Equifax FICO discrepancy? CC reports

Anonymous · ‎09-10-2011

I recently obtained some new credit cards.

When I received the notices in the mail, the letter listed the report that was pulled and the score.

DISCOVER pulled EQ. It said specifically that my FICO score was 741 as of 9/4/11 when the CR was pulled( based on a range of 300-850)

AMEX reported that they pulled Experian with a 746 score.

I recently purchased SCORE WATCH through the EQ website (not on myFICO). I originally purchased the wrong product but had it changed so I could get only the product that gave the the real FICO and not the EQ own scoring system. When they changed the product, my product was "refreshed" and my new allleged FICO score was provided. It was much lower than the EQ own scoring model.

Why is the score from Equifax.com so much LOWER than what DISCOVER reported to me? Which is correct?

I am bugged out over this.

Guava · ‎09-10-2011

Maybe it could be that they use different versions of FICO? Like Walmart TU FICO and myFico TU FICO. They're both FICO scores but calculated using different model (maybe one model is an improved updated version of the other)

Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean

Take the FICO Fitness Challenge

Anonymous · ‎09-10-2011

Yes...I know there are two versions out there for TU. I wonder if same holds true for EQ.

I would be really annoyed if the EQ score I PAID FOR is an older version and not what is being used by the CCCs.

CCCs have consistently reported scores in the 740 range in the last month.

llecs · ‎09-11-2011

Ditto. There are different versions out there and lenders can pick or choose the scores they want to use. And just because you have two different scores, doesn't mean that one score is older than the other either. If Discover published a 300-850 scale, and they pulled an EQ FICO and that EQ FICO did not match EQ's ScoreWatch FICO, then there are two different versions used. Most likely Discover used a CC-enhanced FICO that weighs CC use over all other TLs within your report. And if you applied for a mortgage tomorrow, your lender wouldn't use the score Discover used, but would use a classic FICO like on here.

There are a lot more than 2 versions of TU FICO out there.

thebanjoman · ‎09-11-2011

There's more than 2 versions of TU, and the same holds true for EQ and EX. Bankcard enhanced, auto enhanced, x/y/z years versions, classic, nextgen... there's no garauntee a FICO purchased will match a specific lender's variant of a FICO (it seems a large number of variations of FICOs are in use by institutions, so the score sold you isn't a "bad" FICO). Purchased FICOs will be closer/more accurate to FICO scores used as compared to FAKOs, but could vary from the scores you specifically see used by your lenders.

GregB · ‎09-11-2011

The EQ FICO from myFICO or Equifax is Beacon 5, which is probably the most "correct" of all EQ FICO scores since it is used by virtually all mortgage lenders for their EQ score.

The difference that you are seeing is most likely the result of the CCC using a BC Industry Option Score. This is sometimes called a BankCard Enhanced Score. The algorithm in an Industry Option score can have points added or removed based upon information that is important for that industry.

The bottom line is that I would be surprised if a CCC didn't use a score that rates customers more accurately than a score that isn't enhanced for their industry.

Anonymous · ‎09-11-2011

Thank you all for such wealth of information you provided.

I guess then from CC perspective, whichever model they are using works well for me as my scores are in the 740 range.

What is apparent, however, is that I have to work on raising the Beacon 5 scoring model. I am not liking the number.

Does anyone know if Beacon 5 is also used for Auto loans? I will not be looking for any auto loans for appox. 2 years.

llecs · ‎09-11-2011

Unfortunately most lenders use an automobile-enhanced FICO which weighs the car borrowing past more that your other TLs. However, there are some lenders that use the same EQ FICO as on here. Look in the Auto Approvals thread in the Auto Loans Board. Some post the version of FICO used. Many CUs also use Beacon 5.0.

Anonymous · ‎09-11-2011

@llecs wrote:
Unfortunately most lenders use an automobile-enhanced FICO which weighs the car borrowing past more that your other TLs. However, there are some lenders that use the same EQ FICO as on here. Look in the Auto Approvals thread in the Auto Loans Board. Some post the version of FICO used. Many CUs also use Beacon 5.0.

Thank you so much!!