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DISREGARD MESSAGE.

Valued Member

DISREGARD MESSAGE.

I don't see a way to delete this message.  Silly me just realized after reading this post 2 times that I was talking about 2 different CB.  Sorry!

 

I'm just wondering where my credit union gets there numbers from.  They had a higher FICO score (Experian) than when a bank checked it, which disqualified me for a loan.  As of September they reported my score as 618 and this website is saying it is 640.  Why such a difference and who am I to believe? 

Message 1 of 6
5 REPLIES
Moderator Emeritus

Re: PSECU fico score vs. myFICO very different

 


Hersheykiss wrote:

I'm just wondering where my credit union gets there numbers from.  They had a higher FICO score (Experian) than when a bank checked it, which disqualified me for a loan.  As of September they reported my score as 618 and this website is saying it is 640.  Why such a difference and who am I to believe? 


 

Hi, and welcome to the FICO Forums.

 

There are, in fact, three different FICO scores.  Each credit bureau - Experian, Transunion, and Equifax - have each developed their own FICO scoring formula.  They are all based on similar criteria, but different elements may be weighted slightly differently.  Thus, it is possible to have differing scores among the credit bureaus even though they are calculated using identical information.

 

In addition, the information recorded at each credit bureau may differ.  For example, an auto lender or credit card might report only to Equifax and Transunion, but not Experian.  Thus, the underlying data are different and a score difference can be seen.

 

So, in your case, both PSECU and this site have given you accurate FICO scores, based on the information at each bureau and the formula used.  Unfortunately for you, the EX score was used by your lender which led to the loan denial.

 

 

[Actually, there's a lot more than 3 FICO scores.  There's industry-specific score out there - for example, auto loan industry scores - but that's a different subject.]

Message 2 of 6
Valued Member

Re: PSECU fico score vs. myFICO very different

Lel, thank you for your response.  I understand about the 3 credit bureaus.  am still confused because both of these scores came from the same CB.  If PSECU gets their number from Equifax and this website gave me my score using Equifax, how can that differ?  Reason I'm so concerned is that in the near future I'd like to apply for a mortgage, but I don't want to keep shelling out money to lenders only to find out the number I have is inaccurate??

Message 3 of 6
Moderator Emeritus

Re: PSECU fico score vs. myFICO very different


Hersheykiss wrote:

Lel, thank you for your response.  I understand about the 3 credit bureaus.  am still confused because both of these scores came from the same CB.  If PSECU gets their number from Equifax and this website gave me my score using Equifax, how can that differ?  Reason I'm so concerned is that in the near future I'd like to apply for a mortgage, but I don't want to keep shelling out money to lenders only to find out the number I have is inaccurate??


I believe that PSECU publishes their score from Experian. Many of us are trying to find ways to join this CU because there's really no other way to get it  (needing a long lost brother?  j/k)

 

 

 

Message 4 of 6
Valued Member

Re: PSECU fico score vs. myFICO very different

Sorry I already have 2 troublesome brothers.  LOL!  PSECU runs a very tight ship, which explains why they are financially sound.Smiley Wink

Message 5 of 6
Moderator Emerita

Re: PSECU fico score vs. myFICO very different

There's always lots of confusion with Equifax and Experian, not the least because the abbreviations used here on the forums are different from those used in the industry.

 

Equifax = EQ here = EFX elsewhere

 

Experian = EX here = EXP elsewhere

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 6 of 6