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So, I've been a MyFico member for like 4 months, every month i'd check the site for my latest credit score.. I set my alerts to be notified when my score changes.
Now, in Feb and March Equifax stays the same at 665... in Mid march I appd for a CC, they only pulled Equifax and it says 672.
I guess is safe to say that MyFico Equifax is just another Fako like the other websites offering the same service for similar prices
P.S. I did get approved for the CC BTW
@Kneegrow wrote:So, I've been a MyFico member for like 4 months, every month i'd check the site for my latest credit score.. I set my alerts to be notified when my score changes.
Now, in Feb and March Equifax stays the same at 665... in Mid march I appd for a CC, they only pulled Equifax and it says 672.
I guess is safe to say that MyFico Equifax is just another Fako like the other websites offering the same service for similar prices
P.S. I did get approved for the CC BTW
Welcome to the forums!!!
MyFICO EQ score is FICO score (Beacon 5.0). It is possible your lender pulled a different version of the FICO sdcore or they have their own in-house scoring.
Who did you apply with???
grats on your approval, and to my knowledge myFICO's scores are FICO. I might be wrong though. Your CC might be using a credit card enhanced model of FICO scoring, which explains the differences.
Interesting logic, but I'm going to disagree with you.
Did you know that there are 49 or more true FICO scores?
The FICO score that you get from myFico is a Beacon 5.0.
It's a true, classic version of scoring that most mortgage bankers use.
The score that you get from a CC issuer may be different because they tend to use CC enhanced versions of FICO scoring.....
They're BOTH real FICO's. AND they're different.
I appd to NFCU
Its ok that there are 40+ real Ficos out there but MyFico re-assured me that THIS ONE is the real Equifax score, that if appd for a CC and the creditor pulls Equifax, the score I have in my membership is the one they'd see.. I have the proof that is not true
You can find every excuse out there that creditors used an "enhanced" version, add Beacons, etc etc.
In the end, this is just like any other credit monitoring service where your score is close to the real one, could be above or below, just use it as a point of reference like you would any other service. And don't worry, I'm not cancelling my membership just yet.
@Kneegrow wrote:I appd to NFCU
Its ok that there are 40+ real Ficos out there but MyFico re-assured me that THIS ONE is the real Equifax score, that if appd for a CC and the creditor pulls Equifax, the score I have in my membership is the one they'd see.. I have the proof that is not true
You can find every excuse out there that creditors used an "enhanced" version, add Beacons, etc etc.
In the end, this is just like any other credit monitoring service where your score is close to the real one, could be above or below, just use it as a point of reference like you would any other service. And don't worry, I'm not cancelling my membership just yet.
Sorry you feel this is a FAKO. But as the others pointed out, it's not. It's a true FICO. If you feel it's no value to you, then certainly you can consider cancelling your subscrition to SW.
When you say MyFico assured you this was the one true score, was this in a conversation with someone? If so, it's not false information, simply a statement that a lot of lenders use this Beacon 5.0 model for scoring. That doesn't mean that ALL of them do. There is no singular score that is the one TRUE Fico score.
Well Walmart CC said my husbands score was a 374, his EQ FICO is a 612. Some (a lot) of CC's use their own scoring. Walmart scores range from 300-620, and 620 is excellent. We all know a 620 score is not excellent, but according to their scoring, it is. Have you not considered that the score you received from the CC is wrong? Why are you sure it's MyFico that is wrong? Pop over to the mortgage forum and ask them how close their MyFico score was to the score they got when their lender pulled their CR.
@Kneegrow wrote:I appd to NFCU
Its ok that there are 40+ real Ficos out there but MyFico re-assured me that THIS ONE is the real Equifax score, that if appd for a CC and the creditor pulls Equifax, the score I have in my membership is the one they'd see.. I have the proof that is not true
You can find every excuse out there that creditors used an "enhanced" version, add Beacons, etc etc.
In the end, this is just like any other credit monitoring service where your score is close to the real one, could be above or below, just use it as a point of reference like you would any other service. And don't worry, I'm not cancelling my membership just yet.
I can appreciate your frustration with being assured that the score you receive would be the same as the one the lender receives, but I believe there was some sort of miscommunication that occurred. Not only are there approx. 50 different version of FICO, but not all lenders use FICO. Some (albeit few) use Vantage.
As for the other monitoring services, most aren't FICO, they are Vantage, Plus or some other model that use different score ranges and so on.
I guess one reasonable definition of FAKO is "a score not used by any lenders" A lot of FAKOs meet this definintion (others, that some call FAKOs, don't, like the Vantage scores).
But the EQ here IS used, whereas the TU here, is much more of a FAKO because it is an old version.
The situtation is somewhat fluid, of course the FICO site will tell you most lenders use their score, and SO DO all the major competing scores developed by the CRAs. As a recent article linked here (which I can't find now!) said, "use" is a fluid term: some lenders rely soley on one score, others might combine several, or use one to check the validity of another. So one lender might "use" 2 or more scores from one CRA, but one might really be primary.
It is basically all about competition. Fair Isaacs has their score which CRAs have to pay for (and pass costs onto lenders). The CRAs are motivated to produce their own to cut costs, but lenders need to be convinced that any modification (and this includes changes to the Fair Isaacs versions) is an accurate predictor of credit worthiness. And only time will tell what gets widely adopted. But both sides will claim that theirs is the important score.