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VR46
Posts: 4
Registered: ‎03-16-2009
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HUGE difference in credit scores (60points!)

[ Edited ]

I need some help understanding this..

 

Experian and TU both have my score at 740 or so. I just signed up for Equifax today to check my score and what info they had. I recently got turned down for a loan and was offered a restricted checking account and both credit reports were pulled from them. So i figured something was up. Well my score is only 682 on there. It's a 3 in one so i can see all the info on the other account.

 

The only real difference i can see is two accounts are still active on my EQ. A line of credit i used to get a computer back several years ago. 0 balance. And a Credit Card(2,000 running balance, now 0) i just recently paid off and closed.

 

all the other info between the 3 accounts is roughtly the same. The AAoA is 4 years on the EQ and EX and 3 years 9 months on TU

 

Why the huge difference in scores? Anyone?

Message Edited by VR46 on 03-17-2009 09:46 PM
Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
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Re: HUGE difference in credit scores (60points!)

Where did you get those EX and TU scores?

 

Where did you get that EQ score?

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New Member
VR46
Posts: 4
Registered: ‎03-16-2009
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Re: HUGE difference in credit scores (60points!)

EX - Through USAA's Credit Check Monitoring. Basically you just get your credit report from EX through USAA for a small monthly fee. Updated as of 16 Mar 09

 

TU - I got my free annual credit report from them. I paid extra to get my FICO score. Updated about a month ago

 

EQ - Got it today directly from Equifax.com 

 

Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
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Re: HUGE difference in credit scores (60points!)

The one you got from EQ is likely a FICO....did it say FICO?

 

The others, I am pretty certain are FAKO scores. They are a credit score, but not a FICO credit score, which is what almost all lenders use.

 

The only place to get your TU FICO is here and a special TU site.

 

You can no longer gain access to your EX FICO directly.

 

This would be the difference.....FAKO and FICO.

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New Member
VR46
Posts: 4
Registered: ‎03-16-2009
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Re: HUGE difference in credit scores (60points!)

The EQ is FICO. It says it right next to the score.

 

So i take it FAKO scores read higher then? I thought my scores were high from EX but i didn't think they were inflated that much. 682 is lower than i would have hoped :smileysad:

 

I need to read up on the difference between FAKO and FICO... thanks for your help i appreciate it!

Moderator Emeritus
Posts: 11,562
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Re: HUGE difference in credit scores (60points!)


VR46 wrote:

 

So i take it FAKO scores read higher then?


It could be higher, it could be lower.

 

FAKO scores are credit scores developed by the CRA, not FICO.

 

They are based on your credit profile(or so they say) but the formula is no where near the formula that FICO scores use.

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New Member
VR46
Posts: 4
Registered: ‎03-16-2009
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Re: HUGE difference in credit scores (60points!)

[ Edited ]

Oh okay. Do lenders even really care about a FAKO score? They all pretty much use FICO, right? If so then what is the point of a FAKO

 

I should probably be reading some FAQ's or something instead pestering you with questions :smileywink:

 

I appologize lol

Message Edited by VR46 on 03-18-2009 01:18 AM
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: HUGE difference in credit scores (60points!)

A super vast majority of lenders use FICO scores only.

A good resource is Credit Scoring 101.
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Posts: 11,562
Registered: ‎08-29-2007
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Re: HUGE difference in credit scores (60points!)


VR46 wrote:

 

If so then what is the point of a FAKO

 

 


The only point of a FAKO is to make money, IMO.

 

So many people are unaware of the differences in credit scores and FICO scores. They think a credit score is a credit score, myself included at one point.

 

The CRA(EQ, TU, and EX) have developed their own formula to calculate a credit score to market to consumers.

 

It works, because as mentioned, there are too many uneducated consumers.

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