myFICO Scores vs Scores Lenders Use

Boricua_BlueDevil · ‎01-23-2015

Quicken Loans ran my credit on 1/5/15 and returned a "median" credit score of 533. The scores on myFICO today, 1/23 are as follows: 598 - Equifax, 577 - TransUnion, and 580 - Experian. I honestly haven't done a whole lot of work on my credit outside of sending a few letters that just got delivered over the past couple of days and paid down a little bit of credit card debt.

Are these the scores a lender would see if they ran my credit today? I'm just trying to make sure I'm setting the proper expectations for myself as far as credit rebuilding and if moving to a 640 by mid-March is truly realistic.

Thanks for any insight provided.

Starting Score: EQ: 471 / EX: 503 / TU: 502
Current Score: EQ: 594 / EX: 677 / TU: 661
Goal Score: 750

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ZsRebuilding1 · ‎01-23-2015

From what I understand, no. They use Fico04 or Fico08, which is not what we are seeing. I don't even know if there is a way to see those scores. But, I do know that it just depends on your credit situation. In three months I've moved up over 100 points, but then I had literally no revolving credit or installment loans of any kind and had tons of baddies fall off last month. So it just depends.

Starting Scores: TU: 499 EX: 521 EQ: 519
Current Scores: TU: 616 EX: 576 EQ: 585
Starting Goal: 680 across the board

tufa4311 · ‎01-23-2015

@ZsRebuilding1 wrote:
From what I understand, no. They use Fico04 or Fico08, which is not what we are seeing. I don't even know if there is a way to see those scores.

The scores sold on myFICO are FICO 08

Many people on this forum have said that Equifax "Score Power" is FICO 04 (a.k.a. BEACON 5.0)

796 TU FICO 08 (08/2018)
758 TU FICO 08 (01/12/2016)
753 TU FICO 08 (11/21/2015)
740: EQ Score Power (Beacon 5.0) FICO 04 (01/23/2015)
755 TU FICO 08 (01/21/2015)
652 TU Lender Pull (06/10/2014)
665 TU FICO 08 (05/21/2014)
Goal: 800+

dursty87 · ‎01-23-2015

@tufa4311 wrote:

@ZsRebuilding1 wrote:
From what I understand, no. They use Fico04 or Fico08, which is not what we are seeing. I don't even know if there is a way to see those scores.

The scores sold on myFICO are FICO 08

Many people on this forum have said that Equifax "Score Power" is FICO 04 (a.k.a. BEACON 5.0)

This is correct.
There a many versions of FICO scores. This site uses FICO 08 and mortgage lenders use FICO 04. As stated, Equifax sells a 04 version(Score Power) for $20.

Anonymous · ‎01-23-2015

"Many people on this forum have said that Equifax "Score Power" is FICO 04 (a.k.a. BEACON 5.0)"

This was true for me. My lender uses FICO 04 and the Equifax score the lender pulled was the same I got from score power.