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Accuracy of MyFico Scores?

New Visitor

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.

Message 21 of 44
Valued Member

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  ^^^ Smiley Indifferent


Starting Score : 525 6/2012
Current Score : EQ 616 TU 633 EX 641
Goal Score : 700 Across
Message 22 of 44
New Contributor

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.

TU FICO average 819
Message 23 of 44
Frequent Contributor

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 - 643) --- (EQ08 - 667) --- (EQ04 - 676)


Message 24 of 44
New Visitor

Re: Accuracy of MyFico Scores?

I have applied for a mortgage and (due to construction) the application process has gone for more than 120 days, so lenders have had to re-pull my credit reports and scores. I had to several  banks (all banks reported the same score). So I'll gotten to see my REAL scores a couple times. I described these as real scores because those were the scores that those with the money to lend (the banks) saw and used. Surprizingly, none of the scores on myFICO were the sames as what the lenders had! So the "myFICO" scores are useful for "educational purposes", but I presume there is no way of knowing what the banks, et al will actually see until they see it and then share it with you!

Message 25 of 44
Super Contributor

Re: Accuracy of MyFico Scores?


FICO850 wrote:

I have applied for a mortgage and (due to construction) the application process has gone for more than 120 days, so lenders have had to re-pull my credit reports and scores. I had to several  banks (all banks reported the same score). So I'll gotten to see my REAL scores a couple times. I described these as real scores because those were the scores that those with the money to lend (the banks) saw and used. Surprizingly, none of the scores on myFICO were the sames as what the lenders had! So the "myFICO" scores are useful for "educational purposes", but I presume there is no way of knowing what the banks, et al will actually see until they see it and then share it with you!


You need to really know what score mortgages pull and what scores my fico gives. Mortgages are almost always 04 scores and my fico provides 08 scores ,so unless there are extreme circumstances the scores will almost never . the only place you can buy an 04 score that I know of is directly thru Equifax and its an eq04 score



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 26 of 44
New Member

Re: Accuracy of MyFico Scores?

My experience with the different scores when I was refinancing my house in September 2014 are listed below:  Shows lender score vs. myfico score pulled on same day

 

Experian- 716 (725 score from myfico website) -9
Transunion- 714 (699 score from myfico website) +15
Equifax- 706 (679-my fico website) -27

 

 

Message 27 of 44
Moderator Emeritus

Re: Accuracy of MyFico Scores?


zostar22 wrote:

My experience with the different scores when I was refinancing my house in September 2014 are listed below:  Shows lender score vs. myfico score pulled on same day

 

Experian- 716 (725 score from myfico website) -9
Transunion- 714 (699 score from myfico website) +15
Equifax- 706 (679-my fico website) -27

 

 


Something else to be aware of. Mortgage lenders use a FICO scoring model geared toward that particular type of debt.

 

So do lenders of car loans and CC issuers.

Message 28 of 44
New Visitor

Re: Accuracy of MyFico Scores?

Very disappointing in myfico.  These are not the scores mortgage lenders use.  "myfico" mid range is 658 and the mortgage company just reported that the fico they received is 591.  Why am I monitoring an inaccurate score.

Message 29 of 44
New Member

Re: Accuracy of MyFico Scores?

I have an example of myFICO Equifax Fico score being different from my Equifax Fico number direct from Equifax. I purchased the Fico number from the Equifax web site. That number was 600. I then ran my Equifax FICO score on myFICO and it was 576 (ugh).  I did it within 5 minutes of each other.I recently had a balance go down on a CC and wonder if this is just a timing issue. Does myFICO refresh their data on a regular basis? Many thanks!!!

Message 30 of 44