Lender Score Not as Good as MyFico?

[kisbel65]

I left six months ago and now I am back. I was getting my credit scores from my lender (Wells Fargo). I came back today and was happy to see that we now have Experian scores/reports. I also noticed that my scores a a bit higher on FICO. I want to purchase a home next year and want to be sure the scores I have are accurate. Should I also continue to purchse my scores from my lender?

[guiness56]

Other than EQ, the scores from this site are not the same as the ones used by most mortgage lenders.  TU is 98 and EX is 08.

Your EQ, which is Beacon 5 is the same and should be the same score provided by WF

[kisbel65]

Does that mean that FICO is not as good as Lender?

[KoolDev]

WF pulled this Eq Fico Score as well for me a month ago.   It all goes back to what the particular lender pulls.  In my case 2 of my 3 banks use the same as the score provided here.   They should be able to tell you what score they pull.

[09Lexie]

IIRC, WF offers a PLUS score not a FICO score.

[guiness56]

According to them it is a FICO score.

[juggalo9er]

similar thing here lender pulled showed a 698, barclay shows a 628

[guiness56]

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@kisbel65 wrote:

Does that mean that FICO is not as good as Lender?

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No, it doesn't mean that at all.  There are 49 different versions/models of FICO scores.  Each one is just as good as the other for the model/version used.

The EQ score from myFICO is the same model/version mortgage lenders use.  As for other creditor/lendors and what they use, it could be any of the 49.

[09Lexie]

If OP, was using this service from WF, it says they are using Vantage

About the Free Credit Score Promotion

all Wells Fargo consumer customers have access to a free, no-obligation Experian® custom VantageScore® and a complimentary credit report. Customers can take part by visiting any Wells Fargo location and asking a Wells Fargo banker for a brochure containing a personal access code. After customers review their credit score and credit report, they may choose to meet with a banker to discuss their credit situation. Typically, if consumers wish to check their credit score, they pay a flat fee or sign up for a service, such as credit monitoring, and pay a fee.

2 With the Wells Fargo Free Credit Score promotion, you receive a personal access code to check your current Experian custom VantageScore® up to five times over a 90-day period. As of 3/1/13, the price is $7.95 for a one-time custom VantageScore score. Retail value to get this score five times is $39.75. After accessing your score five times, you will receive a message that you have reached the limit. Your score will reflect the credit score from your 5th access and will not be updated. However, if you continue to access your credit report, it will contain updated credit information.

[guiness56]

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@09Lexie wrote:
If OP, was using this service from WF, it says they are using Vantage   Mortgage scores?

About the Free Credit Score Promotion

all Wells Fargo consumer customers have access to a free, no-obligation Experian® custom VantageScore® and a complimentary credit report. Customers can take part by visiting any Wells Fargo location and asking a Wells Fargo banker for a brochure containing a personal access code. After customers review their credit score and credit report, they may choose to meet with a banker to discuss their credit situation. Typically, if consumers wish to check their credit score, they pay a flat fee or sign up for a service, such as credit monitoring, and pay a fee.

2 With the Wells Fargo Free Credit Score promotion, you receive a personal access code to check your current Experian custom VantageScore® up to five times over a 90-day period. As of 3/1/13, the price is $7.95 for a one-time custom VantageScore score. Retail value to get this score five times is $39.75. After accessing your score five times, you will receive a message that you have reached the limit. Your score will reflect the credit score from your 5th access and will not be updated. However, if you continue to access your credit report, it will contain updated credit information.

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