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Basic question: Is the My Fico scoring system accurate if you use the exact model that a bank does? My CU pulls TU Fico Auto 09 (manager told me), and I want to know if the fico auto 9 score on my account will match / be close to accurate, or will it be behind / delayed, lower , higher, etc. detials below...
Short description of my situation as context: 11 months since discharge from ch7. Hit rough times shortly after, which made re-building credit a tough thing to do, but now stuff is looking good. Doing everything by the book. got a small limit secured card I pay off each month, I have a high interest car loan I've never missed a payment on since bankruptcy, and I have a credit re-builder loan which I pay into each month (720credit program) , and this "responcible" usage has been a trend now for about 4-5 month, so now my score is finally coming up to 650+ (averaging a rise anywhere between 7-20 points per month).
Goal: Get my score into prime territory (technically some lenders think you have to be 2 years out from discharge to be considered prime), so like 700+, and refinance or ideally, trade in my current car, and get something used, more reliable, lower payments, better interest.
Question: My Credit Union (Landmark CU) told me they use / are currently using Fico Auto 09 scoring model (using Trans union) for auto loans. So, if for example, If I see my credit score rise into 700+ on MyFico for the Trans Union Fico Auto 9, will the score my Bank pulls (same scoring model) be comparable / accurate to the score listed on my account ?
I'd hate to see them pull a sub650 Fico Auto 9 score when it says 700+ on MyFico. Any information would be helpfull. I just need to know if the per-model scoring system can be relied upon as a way to guage when it's good time go apply.
Yes and no.
MyFICO reports are real fico reports. All of the scores as accurate up to the second of your report request.
However, your report can change very quickly. So even a 1 day difference could change your scores. (technically even a 1 second difference if something changed right after you pulled your report)
So the closer the pull dates, the more accurate.
Glad to hear! Probably best to use that to my advantage and apply on the same day as a 3b report update. (well worth 30+$ in my situation).