Re: Credit report score vs. fico score??? angie

Posted by Angie (152.163.189.170) on October 21, 2002 at 10:34:13:

In Reply to: Re: Credit report score vs. fico score??? angie posted by mikala on October 21, 2002 at 08:56:20:

For years, the way scores were calculated has been unobtainable.

My guess would be that the CRA's "formulated" some way of giving a consumer an idea of how their credit was rated. If you order the CRA score, it is not very specific, and not what is used by the lending industry.

There is a lot of controversy as to how FICO calculates certain things.

If you go to Bayhouse.com, go to the forum; there is a specific section regarding FICO Scoring. It is the most informative site I've found regarding credit scoring.

I will say that 99% of the advice on this website falls in line with regard to FICO scoring.

example:

FICO scoring will "rate" a charge-off the same whether or not its' outstanding or paid. The only way it will have "less impact" on your score is how OLD it is.

Whether it's paid or not, doesn't seem to matter to the scoring, the fact that it happened is what matters.

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