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jonmartin
Posts: 92
Registered: ‎06-05-2009
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My FICO Equifax score no longer accurate?

My FICO online score is reading about 25 points higher then two lenders I apped for in the last couple days whats up with that? I apped for a Discover More card and the score they said I had was 25 points lower then the number on My Fico score. I thought this was some sort of CC enhanced score so I brushed it off. But I also apped for a used car and they said my score was exactly the same as Discover said what gives?

 

 

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rootpooty
Posts: 1,772
Registered: ‎10-28-2011
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Re: My FICO Equifax score no longer accurate?

the myfico equifax version here is beacon 5.0 so you would want to make sure discover is using the same model but i doubt they are. nfcu uses the same model sold here

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CribDuchess
Posts: 658
Registered: ‎09-12-2011
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Re: My FICO Equifax score no longer accurate?

Well, it's highly likely the score for the used car app was based on an auto-enhanced FICO score.  Not sure what model Discover uses, but perhaps it was a CC enhanced score, whereas the one available here at MyFico is not CC enhanced?  Just a guess there.  I'm sure the score being the same for both the auto loan app and Discover app was just a coincidence.  I'm sure someone way more knowledgeable than me will chime in soon.  :smileyhappy:
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jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
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Re: My FICO Equifax score no longer accurate?

When I had my lender pull, it was Beacon 5 so I know that's the version my lender uses.

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gettnthere
Posts: 912
Registered: ‎06-14-2012
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Re: My FICO Equifax score no longer accurate?

Beacon 5.0 is very popular among alot of lenders, just about every lending institution in my area uses Beacon 5.0. but its likely that your lender may have used a diffrent scoring version. Ive always wondered what the difference in a CC enhanced Score is? can someone explain to me?



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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: My FICO Equifax score no longer accurate?

Discover uses a Vantage type of score... they don't use Fico from my experience.

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Revelate
Posts: 9,640
Registered: ‎12-30-2011
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Re: My FICO Equifax score no longer accurate?

[ Edited ]

webhopper wrote:
Discover uses a Vantage type of score... they don't use Fico from my experience.

I don't think that's universally correct Web; from this forum and others Discover appears to be using a credit-enhanced version of EQ, and we think 9.0 rather than the 5.0 that mortgage lenders use (myFico Beacon 5.0 = your EQ mortgage score guarunteed right now).

 

Regarding credit-enhanced in general for getnthere; while we don't know specifics, we can make some assumptions from the auto-enhanced industry option - namely, that they give much heavier weight to revolving credit lines in terms of payment history, and judging from the scores people have anecdotally reported on credit card applications, I have a suspicion that it doesn't look quite as far back as the typical FICO does in terms of past pain.  I'm making this judgement from people who are rebuilding and report scores higher than their Beacon 5.0 and yet had lates / CO's on credit cards before; however, this is a pure estimate and could well likely be wrong.

 

In any event, as a theoretical example,  a car repo under the bankcard enhanced would hurt less than it would on the auto enhanced... and probably the normal "classic" score would have it somewhere in between those two for importance.

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gettnthere
Posts: 912
Registered: ‎06-14-2012
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Re: My FICO Equifax score no longer accurate?


Revelate wrote:

webhopper wrote:
Discover uses a Vantage type of score... they don't use Fico from my experience.

I don't think that's universally correct Web; from this forum and others Discover appears to be using a credit-enhanced version of EQ, and we think 9.0 rather than the 5.0 that mortgage lenders use (myFico Beacon 5.0 = your EQ mortgage score guarunteed right now).

 

Regarding credit-enhanced in general for getnthere; while we don't know specifics, we can make some assumptions from the auto-enhanced industry option - namely, that they give much heavier weight to revolving credit lines in terms of payment history, and judging from the scores people have anecdotally reported on credit card applications, I have a suspicion that it doesn't look quite as far back as the typical FICO does in terms of past pain.  I'm making this judgement from people who are rebuilding and report scores higher than their Beacon 5.0 and yet had lates / CO's on credit cards before; however, this is a pure estimate and could well likely be wrong.

 

In any event, as a theoretical example,  a car repo under the bankcard enhanced would hurt less than it would on the auto enhanced... and probably the normal "classic" score would have it somewhere in between those two for importance.



ahhhh ook makes sense now, i had never heard of it before coming to these forums. thanks for the clarification Revelate :smileywink:



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