10-08-2009 08:27 PM
What were you declined for?
The different credit bureaus have different scoring formulae for the calculation of FICO scores. In addition, the information contained at each credit bureau could be different (in fact, it often is), and this can affect your scores.
I recommend looking at the actual credit reports from each bureau (not just the scores) to check for accuracy.
10-09-2009 06:41 AM
Can anyone explain this to me. I was declined as my Experian 2.0 was like 60 points lower then equifax. Whats up with that?
Who declined you? Was it Alliant? Was the Equifax score that you are comparing the classic EQ Fico score?
I believe Alliant uses Fico's NextGen scoring model - the EX version of that model is called Experian Advanced Risk Score 2.0.
The NextGen model has a different formula than the Fico classic model.
10-09-2009 08:44 AM
Yes it was Alliant. They are saying my score is between 550-590. I was just amazed that they gave me a range like that. When my TU and Equifax are in the mid 600's.
As Lel mentioned, you might want to compare a current EX credit report and a current EQ or TU credit report, to see if there is some significant difference on the EX report.
Even if your EX report is very similar to the EQ or TU report, the Fico NextGen formula weights aspects differently than the Fico classic formula, so number of inquiries or a late payment (just for example) may have more of a negative impact on the NextGen score than on the classic score ...