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Very different FICO scores

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kenworthguy
Regular Contributor

Very different FICO scores

Hi everyone, would anyone know why my fico score on here and the lender pull today are so different, both reports on here and there's contained the same information. MyFico credit score puts me at 620 on TU, I went to a CU today to see about getting a small loan and they pulled TU and the score came back at 582, that's a 38 point difference from MyFico, of course I was denied the loan. I thought this was suppose to be fairly close but i don't consider 38 points very close. I'm not mad about it, just confused why such a big difference. This is just soooo disheartning, I just don't know where to turn anymore. Thank You all so much for all the help, you all are wonderful people and I wish everyone success, I may be back 1 day but I need to step away for awhile, take a deep breath and gather my thoughts because right now I'm not feeling to good about myself or my life. Take care everyone and thank you again.

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Very different FICO scores

From what I've read, the TU score on myfico is TU98 version.  The creditor probably got their TU pull using TU04 which uses a different algorthym than the score you get on here.  Most lenders use the 04 version now.  MyFico needs to play catch up to get to that scoring model on par.  Hopefully others will chime in but I'm pretty sure I hit the nail on the head here.

Message 2 of 5
llecs
Moderator Emeritus

Re: Very different FICO scores

Bummer. Smiley Sad   I think we've all beaten the drum on the different versions of FICO scores out there, especially concerning TU. This website uses TU98 which is used by quite a few lenders, but not most of them. You'd have to ask what versions of TU FICO they are using (assuming they pulled a FICO score to begin with). It could be that they pulled a non-FICO like Vantage. If they did pull a FICO, then maybe they used a newer version like TU04 or the TU08 version. Or maybe they pulled an installment-enhanced FICO that weights your past installment loan history above all other reporting TLs. We always recommend getting TU98 30 points higher than where you need it just in case a different version is pulled. If you pulled your TU FICO today and it is 38 lower, then you have something to work off of in the future, though it would be important to know what version they use.

 

 

ETA....and I hope I'm not making light of the situation. This credit stuff is a war. Thankfully you don't have to win every single battle, you just have to win the war. I remember taking 2 steps forward and 5 back the next day. IMO, it's always good to take a step back, relax a bit, and restart as if you were here day one and restart the repair process.

 

 

Message 3 of 5
Anonymous
Not applicable

Re: Very different FICO scores

I was worried about that but my TU FICO here was 608 and 605 through the lender

Message 4 of 5
Anonymous
Not applicable

Re: Very different FICO scores


@Anonymous wrote:

I was worried about that but my TU FICO here was 608 and 605 through the lender



Your lender may have pulled using TU 98.  There are lenders that still use it, it just seems a majority use newer versions now.

Message 5 of 5
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