It is from My FICO and on their application they promise that after you answer 10 questions, they will give you an accurate credit rating. I was totally skeptical because credit is so unique and I did not think that just a few questions would be adequate. I downloaded the free app and did a test on myself.
I answered the 10 questions correctly…and therein lies the problem. Many people who use this application might not answer those questions as correctly as possible, leading to an incorrect FICO score. On my trial of the app, because of the way I answered the questions, it reported a credit range between 705 and 755. In actuality, my middle credit score is 749 so, if the questions are answered correctly, the site is pretty accurate. (disclosure; my score is usually higher but I took out 2 new business cards the other day using my EIN number and unexpectedly, they opened under my personal side, not the business so it lowered my score because of 2 new inquiries and 2 new cards with no history)
Next I tested it on a client with whom I was meeting. I gave him my phone and had him work his way through the 10 questions. Out came the score prediction with a range of 755 to 805 for his FICO. When I went back to the office I pulled his report. Boy, were we both glad that I did! A mortgage lender had posted incorrect information and while his score was still above 700, it was not in the range the app predicted. But he now has time to correct the mistake the lenders made and get his score back to its highest level.Therefore, it always comes back to if you are looking for information about your credit and your credit score, please don’t use the iPhone. If you are just looking to play and find out a rough range of what your score might be, use it all day long. But if you need help to make sure that you have the correct credit score, please call myself or another mortgage professional.
Davis Family Lending, LLC
Geoffrey is the “Frisco Mortgage Guy”!
p.s. Thank you to the 384 kids, dogs and adults that joined us for the 2nd annual Lochrann’s Paddy Dash in beautiful Frisco Square. Great weather and great fun- all benifiting a great group- Frisco Family Services Center! Log on to the site to see where you or your friends finished! See you all next year!