Discover Card FICO score?

[ourfirsthome]

We've recently paid off all of our CC debt and I noticed my discover card now has a FICO score when I login. It shows a score of 811. What I want to know is this information anything accurate as to how our credit score could be? When selling our home and buying a new home do they use FICO or is there a different score I should be looking at?

I want to get our score in the best shape possible before we sell and buy in the next few years. Thanks for any possible insight on this.

[SavingSteve]

When I looked at mine on Discover's web site it said in the fine print that the data comes directly from one of the credit reporting agencies and I believe it should be accurate.

[ourfirsthome]

Ok thanks!

[mholl95]

Great score! By some estimates 80% to 90% of all lenders use your FICO score to evaluate your credit reputation.

My only suggestion is that about a year before you buy/sell your home, confirm that your FICO is still in great shape. Then, don't do anything that could significantly impact it, such as opening a lot of new credit lines, canceling credit cards, etc. Other than that, you're good to go :-) You'll get the lenders best rate.

Cheers
Michael

[Eagle]

We've recently paid off all of our CC debt and I noticed my discover card now has a FICO score when I login. It shows a score of 811. What I want to know is this information anything accurate as to how our credit score could be? When selling our home and buying a new home do they use FICO or is there a different score I should be looking at?

I want to get our score in the best shape possible before we sell and buy in the next few years. Thanks for any possible insight on this.

I have a Discover card and never noticed this... Where are you seeing your credit score?

Edit: Looked again and it's on the statement. 772 score

[Eagle]

Looks like it is accurate, it costs nothing, has no impact to the card member's credit score, and is the TransUnion bureau score (there are 3 major credit bureaus Equifax, Experian, TransUnion). From the Discover website discover.com/FICO :

Why are you putting my FICO® Credit Score on my statement? Simply put, we want to be your favorite card. So we're always looking for new ways to treat you right. And now that means a FICO® Credit Score from TransUnion on your monthly statement to help you stay on top of your credit and avoid surprises. All for free, and with no impact to your credit score

Where did you get this score? We partnered with TransUnion, one of the three major credit bureaus, and FICO® to provide your FICO® Credit Score on your statement for free.

[mholl95]

You're right Eagle....I've seen a few credit card tv commercials lately (maybe it was the same one) where they've been advertising the addition of the FICO score on monthly statements. If fact, I read an article where Congress is attempting to make this information available to everyone for free.

cheers
michael

[ourfirsthome]

Thank you everyone. I just wanted to check if this information was accurate versus some bogus number which would make us believe our score is good when in reality it isn't. Glad to hear this is a legitimate feature.

[btctony]

It probably won't exactly match the TU score that a mortgage lender pulls, because there are 49 different FICO scoring models, so you could have up to 49 different TU FICO scores, depending on which model is used.

Mortgage lenders typically use the FICO 04 scoring model. The only FICO 04 score that a consumer can pull on themselves is Equifax score from MyFICO. If you're buying your score anywhere other than FICO, it's doing you no good, because it isn't a true FICO score.

Some examples of other places are the credit bureau websites, credit karma, credit sesame. All of these places will give you a score, but not a true FICO score. It's not to say that they aren't useful services, because they are as far as credit report data. I use credit karma to monitor my credit activity. It's free and very useful for that purpose.

The score Discover is giving you is a legit FICO score. It's just probably based on a credit card enhanced scoring model, rather than the model a mortgage lender would use.

[Gailete]

We should be seeing it monthly on our Discover card bills. I was very happy with mine at 845! but we have no plans to borrow money or anything else, so it might help as other say with what our car and home insurance runs and odd things like that.