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Established Member
youngandbroke
Posts: 10
Registered: ‎05-24-2012
0

Re: Walmart FICO

Can anyone tell me if the Walmart FICO score is acurate? I just enrolled in paperless billing and they offered me free FICO score monitoring and I just looked at the score and it is so much different than the score I got from myfico.com. I am very worried about the accuracy about this score because it is actually significantly lower than the one provided through myfico.com's service. 

Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: Walmart FICO


youngandbroke wrote:

Can anyone tell me if the Walmart FICO score is acurate? I just enrolled in paperless billing and they offered me free FICO score monitoring and I just looked at the score and it is so much different than the score I got from myfico.com. I am very worried about the accuracy about this score because it is actually significantly lower than the one provided through myfico.com's service. 



Yes, they are both accurate. They each use a different version of FICO. Walmart uses TU08, IIRC. And myFICO.com uses TU98, which is the oldest version. They each put an emphasis on different aspects of your credit (util, for example), which accounts for the difference.

 

It's definitely worth the free FICO from Walmart. When my CU pulled my TU for a CLI, it matched Walmart's FICO exactly. It just depends on the version of FICO that the creditor uses.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Established Member
youngandbroke
Posts: 10
Registered: ‎05-24-2012
0

Re: Walmart FICO

 


bichonmom wrote:

youngandbroke wrote:

Can anyone tell me if the Walmart FICO score is acurate? I just enrolled in paperless billing and they offered me free FICO score monitoring and I just looked at the score and it is so much different than the score I got from myfico.com. I am very worried about the accuracy about this score because it is actually significantly lower than the one provided through myfico.com's service. 



Yes, they are both accurate. They each use a different version of FICO. Walmart uses TU08, IIRC. And myFICO.com uses TU98, which is the oldest version. They each put an emphasis on different aspects of your credit (util, for example), which accounts for the difference.

 

It's definitely worth the free FICO from Walmart. When my CU pulled my TU for a CLI, it matched Walmart's FICO exactly. It just depends on the version of FICO that the creditor uses.

 

 


Thank you for your thorough response. This is very depressing to hear. I was very happy that my scores weren't as bad as I thought but seeing my Walmart score makes me very worried and wondering what I can do in order to improve it. Thank you very much. 

Established Member
youngandbroke
Posts: 10
Registered: ‎05-24-2012
0

Re: Walmart FICO

Actually, I was thinking more about this and I'm wondering if it's possible that my Walmart FICO score is lower because I have a high utilization on my Walmart card? Would that play a part in that score?

Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: Walmart FICO


youngandbroke wrote:

Actually, I was thinking more about this and I'm wondering if it's possible that my Walmart FICO score is lower because I have a high utilization on my Walmart card? Would that play a part in that score?


No more than any other card.  Walmart is providing a FICO TU08 score.  Myfico is providing a TU98 score.  Most lenders use formulas based on TU04, but more lenders are using TU08.  Very few lenders use TU98 scores and even less will use them in future.  Generally speaking, TU08 is closer to TU04 than TU98.  As such, I'd rather use TU08 scores as a guide over TU98 as to what my TU04 scores will be.  However, depending on the differences, it may not be true.  For example, FICO 8 scores discount any dings for small amounts.  The lien for that $8 library fine or collection amount hardly budges your FICO 8 score down, but would count as heavily as any other collection amount/lien in FICO 04.  So if I had high Fico 8 score but had small balance ding (collection/lien), I would expect my FICO 04 or FICO 98 score to be significantly lower.  Or if I had a charge card from AMEX with high reported balances, I would discount the low score I got in TU98 as likely getting high utilization that FICO 04 and FICO 8 scores ignore.

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Member
sandc
Posts: 18
Registered: ‎08-08-2012
0

Re: Walmart FICO

Score is updated.

Valued Contributor
creditnocash
Posts: 2,214
Registered: ‎07-23-2012
0

Re: Walmart FICO

well it is accurate but take it with a grain of salt. 

you really dont know what you have until you get a lender pull. 

 

my walmart tu08 is 30 points higher then my fico tu98. 

no baddies a few inquries. few new tradelines. 

all on time payments. 

Current: Discover Fico 689 8/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Contributor
Dapper_Dan
Posts: 124
Registered: ‎08-13-2012
0

Re: Walmart FICO


Repo-ed wrote:

I guess for only $4.95/mo, really no point in killing my sub for TU score x4/yr.


I saw that offer when I signed up and laughed after I did the math:

($4.95 * 12 )/4= $14.85 per pull

 

4/2012 **Paid off 60 month car loan in 60 months**
6/11/2012 500 Auto EQ (CarMax)
7/2012 **Paid off 60 month VW car loan in 32 months**
8/13/2012 584 TU myFICO
8/16/2012 577 EQ myFICO
8/18/2012 **New $500 CC from WalMart** (1st CC since 2008)
8/19/2012 **New $200 CC from Capital One** (2nd CC since 2008)

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