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Difference in Scores

Valued Member

Re: Difference in Scores

One thing I would like to add to Revelate's response to Droog:

 

IDENTITY THEFT.

 

It's one thing to be confident that you are responsible with your credit; it's something else to be confident that someone else isn't ruining your good name.

 

 

 

 

Message 41 of 111
Valued Member

Re: Consumer reports article

Thanks for that explanation.  We have financed four new vehicles over the last few years, and saw FICO scores a couple of times.  They were way higher than those we got through MyFICO.  Now I see why.


Starting Score: 777
Current Score: 854
Goal Score: 900


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Message 42 of 111
Member

Re: Consumer reports article

Resubsribed to myFico just so I could get a peak at my score. its up to 628 from 531 when I started here in Nov 13.

 

Just had a concern come up last week though. I had a judgment against me as an old medical bill that got sent to small claims court, settled and I am just about done paying it off now. All of a sudden it showed up as "Public Record" on my credit karma score and that dropped it down about 70 pts! So because of that I came back here to check this score, no change and it even went up 9 pts on Sunday.

 

My question is, should I expect a drop in myFico score as well even though the public record is already showing on the myFico report? Does it take time for that to catch up or would it have already dropped?

 

Any help is appreciated. Just trying to stay on track and that really put a damper on my progress.

 

-Chris

Message 43 of 111
Moderator

Re: Consumer reports article


cchagz87 wrote:

Resubsribed to myFico just so I could get a peak at my score. its up to 628 from 531 when I started here in Nov 13.

 

Just had a concern come up last week though. I had a judgment against me as an old medical bill that got sent to small claims court, settled and I am just about done paying it off now. All of a sudden it showed up as "Public Record" on my credit karma score and that dropped it down about 70 pts! So because of that I came back here to check this score, no change and it even went up 9 pts on Sunday.

 

My question is, should I expect a drop in myFico score as well even though the public record is already showing on the myFico report? Does it take time for that to catch up or would it have already dropped?

 

Any help is appreciated. Just trying to stay on track and that really put a damper on my progress.

 

-Chris


Depends what else is in your report; as an example, I got a stupid tax lien tacked on to my Equifax report and it dropped my score by a whopping 5 points (EQ '04) I've gained that back and more in 2 months without getting the lien removed as I've been lazier than sin on my paperwork.

 

In my case I had another tax lien from 12/10 already on the report, so the second one wasn't penalized much if at all.  On the other hand both my TU and EX '08's got slapped to the tune of 50ish points for the exact same record.

 

I don't know judgements well but if it's paid you may be able to get it vacated: check over in the Rebuilding forum for suggestions on how to handle it.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 44 of 111
Highlighted
Member

Re: Consumer reports article

Thanks for the info. I figured it would have gone down by now if it was going to already. I hate credit karma, but I always seem to be back there weekly to check the numbers. I sent out a letter to the collection agency to have it removed and I would pay them the rest that I owe, just wanted to get it in writing from them, if they would remove it at all.

 

From what ive heard about getting items vacated in CT, its really hard and can get expensive because of having to hire a lawyer and also needing to have a really good reason as to why. Which I dont really have, just young and dumb. 

 

Anyways, thanks for the help and I will check out more in the other forum about vacating it.

Message 45 of 111
New Visitor

Re: Difference in Scores

Hello I hope I am at the right place.

 

I've recently been keeping a better eye on my credit score over the past several months, using several different sources (Discover Bill, Credit Karma, Credit Sesame, and recent card application).

 

I would like to get a better understanding in the difference between the scores I receive. Any info would be helpful.

 

Should I pay attention to one score over another (is one more accurate)?

 

American Express (Approved Card Application) - Experian FICO Score is 727 as of 3/18/2014

Discover Card (Monthly Bill) - FICO Credit Score is 734 as of 3/21/2014

Credit Karma - TransUnion New Account Score is 761 as of 3/26/2014

Credit Karma – VantageScore is 835 as of 3/26/2014

Credit Sesame - Experian National Equivalency Score is 757 as of 3/27/2014

 

 

Message 46 of 111
Valued Contributor

Re: Difference in Scores

The various scoring models, both FICO and FAKO, use different formulas and weights for the same report data, and thus will not match each other.

