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User Panel
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Posted: 4/21/2016 10:02:02 AM EDT
[#1]
scores are weighted differently for different types of loans. the raw FICO will be slightly different from one weighted for auto loans or one weighted for a mortgage
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Posted: 4/21/2016 10:02:59 AM EDT
[#2]
Quote HistoryQuoted:
scores are weighted differently for different types of loans. the raw FICO will be slightly different from one weighted for auto loans or one weighted for a mortgage This. Those credit monitoring numbers don't mean anything. |
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Posted: 4/21/2016 10:07:49 AM EDT
[#3]
The score they report to a lender is not the same one they report to you. Experian has a proprietary scoring system that goes up to 900. That is where your 839 came from.
The gold standard that all three major agencies report to banks is called the FICO (for Fair Isaac COrporation, the keepers of the forumula.) The maximum FICO score is 850. An 800 FICO score is good enough to put you at the top of the heap as a borrower. |
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Posted: 4/21/2016 10:10:17 AM EDT
[#4]
I wouldn't worry about it, as 800 is in the top tier.
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Posted: 4/21/2016 10:10:49 AM EDT
[#5]
There are about 19 different fico scoring models that could be used by different lending institutions. It's impossible to know which one they use before they pull your credit. With that said, your rate should be the same with an 800 score as with the 839.
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Posted: 4/21/2016 10:21:36 AM EDT
[#6]
I guess I had no clue. The loan officer said my rate would be good. So Experian is just making money off you with a credit mnitoring service and their scores are worthless to me. I'll consider this another free finance lesson courtesy of GD.
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Posted: 4/21/2016 10:40:05 AM EDT
[#7]
Quote HistoryQuoted:
I wouldn't worry about it, as 800 is in the top tier. So OP is tier 1? |
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Posted: 4/21/2016 10:53:49 AM EDT
[#8]
Quote HistoryQuoted:
So OP is tier 1? Quote HistoryQuoted:
Quoted:
I wouldn't worry about it, as 800 is in the top tier. So OP is tier 1? Only if he has driveway scars. 
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Posted: 4/21/2016 10:56:42 AM EDT
[#9]
Most credit cards will give you your FICO score for free on your statement each month. I know i get it on my discover card, chase freedom card and barclays card.
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