Can someone help clarify something for me please?

[tj88]

How is it that I received a denial letter on a credit app showing a TU score, which is significantly lower then the TU score I pulled here on myFico?

I thought the scores pulled here are the 'true' FICO scores (what the lenders see) and any others we pull elsewhere are FAKO. There is a 33 point difference.

Thanks.

[flowfaster]

The TU scores are both correct. The score you get here is a TU98. The score most lenders pull is a TU04 I believe. They just use different algorithms to determine your score. IMHO you should actually focus on the content of your report rather than worry about the 1000+ different FICO scores that are out there.

[dodgerslv]

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@tj88 wrote:

How is it that I received a denial letter on a credit app showing a TU score, which is significantly lower then the TU score I pulled here on myFico?

I thought the scores pulled here are the 'true' FICO scores (what the lenders see) and any others we pull elsewhere are FAKO. There is a 33 point difference.

Thanks.

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Well first, make sure the score from the letter is an actual TU Fico Score (300-850 scale). Then remember there are 3  different TU Fico score versions TU98 (the one you get here). TU04 (the one most commonly used by lenders and one you cannot buy) and TU08 (obtain from Walmart and a newer version not used by many lenders). Second, there is also a "bankcard auto-enhanced" Fico score that some banks use (e.g Merrick Bank). A few versions out there so its hard to tell which one they used.

[distantarray]

myfico gives you a Fico08 score, most lenders use Fico04 .

Equifax here is the Fico 04 score 

Fico 08 is more lenient on scoring so you'll often have a better score on TU08 vs TU04

also not all lenders use Fico system but use a internal scoring system. If the scoring was not based on 300-850 scoring then it's a fako score.

[flowfaster]

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@distantarray wrote:

myfico gives you a Fico08 score, most lenders use Fico04 .

Equifax here is the Fico 04 score 

Fico 08 is more lenient on scoring so you'll often have a better score on TU08 vs TU04

also not all lenders use Fico system but use a internal scoring system. If the scoring was not based on 300-850 scoring then it's a fako score.

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I thought myfico was TU98 not TU08.   I thought Walmart was TU08.  

[Elcid89]

What I do:

Once per year, I have the loan officer at Navy Federal pull a trimerge. It costs me $11 for all three reports and I get a true lending FICO from all three bureaus.

[Simply827]

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@flowfaster wrote:

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@distantarray wrote:

myfico gives you a Fico08 score, most lenders use Fico04 .

Equifax here is the Fico 04 score 

Fico 08 is more lenient on scoring so you'll often have a better score on TU08 vs TU04

also not all lenders use Fico system but use a internal scoring system. If the scoring was not based on 300-850 scoring then it's a fako score.

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I thought myfico was TU98 not TU08.   I thought Walmart was TU08.  

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Correct

[dodgerslv]

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@Elcid89 wrote:

What I do:

Once per year, I have the loan officer at Navy Federal pull a trimerge. It costs me $11 for all three reports and I get a true lending FICO from all three bureaus.

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Same here except she charges me 20 dollars. I should have pulled one last month but in the garden now so have to resist temptation (especially when im dying to know what my EX Fico score is at the moment).

[tj88]

Thank you all so much! Those explanations make sense to me now. I do recall reading about the various scoring systems.

I am not focused entirely on my score, I am trying to understand how it all works together. I have addressed the issues on my report that need addressing, but would also like to make sure I know how things should improve as I clear up my issues. However, I do find it kind of funny to see a statement about not focusing on score, when I see so much bragging about scores on these boards. I suppose once you reach it a certain point you see things differently.

I will keep plugging away.

[myjourney]

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@Elcid89 wrote:

What I do:

Once per year, I have the loan officer at Navy Federal pull a trimerge. It costs me $11 for all three reports and I get a true lending FICO from all three bureaus.

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That's a very good idea...I'll try that myself....good info