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?
Starting Score: 590 MyFico EQ
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.
Starting Score: 08/29/2011 TU 671 EQ 674Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
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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.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)Current Score: EQ 660, Wally TU 697, EX unknown (05/13/13)
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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 
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