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Huge Difference in Credit Scores...confused?

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reereetx
Contributor

Huge Difference in Credit Scores...confused?

I recently applied for refinancing on my 2007 Dodge Durango I bought in Dec. 2012.  I was denied by both Capital One and Wells Fargo who is my current lender.  I knew my scores were not great but they have been coming up as I am working on rebuilding.  Yesterday in the mail I get my letters stating why they denied me. Cap 1 says it was because the value of the car is less than what I owe.  A sad realization that I just found out.  Their letter stated they used Transunion and my score was 540!  Right away I was like WTH?  That was as of 7/9/13.  So now my question is...how accurate is the Transunion FICO score on the Wal-Mart credit card website?  It says my score is 616 as of 7/2/13 which went up 19 points since 6/2/13. 

 

Wells Fargo letter says they used Experian and my score was 652 as of 7/9/13.  They denied because of excessive debt utilization which is true...I'm working on paying down my cc's. 

 

My biggest issue is the difference on Transunion.  I don't understand that at all and there should not be anything new that would've dropped my score so much from 7/2 to 7/9.  My CreditSesame "score" says 615 right now.  My CreditKarma is 593 as of 7/12/13 up from 587 in June.

 

I guess the only way to get my real score is to purchase it right?  Just curious though if anyone knows how accurate the "score" is on the Wal-Mart credit card account site.  It claims to be a FICO score.

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guiness56
Epic Contributor

Re: Huge Difference in Credit Scores...confused?

There are so many different versions/models of FICO scores and as a consumer you only have access to a few of them.

 

The ones for TU, specifically:  myFICO uses TU98, an older version still used by some;  Walmart uses a FICO08 version.  Most lenders (mortgages) use the FICO 04 version.

 

Since it was for an auto, Cap 1 probably used a TU auto enhanced score, which weighs current and prior auto TL more heavily.

 

Credit Karma and Credit Sesame are not FICO scores.

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