big difference in FICO score and bank score

[Gabbysouth]

I certainly expect a difference in fico scores and bank scores but last week was a big one.  FICO transunion was 704 and the one the bank pulled for refinance was 629, a difference of 75 points and totally embarassing.  I have paid off 9 accounts this year and closed the youngest of those. The other two were not as huge of a difference but still experian was a 14 point difference and equifax was a 18 points difference which is more normal.  I still got a really good refinance deal but the disparity was so big. Additionally, I went ahead and pulled the plus score and that was a lot more in line with the real scores from the bank.  Just sharing my experience b/c  I have spent a lot of money on buying fico scores even after they stopped doing the coupons as often and this was just not helpful.

[myjourney]

You didn't say so I'm assuming here but I guess this was for a home REFI?

That being said totally different scoring models than whats used here..

Bank

Fico 04 model used (older)

myFico

Fico 08 model  (newer)

Both true Fico models but used for different credit products,, Same thing would apply for an auto loan Fico auto enhanced would probably be used thus resulting in a different score than what you would get from here ...but still a true Fico score

Hope this makes sense

[Gabbysouth]

yes it was a home refi.  Thanks for the reply.  I do understand and still find the system ridiculous and anti consumer and with a huge need for transparency laws etc. I wanted to put it here so other people know

[taxi818]

In fact. Each lender can use whatever version they want. Most people know. There are about 53 different fico scores. But here is mostly for credit cards. So what you see here if you applied for credit card.  You would also see. My eq here. Horrible. 663. Bank said my eq = 0. I said how to you get a goose egg. He laughed and said it's not bad.  I said what the pluck. 

[takeshi74]

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@Gabbysouth wrote:

The other two were not as huge of a difference but still experian was a 14 point difference and equifax was a 18 points difference which is more normal.

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There's no such thing as "normal" in this context.  Variance among scoring models isn't fixed.