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 ?