General Credit Topics

[AquaCredit]

Simple quesiton.

Anyone have any experience comparing and contrasting these scores? If you pull a score directly from myFICO and then have a lender pull the score, are they exactly the same or is their a difference? Logic would tell me they're the same, however, stranger things have happened.

[Balbanes]

Some lenders will buy a certain scoring model from fico. The ones that myfico gives us is their general CC model. But there are mortgage/auto enhanced fico scores. There are newer and older scoring models. FICO has many products for their lender customers. So yes your score could change dependant on the scoring model purchased by the lender.

[AquaCredit]

Interesting. I sort of assumed as much. I'm really close to that 620 threshold for a mortgage and am waiting for one last cc payment to post.

So far, my EQ is 617, my TU is 629 and my Exp FAKO is 681. Since they use the middle score, I'll be a 629 (assuming the FAKO isn't too far off.) But I have no idea where the numbers will actually land. Ugh...

[Balbanes]

Unfortunately the FAKO could be right on the money or it could be worlds apart. You won't know one way or another until the lender pulls. It looks like you are well on your way though. Good luck!

[haulingthescoreup]

Don't forget that the TU FICO score here is a TU98, and your lender is likely to pull a TU04, a newer FICO score. Could be higher; could be lower.

[haulingthescoreup]

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Balbanes wrote:

Some lenders will buy a certain scoring model from fico. The ones that myfico gives us is their general CC model. But there are mortgage/auto enhanced fico scores. There are newer and older scoring models. FICO has many products for their lender customers. So yes your score could change dependant on the scoring model purchased by the lender.

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Actually, the scores here are (or have been) the mortgage scores, not the CC versions.

The Equifax score is 99% likely the EQ score your lender will pull. The industry name for it is Beacon 5.0.

[Balbanes]

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haulingthescoreup wrote:

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Balbanes wrote:

Some lenders will buy a certain scoring model from fico. The ones that myfico gives us is their general CC model. But there are mortgage/auto enhanced fico scores. There are newer and older scoring models. FICO has many products for their lender customers. So yes your score could change dependant on the scoring model purchased by the lender.

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Actually, the scores here are (or have been) the mortgage scores, not the CC versions.

The Equifax score is 99% likely the EQ score your lender will pull. The industry name for it is Beacon 5.0.

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Thanks for the schooling. Always thought they were the CC scores.

[haulingthescoreup]

Back in the day, when we could buy our EX here, and many mortgage lenders were still pulling TU98, you could say with a straight face that this was where to find out what your mortgage lender would see. Not so much any more, though.

[Balbanes]

Yea, I miss pulling my EX score from myfico.

[AquaCredit]

Sounds like the FICO is now a FAKO. Since there are so many FICO's, you really never know which one is real.

I'm going to start pushing my US Senator. This is completely bizarre that our entire banking and credit industry is designed around a system that is not easily understood or accessed by the consumer.

The fact you only get one credit bureau copy a year is wrong. It's your private information. It should be protected and yours to access at any time. The fact you can only get your score from a lender is wrong. The fact that there are so many different scores is wrong.