Difference between MyFico.com scores and Scores Calculated by Banks

[augusto-zimmermann]

Hey Guys, first timer question. I will apply for a mortgage tomorrow and would like to know if the score I pull from MyFico.com will be the same as the one that the Loan Officer will determine tomorrow based on my credit reports. I have a notion that the lenders have their own way of calculating FICO scores and my doubt is that if they are going to be the same as I see here.

Another doubt is if my score they will determined tomorrow will already be impacted by the credit pull that they are making.

I am just holding to apply for it so that my FICO scores from myFICO.com come slightly over 700, which tey told me is a good score. But will the scores be the same if I pull them tomorrow also?

Thank you, appreciate the help if anybody can give me.

[llecs]

Welcome to the forums! Good luck on the mortgage.

90%+ of lenders out there (probably much more) pull a FICO score for all 3 CRAs. So, chances are your lender will pull a FICO score. Now, this is where it can get a tad confusing: there are several versions of FICO scores out there. A large vast majority of lenders out there pull a Classic FICO score, same as found on here.

For EQ, a vast majority of lenders pull a Beacon 5.0 FICO score which is the same version as on this website. There are other versions of EQ FICO floating out there, but I have yet to see a single post in here showing that other lenders are using it. No doubts, but the EQ from here and from your lender, if pulled on the exact same day, will match exactly.

The TU FICO score via myFICO is called a TU98 score. Up until a year or so ago, most lenders were pulling this same version of TU FICO score. However, more lenders now are using and making a switch to a newer version called TU04. While many major lenders still use the older version, there is a chance that the TU FICO scores may not match if pulled on the same day. I've seen score swings of 30 or so points, in either direction, when comparing old vs. new. Unfortunately, consumers can't pull this newer version from anywhere, but your lender could if they even use it.

[augusto-zimmermann]

thank you for the wuick response. can you tell me what are the major differences in the calculation models from the old & new version os TU? what factors does it weigh the most?

What about EX, how do they determine my EX FICO score?

thanks.

[llecs]

Seems like FICO put forth a webinar talking about the differences. I may get this wrong, but it seems like TU04 looks more at trends than TU98 in that a string of lates, month after month, is scores differenty, and less favorably, than sporadic lates of the same quantity, age aside. Inquiries are treated differently in that auto and mortgage inquiries are duped togeter for scoring, but for a longer time over TU98. Finally, CC util is treated much more favorably under TU04 vs. TU98. Under TU98, Amex charge cards are factored in (and I think signature CCs too). The "high balance" is considered. Under TU04, that's done away with and CC practices, like with Amex's recent changing of the high balance, won't be a problem anymore. I'm sure there are many other differences too like how severe baddies are scored or scoring buckets.

Effective last year, consumers can no longer pull their own EX FICO score from anywhere (gee, thanks, EX). However, aside from the rare place(s) that the score is provided for you, like at a CU called PSECU, your lender does continue to use an EX FICO score in consideration for a mortgage and can provide that for you once it is pulled. If you ever pulled your EX FICO from here, when we could do it, it would be the same version most likely.

[augusto-zimmermann]

thank you. I guess it shouldn't affect me much, since my major "bad" in my credit history is short length of history and number of inquiries trying to get approved for CC's by the end of last year exactly with the purpose of establishing history. Even though my oldest account has only 8 months and my limits are low, my scores are coming in the lower 700's. I will post here tomorrow the results and differences.

thank you for the answer.

[vanillabean]

llecs wrote:

"Effective last year, consumers can no longer pull their own EX FICO score from anywhere (gee, thanks, EX). However, aside from the rare place(s) that the score is provided for you, like at a CU called PSECU, ..."

What would the minimum application be at PSECU? A basic checking account and a credit card to get your score every so often? I don't live in Pennsylvania. Would that matter?

[llecs]

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@Anonymous-own-fico wrote:

What would the minimum application be at PSECU? A basic checking account and a credit card to get your score every so often? I don't live in Pennsylvania. Would that matter?

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They pull EX obviously, and I don't know if they pull Chex, but all you need is their checking account. They'll print your EX FICO on your statement each month if you request it. However, PSECU is harder to get into. You basically have to live and/or work in PA or have gone to one of their schools (and Penn State doesn't count). If you go to their site, they have 100+ employer groups. Their website used to say you had to be employed by one of those companies, but I think they softened their position recently to being a member. Note to self: call about joining a PA organization listed on their site.

[Anonymous]

was wondering what the differences in the scores were did i miss that post

[haulingthescoreup]

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@Anonymous wrote:

was wondering what the differences in the scores were did i miss that post

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Hi, welcome to the forums!

FAKO scores result from non-FICO scoring formulas. They look at the same reports that FICO scoring does, but they have a different point system, so to speak.

So it's like a football game, one with the traditional scoring of 6 points for a touchdown, 1 or 2 for the point after, 3 for a field goal, etc. One scorer uses this system, but another decides to give 5 points per touchdown, 3 points for the point(s) after, and 2 for a FG. The identical game will wind up with different scores.

The reason we follow FICO's here is because they are generally the ones used by lenders, those who haven't created their own scoring system (as American Express does.) It's not very helpful to know your FAKO's when lenders don't look at them and don't care what they are.