myFico uses Transunion 98 and my bank uses Transunion 04 - however my score differs by 30 points higher on myFico 98 score. My question is I am 7 points away from my middle score reaching the 620 score for a loan and not sure what to focus on. What are the main calculations differences between the 98 & 04 that makes such a big difference?
I do not want to keep my bank pulling hard pulls on my credit report as I step slowly to 620, is there anywhere I can get a Transunion Classic 04 report? Thanks
Unfortunately, the only place to get TU04 is from your lender. Many of us are pressing for the switch on myFICO.
TU04 is lower for most. I have no clue what the differences are. Maybe someone else can chime in. However, you can pick up a clue or two if you were to visit FICO.com. They have webinars posted from time to time that make mention of TU04 characteristics.
I read all over myFico forums that this is the only real FICO, but thats not true. Almost all mortgage companies use FICO Classic 04 and myFico uses 98. I cannot find anywhere to purchase 04 except from lender. But, I guess what I have read all over the internet the common scenerio is what ever score you get here subtract 30 and thats what the lender will pull. I am just trying to find out what is the major difference in the calculation - or whats was changed in 04?
Not sure what was changed. Obviously, many lenders will pull your FICO scores. However, this is one of the few places a CONSUMER can buy their own FICO scores. I agree though - it is annoying that myFICO is using the old algorithm, while many (most?) lenders are using the 04 algorithm.
I pulled my credit scores on MyFico on Wednesday right before I had my LO do the same.
I pulled a 678 for Transunion 98, my LO pulled a 695 for Transunion 04!
That is a 17 pt difference thankfully it was in my favor (YAY) but I know some people have had thier score go the opposite way. This makes it very difficult to basically "guess" where you are sitting credit wise.
Agree that the TU score we can get is out of date, but it wasn't many years ago consumers had NO access to their profiles and had no idea what was in their files. It was all held in secret by the agencies. At least now we can have a look see, even if it isn't the most up to date product. At least you can track them over a period of time to see if you are improving or not.
But today, just being able to get a glimpse of what those scores really isn't good enough. Whether you know it or not, your world is ruled by the credit score each lendor/CCC uses. Bottom line is that we should have access to that scoring system results BEFORE a lender pulls it and creates an additional inquiry.
Frsutrated & Angry