Large difference between MyFico and Truecredit...which one is looked at for loan?

[Anonymous]

So, I've been working on my scores and just ran my score from MyFico and I already have a Truecredit subscription.   I know that Truecredit is considered "FAKO" but I like the fact that I can update my reports/scores every 24 hours.  (Pathetic I know - but I'm desperate to get the scores up) I am looking to buy a slightly used car (a year or so old) and will need a loan for part of it so I'm waiting on my scores to increase.   The problem is there is a pretty big difference in the EQ and EX scores between Truecredit and MyFico.  Which one will the loan officer most likely see when they pull my credit??

Truecredit    03/07/08      TU  652   EQ  570    EX   605

MyFico         03/07/08      TU  651   EQ  647    EX   633

Message Edited by ee on 03-07-2008 04:38 PM

[Anonymous]

FICO

[Anonymous]

Hate to sound pessimistic Sidewinder but how can we be certain?  Is it just a known fact or has someone actually seen this happen?  (Again, just asking since there is such a big difference.)

[Anonymous]

---

@Anonymous wrote:

Hate to sound pessimistic Sidewinder but how can we be certain? Is it just a known fact or has someone actually seen this happen? (Again, just asking since there is such a big difference.)

---

I don't get it. You post on here for advice on which they use, and you get the advice, but then you question their advice.

Most people don't respond to these posts unless they are pretty sure of the answer.

And besides, look undneath sidewinder's name......it says, "trusted contributor." How can you not trust a trusted contributor? Now, if it said, "untrusted contributor," then I could see your concern.

and also, since one is called FAKO........I dunno...call it a hunch or whatever, but that just kind of says that, well, maybe the one that is labeled FAKO would be the FAKO one.

[guiness56]

---

@Anonymous wrote:

So, I've been working on my scores and just ran my score from MyFico and I already have a Truecredit subscription. I know that Truecredit is considered "FAKO" but I like the fact that I can update my reports/scores every 24 hours. (Pathetic I know - but I'm desperate to get the scores up) I am looking to buy a slightly used car (a year or so old) and will need a loan for part of it so I'm waiting on my scores to increase. The problem is there is a pretty big difference in the EQ and EX scores between Truecredit and MyFico. Which one will the loan officer most likely see when they pull my credit??

Truecredit 03/07/08 TU 652 EQ 570 EX 605

MyFico 03/07/08 TU 651 EQ 647 EX 633

Message Edited by ee on 03-07-2008 04:38 PM

---

Yours are not that big of a difference. Mine are 110 points and more less than my FICO scores. Why the huge difference. I understand each CRA develops their own scores that do not necessarily follow the way FICO scores were developed. And I have read several articles that state FICO is what lenders use.

[Junejer]

---

@Anonymous wrote:

So, I've been working on my scores and just ran my score from MyFico and I already have a Truecredit subscription.   I know that Truecredit is considered "FAKO" but I like the fact that I can update my reports/scores every 24 hours.  (Pathetic I know - but I'm desperate to get the scores up) I am looking to buy a slightly used car (a year or so old) and will need a loan for part of it so I'm waiting on my scores to increase.   The problem is there is a pretty big difference in the EQ and EX scores between Truecredit and MyFico.  Which one will the loan officer most likely see when they pull my credit??

Truecredit    03/07/08      TU  652   EQ  570    EX   605

MyFico         03/07/08      TU  651   EQ  647    EX   633

Message Edited by ee on 03-07-2008 04:38 PM

---

Double E, the financial world is going to use FICO scores. That fico might come from EQ, EX or TU, depending upon which one your bank/CU subscribes to. I am going to go out on a limb and stake 15 years of banking experience (from the inside) on it.

[Anonymous]

Wordslayer - not sure what you problem is tonight.  Everyone is here to get/give advice.  Asking questions is what this is all about.  If you don't like the questions perhaps you shouldn't be reading this forum.

EE -  My scores vary as well.   Personally I have asked a Suntrust rep and they stated that they use Fico scores.  Hope this helps.

[guiness56]

---

@Junejer wrote:

---

@Anonymous wrote:

So, I've been working on my scores and just ran my score from MyFico and I already have a Truecredit subscription. I know that Truecredit is considered "FAKO" but I like the fact that I can update my reports/scores every 24 hours. (Pathetic I know - but I'm desperate to get the scores up) I am looking to buy a slightly used car (a year or so old) and will need a loan for part of it so I'm waiting on my scores to increase. The problem is there is a pretty big difference in the EQ and EX scores between Truecredit and MyFico. Which one will the loan officer most likely see when they pull my credit??

Truecredit 03/07/08 TU 652 EQ 570 EX 605

MyFico 03/07/08 TU 651 EQ 647 EX 633

Message Edited by ee on 03-07-2008 04:38 PM

---

Double E, the financial world is going to use FICO scores. That fico might come from EQ, EX or TU, depending upon which one your bank/CU subscribes to. I am going to go out on a limb and stake 15 years of banking experience (from the inside) on it.

---

How long has FICO been around and what did they use before that? Just curious.

[Junejer]

FICO has been around a lot longer than I have been alive. I want to say around 1958 or something. FICO scoring didn't start until '89 or '90 or so and didn't get widespread until '92-'93. When I first got into banking, our bank didn't even use scoring. We just analyzed the content of the CR and made our decision based off of the content.

Before 1958? IDK.

[Anonymous]

Thanks Byrdman!   Since I don't know anyone who works in the banking industry I wasn't sure.