So I received my new Amex and was suprised to see them list my fico score as 664, pulled from Equifax... Whereas, the MyFico site lists my score at 713..
Anyone one why there's such a huge gap? Where does MyFico pul from as I thought they were the main source from which the 3 bureas score from?
It's certainly in the best interest of banks to "see" a lower score in an effort to charge higher interest rates..
$30,500
$18,500
NPSL
$15,000
$10,000
$25,000
$32,000
@RSCo wrote:So I received my new Amex and was suprised to see them list my fico score as 664, pulled from Equifax... Whereas, the MyFico site lists my score at 713..
Anyone one why there's such a huge gap? Where does MyFico pul from as I thought they were the main source from which the 3 bureas score from?
It's certainly in the best interest of banks to "see" a lower score in an effort to charge higher interest rates..
There are different versions of the FICO algorithm and also different flavors for each individual version.
MyFICO EQ is Beacon 5.0, the same score that's used for a mortgage pull and is the baseline or classic flavor.
Amex almost assuredly used FICO '08 and/or a Bankcard-enhanced flavor of the algorithm. It is not uncommon to see one's scores from any credit card lender (or auto loan lender similarly with Auto-enhanced scores) markedly different from what one finds here, much to virtually everyone's dismay.
Doesn't always work to our disadvantage, I was approved for an Amex with an absurdly low score here; however, I found out that my '08 score is non-trivially higher, and in thinking about it my bankcard score may be even better than that since it's public records dragging my own score down for the most part. Whenever I do manage to pull the trigger on a mortgage application, the EQ score found here is the gold-standard.
Edit: miswrote loan instead of mortgage, wasn't clear previously.
@Revelate wrote:
@RSCo wrote:So I received my new Amex and was suprised to see them list my fico score as 664, pulled from Equifax... Whereas, the MyFico site lists my score at 713..
Anyone one why there's such a huge gap? Where does MyFico pul from as I thought they were the main source from which the 3 bureas score from?
It's certainly in the best interest of banks to "see" a lower score in an effort to charge higher interest rates..
There are different versions of the FICO algorithm and also different flavors for each individual version.
MyFICO EQ is Beacon 5.0, the same score that's used for a mortgage pull and is the baseline or classic flavor.
Amex almost assuredly used FICO '08 and/or a Bankcard-enhanced flavor of the algorithm. It is not uncommon to see one's scores from any credit card lender (or auto loan lender similarly with Auto-enhanced scores) markedly different from what one finds here, much to virtually everyone's dismay.
Doesn't always work to our disadvantage, I was approved for an Amex with an absurdly low score here; however, I found out that my '08 score is non-trivially higher, and in thinking about it my bankcard score may be even better than that since it's public records dragging my own score down for the most part. Whenever I do manage to pull the trigger on a loan application, the EQ score found here is the gold-standard.
Awesome info... Thanks... When I received my car loan, the bank said my score was 719..
Thanks...