How is FICO Score different from the new Plus Score?

Answer 1

There are generally 2 catagories of credit scores. They are known as FICO and FAKO.

Fico is the score generated by Fair Isaac and is the one used primarily by mortgage lendors.

All the other scores (beacon, plus, etc) are different scoring models provided by the different credit agencies and are called FAKO.

The reason they are called FAKO is twofold.

1) The Fair Isaac model is proprietary and only Fair Isaac can provide a FICO score.

2) The lenders who pull reports from the 3 major credit bureaus can have the information weighted differently if they so choose.

For example, one lender may ask the credit agency to disregard all lates over 2 years old while another may ask that positive accounts with 1 year payment history count double. This means that two lenders pulling the same persons credit from the same credit bureau at the same time can get 2 different scores which will probably be several points different than the "standard" version the consumer purchased earlier that day.

It boils down to scores are meaningless unless you know which scores your lender plans to use.

EDIT:
In Response to David H I am adding the below sources to support my information.

http://credit.typepad.com/credit/2005/06/fico_vs_fako_sc.html
http://www.creditboards.com/mambo/index.php?option=com_content&task=view&id=12&Itemid=2

Answer 2

And the correct answer is....

FICO is your Equifax score, TrueCredit is your TransUnion score and PLUS Score is your Experian score. All three scores are pulled when applying for home mortgage.

I wished people would not answer questions of which they have no knowledge. FICO is not the premier scoring company, it just has become an acronym for credit scores, nothing more. I personally called Equifax to clarify this point. Equifax will tell you that FICO cannot report the other bureaus accurately, just Equifax.

Lawmakers are currently working on legislation to standardize score fees. I would venture to say that very soon you can retrieve your accurate scores at http://www.annualcreditreport.com for a nominal fee of not more than $21 from all three bureaus. You can now, of course, go to each bureau for your accurate score.

Answer 3

FICO Scores Are They So Important for Getting a Mortgage
By: Joy Cagil

There is all types of information in this web site.

Gooooood Luck!

Answer 4

it is actually quite simple the fico is a score given be each individual credit burro, The burros have decided to go the the new score plus program witch will be a average of all scores reflected as one score, however I do not currently know of any lender that will accept this score for obtaining credit. I do know lenders that will average your score to give you a loan but they require that you have 3 scores to average.
hope that makes sense

Answer 5

i do not know. I would like to know too What is Plus Score?