FICO score Flim Flam!

Now you may think that if you got your FICO score you pretty much know how good your credit is.

Then you discover that there is not one credit bureau but at least 3, and they each compute a so-called FICO score differently. For example, with various financial institutions providing scores, I have, I think, five different scores ranging from 774 to 842.

As it turns out the 774 is Experian FICO 3. Experian 8 and 9 are both over 800! So I go and look and they say there are 16 different versions out there!

Does anybody have any thoughts on this madness?

Last I read, there are 45-50 credit scores, most tailored to a specific type of credit request. A lot of them license the FICO name, others have been developed by assorted credit rating agencies. I don’t worry about it. We carry no debt and pay the bills when they arrive.

774-842 is top tier credit, you have nothing to worry about.

I monitor my credit but more from a fraud perspective. I only care about my credit score when considering a loan for a big purchase.

Thanks guys… I do realize that even 774 is top rated credit, but number went down from 790, and I did nothing! It’s flim flam because the numbers are made up and don’t tell real story. Wonderful numbers are meaningless if they are going to deny you credit!

So I figured to enhance my score by deepening my credit line. Ah but multiple banks, even some I have done biz with for years, say no! Net result is I have some inquires in last two years, and a couple of new accounts that I closed because they were trivial lines. Paid off of course. Seems the only thing to do is keep 'em paid as due and just wait a few months…

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What percentage of the U.S. population is in that position?

Not enough.

Our government should be in that position but perhaps that’s another thread,

I’m so proud of you Beemer…for having a clue.