What is the point of a "Credit Score" if the "FICO score" is the only one that matter

Tips and Deals Forums Consumer Credit Improve credit What is the point of a "Credit Score" if the "FICO score" is the only one that matter

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    • #251881
      dealpal
      Keymaster

      Is there anything a “credit score” is really used for other than being a sign of false hope?* For the past 4 years or so, i’ve been monitoring my “Credit Score” hoping I would get it to a good enough score to apply for a mortgage.* I got to a point where I felt secure enough to apply because I felt my scores were good.* Once I tried for pre-approval, I got denied because they used a “FICO score.”* It was the first I hear of it, but it was then I realized that it was only the “FICO score” that really mattered when applying for a car note or a house note.* Needless to say, there was quite a difference between my “Credit Score-671” and my “FICO Score-590″* I was so embarrased once I heard how low my score was, and was of course denied.* Thankfully I found this site, to help me going forward.* However, I am a bit peeved that a “credit score” is such a false hope number that really isn’t used for anything of value…or is it?* Sorry, had to vent! Have a good weekend!

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