Reply
New Visitor
defmetalhead
Posts: 1
Registered: ‎03-25-2014

Re: Accuracy of MyFico Scores?

I literally just spoke with my lender today, and I can tell you that these credit scores are 100% accurate. The myFico.com credit score matched the FICO score my lender saw. Just keep in mind that they take the average of the three scores. The average will not match any individual score.

Valued Member
arrazola_a
Posts: 38
Registered: ‎07-24-2013

Re: Accuracy of MyFico Scores?


Unless you're about to have a "credit event", like apping for a new card/loan/mortgage, what have you, getting too tied up in scores can drive a person up the wall. Much easier to just focus on your reports and what information you have there. Over time, if there are less negatives and more positives, you'll be on the right track.

Good luck, and I wish you the best.



This is my life story  ^^^ :smileyindifferent:


Starting Score : 525 6/2012
Current Score : EQ 592 TU 645 EX 642
Goal Score : 700 Across
New Contributor
mrgoattoo
Posts: 89
Registered: ‎06-17-2011

Re: Accuracy of MyFico Scores?

I just copied this from BarclayCard from the FICO score page....

 

"2This material has not been modified or validated by Barclaycard. Not all creditors evaluate credit in the same way; information provided may not reflect the view of Barclaycard."

 

 

Not all creditors evaluate credit the same way.

When I got my statefarm CC the number they pulled was WAY lower than what it was saying on my end. I called  them about it and they told me they pretty much have their own modified way of pulling a score.

Evidently it doenst matter what youre seeing for you score, a lender could come up with something upwards of 50 pts less anyway.

For me keeping my score moving up and keeping my report clean is about all I can do. I dont think its so much an accuracy issue as much as the method used when pulling a score, which seems to be limitless in how its done.

FirstBankCard FICO 08 - 811
Discover TUFICO - 805
BarclayCard TUFICO - 799
Frequent Contributor
Lechte
Posts: 465
Registered: ‎10-11-2013

Re: Accuracy of MyFico Scores?


defmetalhead wrote:

I literally just spoke with my lender today, and I can tell you that these credit scores are 100% accurate. The myFico.com credit score matched the FICO score my lender saw. Just keep in mind that they take the average of the three scores. The average will not match any individual score.


They do not take the average of the 3 scores.  They pull 3 individual scores,...1 from each Bureau, and then use the middle score.   You won't see any lender pulling the same TU score that you pull here on myfico.  It's a 98 model and is outdated.   As for EX, it's the newest model to date..and only a few lenders may use it as of right now.  The EQ FICO here is or was used by the majority of Mortgage lenders, but word is myFICO has recently updated EQ FICO from Beacon 5.0 (EQ04) to Beacon 9.0 (EQ08)...maybe someone can actually confirm that.   ....as well, you have other FICO versions such as the enhanced versions..(auto, credit card,)..which put more weight on the particular product you're applying for.

(EX08 - 654) --- (TU08 - 652) --- (EQ08 - 667) --- (EQ04 - 681)



myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+