@midwestgirl44 wrote:The lady I spoke with had no idea what scoring model they used and said they got the score directly from the TU website. I called TU and they said they don't provide scores to financial institutions, just credit file information.
Called back my CU and told them this and after a few minutes on hold the rep came back on and said it has to do with the range of scores. My credit union apparently scores all the way up to 900, whereas TU has a max of 839, meaning a difference of 61 points. So basically whatever I see from TU I need to deduct the discrepancy of points between the two scoring ranges to determine what credit score my CU would see.
This is so frustrating! Talk about a need for legislation to write up a law for some consistency.....which is an oxymoron when talking about politics LOL
Unfortunately it's not that simple: out of 900 you likely got a FICO 8 Auto industry option for a score, and that weights things simply differently.
The big one we're aware of is what your installment history is: if you don't have an auto loan already on record, or possibly some other types of installment loan you're almost assuredly going to see a lower score from everyone's anecdotal experience; or if you had things like a repossession on your report that's another killer. Unfortunately, there's absolutely zero access to this score as a consumer directly.
It's a crappy situation around auto lending frankly when it comes to this particular scoring model. We won't get consistency as every lender can and in some cases does use something different as the goal is to minimize their losses (or maximize profits, cynical me) via risk analysis. At best we might be able to trade up with a confusing mess of allowing consumers their full range of FICO scores somehow and disclosures by lenders which specific one they use... but that second one is doubtful as particular algorithm selected is a possibly a competitive advantage and the whole thing falls apart if they use something other than FICO scores.
From that perspective, it well and truly sucks, which is why my recommendation is simply to focus on the report data, as a pretty report will produce a pretty score regardless of credit score used.
@Revelate wrote:
@midwestgirl44 wrote:The lady I spoke with had no idea what scoring model they used and said they got the score directly from the TU website. I called TU and they said they don't provide scores to financial institutions, just credit file information.
Called back my CU and told them this and after a few minutes on hold the rep came back on and said it has to do with the range of scores. My credit union apparently scores all the way up to 900, whereas TU has a max of 839, meaning a difference of 61 points. So basically whatever I see from TU I need to deduct the discrepancy of points between the two scoring ranges to determine what credit score my CU would see.
This is so frustrating! Talk about a need for legislation to write up a law for some consistency.....which is an oxymoron when talking about politics LOL
Unfortunately it's not that simple: out of 900 you likely got a FICO 8 Auto industry option for a score, and that weights things simply differently.
The big one we're aware of is what your installment history is: if you don't have an auto loan already on record, or possibly some other types of installment loan you're almost assuredly going to see a lower score from everyone's anecdotal experience; or if you had things like a repossession on your report that's another killer. Unfortunately, there's absolutely zero access to this score as a consumer directly.
It's a crappy situation around auto lending frankly when it comes to this particular scoring model. We won't get consistency as every lender can and in some cases does use something different as the goal is to minimize their losses (or maximize profits, cynical me) via risk analysis. At best we might be able to trade up with a confusing mess of allowing consumers their full range of FICO scores somehow and disclosures by lenders which specific one they use... but that second one is doubtful as particular algorithm selected is a possibly a competitive advantage and the whole thing falls apart if they use something other than FICO scores.
From that perspective, it well and truly sucks, which is why my recommendation is simply to focus on the report data, as a pretty report will produce a pretty score regardless of credit score used.
Thank you! I really appreciate the info you provided! 