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Established Member
oj1963
Posts: 22
Registered: ‎05-15-2009
0

Difference between MyFico Transunion 98 and Transunion 04 Scores

[ Edited ]

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

Message Edited by oj1963 on 07-07-2009 09:32 AM
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores

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.

Frequent Contributor
2wheel
Posts: 408
Registered: ‎01-03-2009
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores

Mine was 28 point diffrence from 04 version here it says 729 but 04 version says 701 which got me thinking if I am paying a few dollars a month for my fico score here am I wasting my money? If it really isnt a ( true fico) score? Well maybe a true fico score..... but if lenders are not using 98 anymore and are using the 04 version I am wasting my time pulling transunion.
2wheel
Frequent Contributor
brownee
Posts: 343
Registered: ‎07-25-2008
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores

My TU score here on fico is 638..my lender has me at 654 using TU 04.  On my husband's TU here on fico it shows 617 and the lender has it at 596. Crazy!
7/7/09 TU: 630 EQ: 638 EX: ??
4/3/09 TU: 599 EQ: 606 EX: ??
Established Member
oj1963
Posts: 22
Registered: ‎05-15-2009
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores

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?
New Contributor
austintex
Posts: 74
Registered: ‎05-25-2009
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores


oj1963 wrote:
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 98I cannot find anywhere to purchase 04 except from lenderBut, 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 pullI am just trying to find out what is the major difference in the calculation - or whats was changed in 04?

Not sure what was changedObviously, many lenders will pull your FICO scoresHowever, this is one of the few places a CONSUMER can buy their own FICO scoresI agree though - it is annoying that myFICO is using the old algorithm, while many (most?) lenders are using the 04 algorithm.

- - - - - - - - - - - - - - - - - - - - - - - --
5/31/09 - 736 - EQ
New Contributor
diva1971
Posts: 53
Registered: ‎03-20-2009
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores

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.

Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores

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.

New Member
Hacksawz
Posts: 5
Registered: ‎09-04-2013
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores

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.

 

Signed,

Frsutrated & Angry

Valued Contributor
bigblue7722
Posts: 1,126
Registered: ‎05-17-2013
0

Re: Difference between MyFico Transunion 98 and Transunion 04 Scores

I think that the only product worth buying on here is your eq score or signing up for score watch. The tu score on here is almost a scam to the average guy just trying to buy his real score. I'm glad I read this forum before I bought anything. The salesman in me has to hand it to myfico they have done a great job making people think these are the scores lenders use when it's 98% not true when it comes to your tu or ex score on here.
TU08 Fico Score (680)-Goal Score-(750)
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