Confused - Experian Reports 40 pts lower than myFICO

[Anonymous]

What am I paying for again? Recently got rejected for a loan based in Experian score that was 40 points lower than what myFICO reported that I had. On top of that, took a 13 point hit for the inquiry. I'm extremely disappointed. Received the rejection letter from Quicken Loans today with the Experian score that they pulled on January 25th. I would not have applied at all if I thought this was the case. Why am I paying myFICO to only ruin my numbers even further? I thought this was the most accurate score - the one lenders use.

[Anonymous]

There are many, many Fico flavors and it's up to the lender to decide which to use. The scores available here are Fico 08, which is used by most credit card companies. But many loan companies use other versions. For example, mortgage companies use Fico 04. Auto loans frequently pull a different type of report enhanced specifically for auto financing.

[bdhu2001]

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@Anonymous wrote:
What am I paying for again? Recently got rejected for a loan based inExperian score that was 40 points lower than whatmyFICO reported that I had. On top of that, took a 13 point hit for the inquiry. I'm extremely disappointed. Received the rejection letter from Quicken Loans today with theExperian score that they pulled on January25th. I would not have applied at all if I thought this was the case. Why am I payingmyFICO to only ruin my numbers even further? I thought this was the most accurate score - the one lenders use.

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Fortunately eff 1/30/15 you'll get all of your most used scores: generic, bank enhanced, auto enhanced, and mortgage.  Thus, you'll now know where you stand prior to the pull.  Play with the simulator and see what it states is the best way to improve your score.  The simulator shows that my score will improve in three months (only time will help my situation). However, prior to buying my new house, I was able to change the amount owed on my installment loans; then I tested revolving funds and brought those down. Many options are available.  Give it a try.

[Anonymous]

I appreciate the info.  I was upset for a bit.