Are you FUNDABLE, or Do You Just Have a
Good Score?
The second category of FICO ® scores is what is called“ industryspecific” scores. They are also know as“ weighted” scores, because they are weighted for the particular industry where you are applying for credit. For example, if you ' re looking to purchase a vehicle, the lender or dealership will be using FICO ® software that weighs your previous auto loan reputation. If you have a good payment history, your score will be higher than your unweighted scores, but if you had a missed payment or repossession, then your auto score may be lower than your unweighted score. Industryspecific credit scores include auto scores, mortgage scores, credit card scores, etc.
So while you have been trained by the financial world to be score sensitive, no one has taught you the difference between FICO ® and FAKEO™ scores. If it does not have the FICO ® registered trademark it is not a legitimate score— NO lender will lend on it. I hate( not really— just being polite) to inform all of you that the credit scores offered on sites like CreditKarma. com, etc. are FAKEO™ scores and are not used by lenders to extend you credit. The best place to acquire your true FICO ® credit scores is myFICO. com. It offers both unweighted and industryspecific scores. Another feature to the credit report you get from myFICO. com is that it also contains credit scores calculated using various versions of the FICO ® scoring software so that you can see what the lenders see— regardless of which software version a lender uses.
Whaaaaa?
As with all software, there are versions that are more recent and and there are versions that are older. The challenge is that when you go to a lender and submit an application, you do not know what version of the FICO ® software they are using. To add insult to injury, when you pull your myFICO ®. com credit report, you will see that there can be as much as a 20 to 70 point difference between scores generated by the different software versions. And each version grades the exact same data on your credit profile!
Are you FUNDABLE, or Do You Just Have a
Good Score?