How accurate are myfico scores?

[trc1962]

Trying to qualify for FHA loan and need a 580+ mid score. Myfico shows me at 582 mid score equifax and I am wondering if I should somehow get my score pulled? Thanks!

[tomfromrictmame]

They are accurate.  However, keep in mind there are many different accurate FICO scoring models.  I don't know specifically which model your FHA lender might use, but it's not unusual for the scores to be different.  As a rule, never believe a FAKO score...those aren't real.

[dursty87]

Generally a lender will use the 04 models, while the model on this site is 08.

[bdhu2001]

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@trc1962 wrote:

Trying to qualify for FHA loan and need a 580+ mid score. Myfico shows me at 582 mid score equifax and I am wondering if I should somehow get my score pulled? Thanks!

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The score here is EQ FICO 08.  If you want your EQ for mortgage, you need to be looking at EQ FICO Beacon 5(FICO 04) which you can purchase at Equifax.  It's their score power for $19.95.

The FICO score you get here helps mostly for credit cards and auto loans.  I've found that using the simulator, after you purchase the score, is a good indicator on how to improve your score. Most people, who have touched base with us in the forum, have stated that their mortgage FICO score was approximately 50 pts lower. A few have stated it was up to 99 pts lower and others have stated it was close to the same.  To be safe, I would estimate 50 pts lower or purchase the score power FICO score from EQ.  

Caution Equifax also sells scores that aren't FICO scores so be sure to purchase the score power to get the right one.

[ezdriver]

There really should be a sticky on this topic given the regularity with which this question is asked.

My answer as always is ... no scores other than lender-pulled scores are relevant to lenders. All the others are good for entertainment only.

[Mortalito77]

Hello, 

   Jumping on this topic, do you suggest it's a good idea to get the MyFico credit scores and reports here? let's say pay the monthly fee instead of ordering the free reports from annualcreditreport.com? I know it only has your credit report and not Fico scores but at least they are free. Anyone willing to explain why should I pick MyFICO over the free one? if so, how many of you guys are paying the monthly fee. Thanks!

[trc1962]

I buy the monthly service from myfico as I am rebuilding and am tracking my score as closely as possible. It is motivating to see success and I think it has helped me. If you pull your free credit report and it is fine and if you haven't had a financial issue, then buying the service might not make since. In my case I am needing every point to qualify for a mortgage, so watching closely.

[Mortalito77]

Thanks for the reply!!

   Well, you are absolutely in the right path. I believe it's the best way to monitor your Fico and credit score almost instant. If you don't mind me asking, which membership on myFico has worked really good for you? which membership plan?? Thanks again for responding.

[trc1962]

I purchased the beacon score from equifax and it matched my premier membership score exactly. Not exactly the score I wanted to see, but at least I know where I stand. Thanks for the tip on beacon!