Experian Score vs. Fico on Experian Data

Anonymous · ‎10-09-2014

Just got approved for a home improvement loan with permanent financing. I got the initial disclosures today. It says my score is 693 from Experian. My fico Experian score is much lower-like 645. Anyone know anything about this? Maybe my bank uses the Experian plus score? Or the new fico model that drops medical collections (I have some paid ones still on my report.). I am dumbfounded by this but I am happy about my 4.5% rate. Any thoughts?

dursty87 · ‎10-09-2014

It is most likely a different scoring model than what is used here. Did you ask the lender what version they use?

Anonymous · ‎10-09-2014

No, I didn't. But I am curious. I think usaa uses the same model based on the data I have.

kjel · ‎10-09-2014

Mortgage lenders (including home equity/improvement lines/loans) use the 04 scoring models. MyFICO uses 08 models.

Anonymous · ‎10-09-2014

So I guess the 04 models are much kinder on my situation for whatever reason. Strange there would be that much of a difference.

Anonymous · ‎10-12-2014

I did find out from a bank director -Fico '04 model.

Anonymous · ‎10-12-2014

What is the difference?

Anonymous · ‎10-12-2014

About twenty points to the better under the old model.

Anonymous · ‎10-12-2014

Thanks. So how does it work? I thought they ordered your score from FICO. Do you mean they calculate it themselves?

Anonymous · ‎10-12-2014

There are different versions of the FICO scoring model.