cat­e­gory —

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=aoedetails&GnavID=84&SnavID=20&TnavID=&AreasofExpertiseID=20