomes.

I don’t think the federal government will ever really set definitive standards on the precise composition of credit scores (that may be over-reaching on their part), but I think they may ultimately deem it important enough to compel its free disclosure to consumers the same way credit reports are now freely available to consumers at least once a year via annualcreditreport.com

]]> By: Athena http://www.moneybluebook.com/what-is-my-credit-score-and-how-is-my-fico-calculated/comment-page-1/#comment-70917 Athena Sun, 10 May 2009 22:20:36 +0000 http://www.moneybluebook.com/?p=218#comment-70917 One thing I don't get is why credit scores vary so much? Why are there different credit score types while only the fico is the only one that's really used? Why do they get away with calling everything a credit score when it's the fico that most people are referring to??? Why doesn't the federal government regulate this more (especially since they are now cracking down on credit card issuers) and set a universal standard on credit scores and the things that make up this rating. It's such an important part of our lives-especially for those on the verge of a big purchase (car or house)...why allow the credit reporting agencies and credit companies to mislead us with all types of random credit score marketing varieties? One thing I don’t get is why credit scores vary so much? Why are there different credit score types while only the fico is the only one that’s really used? Why do they get away with calling everything a credit score when it’s the fico that most people are referring to???

Why doesn’t the federal government regulate this more (especially since they are now cracking down on credit card issuers) and set a universal standard on credit scores and the things that make up this rating. It’s such an important part of our lives-especially for those on the verge of a big purchase (car or house)…why allow the credit reporting agencies and credit companies to mislead us with all types of random credit score marketing varieties?

]]> By: Raymond http://www.moneybluebook.com/what-is-my-credit-score-and-how-is-my-fico-calculated/comment-page-1/#comment-70919 Raymond Fri, 08 May 2009 15:25:51 +0000 http://www.moneybluebook.com/?p=218#comment-70919 SacredHeart, Here is a list of <a href="http://www.moneybluebook.com/list-of-myfico-promotion-codes-and-discounts/" target="blank" rel="nofollow">myFICO.com promo codes</a> and coupons for savings up to 30% off (discounts savings range from 10-30%). myFICO codes are constantly being released and expired, but it's always good to keep a handy verified list ready. SacredHeart,

Here is a list of myFICO.com promo codes and coupons for savings up to 30% off (discounts savings range from 10-30%). myFICO codes are constantly being released and expired, but it’s always good to keep a handy verified list ready.

]]> By: Sacred Heart http://www.moneybluebook.com/what-is-my-credit-score-and-how-is-my-fico-calculated/comment-page-1/#comment-70916 Sacred Heart Mon, 02 Feb 2009 13:17:08 +0000 http://www.moneybluebook.com/?p=218#comment-70916 Don't forget that myFICO coupon codes and discounts are available freely on the web. Google is your friend...just run a Google search for myFICO promo codes or myFICO coupons for a list. Free Fico score offers through the ScoreWatch trial program is good for those who need their Fico's for one time purposes (buying a home or getting a car loan for example), but it's not the best option but for those who want long term access to their scores. Those wanting to get regular access to their credit scores should use promo codes and buy the score products for the long term. Don’t forget that myFICO coupon codes and discounts are available freely on the web. Google is your friend…just run a Google search for myFICO promo codes or myFICO coupons for a list.

Free Fico score offers through the ScoreWatch trial program is good for those who need their Fico’s for one time purposes (buying a home or getting a car loan for example), but it’s not the best option but for those who want long term access to their scores. Those wanting to get regular access to their credit scores should use promo codes and buy the score products for the long term.

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