What is difference between the Credit Score and FICO Score?

[snapfish96]

What is difference between the Credit Score and FICO Score? Which one mostly banks uses? I use experian - is that a fico score or a credit score?

[df04527]

There are several different scoring models customized for each lending industry. Auto dealers use their own breed of scoring model, mortgage lenders put their spin on the scoring model, as well as credit card companies, banks etc all use a breed of their own. They are mostly all base fico scoring models they buy from FICO - then churn them through their own industry specific guidelines to result in a "score" for you. Therefore your score will be different (and can be vast) for each industry.

Third party sites that offer "scores" are also their own breed. Differences can vary widely between scores which renders the consumers powerless to know what their real lending scores are for that specific industry.

/end of rant - sorry - one of my biggest peeves. :0

[snapfish96]

Thanks for the info. I was wondering if I'll get a good auto loan for 670 score from experian. Or should I still wait...

[df04527]

No way to know. Best thing to do is to go look for a car and they can run a report/score for you - that is the number you want to hear. Or you can go to your local bank/credit union to get a pre-approval - that will also result in an auto enhanced score for you. Unfortunately that is about the only way to know. It will cost you an inquiry though.

[bobstevensbo]

I remember when Congress passed the Credit Score stuff a few years ago they promised that scores would never be used to judge peoples creditworthiness. Another screwing!