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GreenDragonLady

Is the Discover Fico 8 accurate?

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16 minutes ago, Occam said:

KreditCarma only gives me TU and EQ. What's the conversion factor to EX?

[(TU + EQ) / 2] - X

 

X = the number of inquiries you have on Experian, up to 7 max.

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On 1/5/2019 at 1:21 PM, cv91915 said:

When you lend money, you get to choose the type of score that you believe most correctly measures the risk associated with the transaction.  I sort of answered that part already.

 

If you want to securitize and sell mortgages or other types of debt on the secondary market, you use the scores that your investors require.

 

Vantages are for smoking.

 

I wasn't hitting on you.  I practice the type of love that dare not speaketh its name.  

 

vantage_02.jpg

😆

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The score showing on any site providing a score is accurate for the purposes of THAT score using the information on THAT report at THAT precise moment.  A change that posts moments later could serve to change the score.  Because Disco shows you a TU Fico8, that score would be what any lender using Fico8 from TU data would reasonably see if you made an application at that same moment in time.  It may or may not be the same as a EQ or EX score using Fico8 would display since the data between bureaus is rarely 100% identical. 

 

Bankcard issuers have no financial motive to give you a score using a mortgage model, even if the specific issuer also has a mortgage division.  The vast majority of the sheep, err cardholders don't care enough to even educate themselves about differences in models much less be in the mortgage process at any specific window in time.  Rather, the sheep have been trained by advertising executives that they NEED to know A three-digit number.  As such, companies make billions of dollars annually by selling off this information through a variety of products.

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39 minutes ago, centex said:

The vast majority of the sheep, err cardholders don't care enough to even educate themselves about differences in models much less be in the mortgage process at any specific window in time.

This is why I'm here.  Knowledge is power.

 

Thanks.

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