 

I would focus on a FICO 04 variant if you're interested in mortgages, otherwise a FICO 08 variant.

 

You can also ignore scores entirely and focus on the content of your report instead.

 

There are hundreds of posts around here that go into great detail on why scores won't match.

 

Message 47 of 111
Frequent Contributor

Re: Difference in Scores

This is all very confusing to me.  I decided to apply for a bunch of credit limit increases a few days ago because in the past they've been soft pulls, and why not?

Capital One declined and cited a credit score of 716 from February 25th from Equifax.  Bank of America gave me a significant increase and cited a credit score of 764 from April 1st from Transunion.

I'm trying to determine whether the difference in scores is due to the time difference between the scores the two lenders were looking at, due to Equifax vs. Transunion, or due to two different FICO scoring models.  I read somewhere that certain models might be more heavily influenced by carrying a balance on multiple cards, while others aren't.  I'm not sure if that's true, but maybe that would explain the difference, since I've been carrying small balances on all my cards for the past several months.

 

From February through April, one of my smaller student loans got paid off.  However, I'd think that that would hurt my credit score, rather than help it, since it could possibly drop my average age of active accounts.  It was one of my older accounts.  Also, a few hard inquiries would now be >1 year (but still <2 years) - don't know if that helps.

 

Any idea whether this difference would likely be due to a legitimate increase or if it's just a difference in scoring methods?

BofA Cash Rewards 25,000 (2009) | Citi Forward 25,000 (2011) | Cap1 Quicksilver 22,500 (2013) | Discover It 17,600 (2014) | Chase Freedom 6000 (2014) | Barclaycard Sallie Mae 25,000 (2014)

FICO: 810 Discover/Barclays/BofA TU, 826 Citi Equifax
Message 48 of 111
Valued Contributor

Re: Difference in Scores


gh17 wrote:

This is all very confusing to me.  I decided to apply for a bunch of credit limit increases a few days ago because in the past they've been soft pulls, and why not?

Capital One declined and cited a credit score of 716 from February 25th from Equifax.  Bank of America gave me a significant increase and cited a credit score of 764 from April 1st from Transunion.

I'm trying to determine whether the difference in scores is due to the time difference between the scores the two lenders were looking at, due to Equifax vs. Transunion, or due to two different FICO scoring models.  I read somewhere that certain models might be more heavily influenced by carrying a balance on multiple cards, while others aren't.  I'm not sure if that's true, but maybe that would explain the difference, since I've been carrying small balances on all my cards for the past several months.

 

From February through April, one of my smaller student loans got paid off.  However, I'd think that that would hurt my credit score, rather than help it, since it could possibly drop my average age of active accounts.  It was one of my older accounts.  Also, a few hard inquiries would now be >1 year (but still <2 years) - don't know if that helps.

 

Any idea whether this difference would likely be due to a legitimate increase or if it's just a difference in scoring methods?


It's hard to give a good answer to this question.  The various factors you cite can move your scores around, and the various models put different weights on specific report items.

 

It's also true that CC companies like Amex have their own internal scoring systems, that go beyond the FICO models.

 

The only way I've been able to determine what affects my scores is to focus on a single score (EX 08) reported at the same time every month.

 

Message 49 of 111
Frequent Contributor

Re: Difference in Scores

I did some searching and I think that hard inquiries only affect your credit score for one year (although they stay on your report for two years), so the the inquiries dropping off may have had a much bigger effect that I expected.  That, probably combined with different agencies, is what I'm now guessing.

BofA Cash Rewards 25,000 (2009) | Citi Forward 25,000 (2011) | Cap1 Quicksilver 22,500 (2013) | Discover It 17,600 (2014) | Chase Freedom 6000 (2014) | Barclaycard Sallie Mae 25,000 (2014)

FICO: 810 Discover/Barclays/BofA TU, 826 Citi Equifax
Message 50 of 111