What's the difference between a BEACON score and FICO score? | TigerDroppings.com

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Supermoto Tiger
LSU Fan
Baton Rouge
Member since Dec 2010
524 posts

What's the difference between a BEACON score and FICO score?


I was recently told by Regions Bank that I had a Becon score of 850? How do I translate that to a FICO???






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Hu_Flung_Pu
USA Fan
In the handicap stall
Member since Jan 2013
3450 posts
 Online 

re: What's the difference between a BEACON score and FICO score?


quote:

I was recently told by Regions Bank that I had a Becon score of 850? How do I translate that to a FICO???


I'm going out on a limb and saying that nothing translates to anything. They are all proprietary scores. FICO is the only official.

(I'm a newbie so take everything I say with a grain of salt)






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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
458 posts

re: What's the difference between a BEACON score and FICO score?


"FICO scores have different names at each of the different credit reporting agencies: Equifax (BEACON), TransUnion (FICO Risk Score) and Experian (Experian/FICO Risk Model)."

Now with that being said, I doubt very seriously that your true beacon score was 850, especially considering the Beacon ranges from 280-850.

Your 850 score was probably an arbitrary scoring system that your lending institution uses for its own scoring model. There is no way to tell how that translates to a FICO score.

And FICO is not the "official score" as was noted above, but it is the most trusted scoring model by lending institutions. However there are so many scoring models (as well as their own) that the institutions could be using.







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Captain Ron
Hawaii Fan
Location: Ted's
Member since Dec 2012
3814 posts

re: What's the difference between a BEACON score and FICO score?


quote:

However there are so many scoring models (as well as their own) that the institutions could be using.



Penfed's model goes up to 950.






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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
458 posts

re: What's the difference between a BEACON score and FICO score?


quote:

Up to 950


Exactly. You just never know with credit scores. Way too many models to keep it all straight.

Now I think people put way too much weight in their scores. As long as they pay their bills, have a long credit history, check all 3 reports once per year for errors, and keep their CC balances under 10% utilization then there is absolutely nothing to worry about.






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