- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
What's the difference between a BEACON score and FICO score?
Posted on 7/9/13 at 3:32 pm
Posted on 7/9/13 at 3:32 pm
I was recently told by Regions Bank that I had a Becon score of 850? How do I translate that to a FICO???
Posted on 7/9/13 at 4:05 pm to Supermoto Tiger
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)
Posted on 7/9/13 at 4:58 pm to Supermoto Tiger
"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.
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.
Posted on 7/9/13 at 5:00 pm to mglsu21
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.
Posted on 7/9/13 at 5:04 pm to Captain Ron
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.
Popular
Back to top
Follow TigerDroppings for LSU Football News