Suze Orman Explains How The Financial Crisis is Effecting Everyone?

Every single person out there once you have a credit card, you also have what is called credit reports. There are 3 credit reporting bureaus: equifax, experian and transunion. Every move you make when you pay to a creditor , they get to choose which one of they want to report your actions to the 3 credit bureaus to report to. It is possible that you credit card, your payments on a credit card could report your actions to experian, your car payment could go to equifax, your mortgage payment could go to transunion or any combination there of.
When you go and apply for a loan, once the lender knows that you have the right income, you have been working long enough, you have the ability to pay that loan back, the interest that they charge you on that loan is determined by something know as a FICO score. IF you have a high FICO score, the interest they will charge you will be lower, if you have a low fico score, the interest they will charge you will be higher, you not only have 1 fico score,

FICO stands for Fair Issac Corporation

The company that created this score years and years ago. Not only do you have 1 FICO score you have 3 fico scores, 1 for every single reporting bureau that is out there. What is the difference there for from a FICO score to a credit score?

So many people now are applying to get their FICO score. The credit bureaus that provide the information to FICO. It is the credit bureaus that have to send the credit scores to FICO. So Fico can look at these reports and they can give you a score. They decided why not get into the business themselves and create a credit score based on the information they already have on you

So the difference between a credit score and a fico score

Is FICO is the one that creates a FICO score

A credit score is created by the credit bureaus

Here is the problem, 90 percent of major lenders out there today only look at a FICO score in determining the interest rates that you will be charged. The best thing you can do is to know which one you should be checking. Call the creditor you want the loan from and check which scores they check and that is the one you should perchase and see how you are doing. It is that simple. Do you think i explained it easily. Do you know the difference between a FICO and a credit score

Answer: You Know I think I do

I went for a car loan, they told me what my credit score was. I argued with them about it, I don't know who's FICO score that is but it is not mine. I ended up getting a lower interest rate on the loan, yes, I said that is not my fico score. I don't know who you are using here but

Just so you know another thing, there is a differences between a credit scoring system and the FICO scoring system. The highest FICO score goes to 850, the advantage score goes bigger. So get a FICO score, I will still back

source: http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetai...