Posted byMessage
Captain Ron
Hawaii Fan
Location: Ted's
Member since Dec 2012
3787 posts

Credit score ranges: Can someone give me a definitive answer to this?


I thought it was 300-830 or so?

PenFed gave me some range that went up to ~950.



This post was edited on 4/16 at 9:11 am



Back to top
Share:
foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28607 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


Financial institutions can use customized scores, maybe they're doing that. Or maybe something else.





Back to top
Captain Ron
Hawaii Fan
Location: Ted's
Member since Dec 2012
3787 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


It's kinda fricked up when my score is around 750 with the credit agencies in the 300-830 or so range, but with PenFed it was 750 in a range of 300-950.





Back to top
ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
7205 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


quote:

Financial institutions can use customized scores, maybe they're doing that. Or maybe something else.


This. PenFed is likely using a proprietary score, not FICO which ranges from 300 to 850.






Back to top
ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
7205 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


quote:

It's kinda fricked up when my score is around 750 with the credit agencies in the 300-830 or so range, but with PenFed it was 750 in a range of 300-950.


I would just ignore PenFeds score, it really is of no use to you. If you know your FICO score you will be able to compare rates using that.






Back to top
JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4579 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


You can buy several different credit scores but the only one that really matters is your FICO score. Even the scores you buy directly from the credit bureaus aren't real FICO scores. Yeah, it's BS but they keep making money off of it.





Back to top
mglsu21
LSU Fan
Prairieville
Member since Jun 2012
455 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


I am going through a mortgage company right now. Here's what was listed on my credit score disclosure sheet:

Equifax (EFX)/Beacon Score
Range of possible scores: 300-850

Experian (XPN)/Fair Isaac Score:
Range of possible scores: 300-850

TransUnion (TUC)/Classic 2004 Score:
Range of possible scores: 300-850


However, I dropped the 1st lender I was using. I shredded the disclosure sheet, but they had different scoring ranges listed (not sure what models they used). I think all of them started at 300, but Equifax or Experian was 850 max and the other was 830 or so max. Transunion had a max score of something like 930.


Everyone on this board will tell you that Fico is the only one that really matters, but there are so many models that it is really tough to tell which is best. The best thing is just to monitor your report at least once/year to prevent fraud and inaccuracies. If you do that, while keeping your balance-to-limit ratios low and paying notes on time, then your score will fall where it needs to be.







Back to top
JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4579 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


quote:

Everyone on this board will tell you that Fico is the only one that really matters, but there are so many models that it is really tough to tell which is best


The 3 scores you list are all FICO scores. Some lenders still use the TUC 2004 score but most are using the TU08, which is a newer version of the TransUnion FICO score. No reputable lender I have ever heard of uses anything other than your FICO score. If they used another type of credit score, I would probably find another lender.






Back to top
mglsu21
LSU Fan
Prairieville
Member since Jun 2012
455 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


quote:

If they used another type of credit score, I would probably find another lender.


I wish I still had that disclosure form to see that their model and ranges said. It seemed really weird.

As for FICO, I guess I just don't totally understand what is a FICO score and what isn't unless it says Fair Isaacs behind it. But either way I don't take too much into what the score says. I know that if I have a good mix of credit, good average age of accounts, pay bills on time, and a low balance-to-limit ratio then the score will fall in line with what I need it to be.

I have a credit monitoring service with Identity guard. I know it does not use Fico scores, but IMO it is the best comprehensive monitoring service out there. The scores are generally off by 10-30 points, but it shows me what is on my CRs as well as alerts me when an inquiry is made. Myfico just does not give me the access to all 3 like I want.






Back to top
JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4579 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


When I was preparing to apply for a mortgage I used USAA's monitoring service because they let you pull a report from all 3 bureaus once a day. They stopped letting you pull everyday and went to once per month though. They provided a score too, which I ignored.

As long as you can monitor your credit and not put a lot of stock into the "credit scores" the services provide, it's a good thing. The FICO scores all 3 bureaus use all use the same formula but may weight the conponents differently. Just pay your bills on time, limit the amount of inquiries you have, keep a good mix of credit (revolving, mortgage, installment) and keep your REVOLVING utilization less than 10%.






Back to top
foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28607 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


quote:

The best thing is just to monitor your report at least once/year to prevent fraud and inaccuracies. If you do that, while keeping your balance-to-limit ratios low and paying notes on time, then your score will fall where it needs to be.


This. The purpose of a credit score (whoever issues it) is to figure out how likely you are to default. That is the number that actually matters - not the score itself.

But you should be able to have a reasonably good sense of where you stand just by looking over your report (not the score). If you have no 30 day lates at all and a credit history of 5+ years, you're in decent shape at least and the exact score isn't all that important.

Don't worry overly much about things like how much you have borrowed, how many times you've made an inquiry, etc. They are minor. It's pretty simple - if you have a record of being late 30 days more than once then your score is in the shitter. If that has never happened then to varying degrees you're okay.






Back to top
JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4579 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


quote:

Don't worry overly much about things like how much you have borrowed, how many times you've made an inquiry, etc. They are minor


If you're trying to borrow money, these things can drag you down. Inquiries can add up if you have several. High utilization on revolving debt can bring your score down big time. Of course, this really doesn't matter unless you're applying for new credit.






Back to top
Captain Ron
Hawaii Fan
Location: Ted's
Member since Dec 2012
3787 posts

re: Credit score ranges: Can someone give me a definitive answer to this?


My credit score just moved up 30 or so points due to some really old dings which just fell off my record.

I guess the only thing left is to manage credit ratios and inquiries to move it over 780.

Average age of accounts is something I really can't control, unless I decide to close existing paid in full cc accounts, but I think that would probably do more harm than good.







Back to top



Back to top