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Member
thomamon
Posts: 12
Registered: ‎02-16-2013

Equifax score different then MyFico score?

I applied for credit the other day and got denied.  I just got an e-mail explaining why I was denied, and they used equifax to look at my score.

 

However, the score they say on equifax is 677 and my fico is listed as 638?  Why am I paying for somethign that is so inaccurate?  Why is there nearly a 40 point difference/

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Equifax score different then MyFico score?

Finding the EQ FICO score is a bit tricky.  Are you sure you didn't get EQs own score model?  The one from myFICO is the real FICO score and should match what EQs FICO is.

Established Contributor
eviLution
Posts: 704
Registered: ‎06-11-2012

Re: Equifax score different then MyFico score?

Some creditors uses a bank-enhanced Fico and some even uses a auto-enhanced Fico when getting auto loans....


Current Score: DCU EQ 714 - EX+ 746 - WM TU 746
Goal Score: 750+

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in the garden since 1/24/14 - #GARDENSTRONG
Member
thomamon
Posts: 12
Registered: ‎02-16-2013

Re: Equifax score different then MyFico score?

[ Edited ]

eviLution wrote:

Some creditors uses a bank-enhanced Fico and some even uses a auto-enhanced Fico when getting auto loans....


It was actually from Bill Me Later... This is what it says on the e-mail.

 

 

We're sorry that we were unable to authorize your recent attempt(s) to use Bill Me Later®. Your purchase caused you to exceed the Credit Line on your account and we are unable to approve an increase at this time.

The following reason(s) led to our decision:
The proportion of balances to credit limits is too high on bank revolving or other revolving accounts in your credit file.
The proportion of loan balances to loan amounts on your credit file is too high.
The time since the most recent account opening on your credit file is too short.
You have too many recent inquiries in your credit file.
On an ongoing basis, your Credit Line will be either the highest total of balances you have had outstanding on your account at any time or a lower amount of which you have received notice, but will not be less than the amount stated in your Account Agreement. If you attempt to make a purchase that will cause you to exceed your Credit Line, we will reevaluate your Credit Line at the time of purchase, subject to credit approval.

While we do use your credit report information to make decisions to raise credit lines, Bill Me Later does not make an inquiry to your credit report for each such request. Please be assured that the number of purchase attempts you make with Bill Me Later will not impact your credit score.

Our credit decision was based in whole or in part on information obtained in a report from the consumer-reporting agency listed below. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at the consumer reporting agency. The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you.

You also have the right to a free copy of your report from the reporting agency if you request it no later than 60 days after you receive this notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. Any questions regarding such information should be directed to:

Equifax Credit Information Services, Inc.
PO Box 740241
Atlanta, GA 30374
(800) 685-1111

We also obtained your credit score from this consumer reporting agency and used it in making our credit decision. Your credit score is a number that reflects the information in your consumer report. Your credit score can change, depending on how the information in your consumer report changes.

Your credit score: 677
Date: 01/22/2013
Scores range from a low of 300 to a high of 850.

Key factors that adversely affected your credit score:
The proportion of balances to credit limits is too high on bank revolving or other revolving accounts in your credit file.
The proportion of loan balances to loan amounts on your credit file is too high.
The time since the most recent account opening on your credit file is too short.
You have too many recent inquiries in your credit file.
We do appreciate your business and thank you for choosing Bill Me Later.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Equifax score different then MyFico score?

Member
thomamon
Posts: 12
Registered: ‎02-16-2013

Re: Equifax score different then MyFico score?

So which score is the real score?

Member
yellowchef
Posts: 5
Registered: ‎02-20-2013

Re: Equifax score different then MyFico score?

Bump. I am having a similar experience, but I'm trying to obtain my first auto loan. All my scores are coming back with large differences in score. I know that lenders pull differently but the difference is +/- 30 points, and th lenders are pulling the higher scores. My denial from Fifth Third says my Equifax score is 672 as of Feb 5, 2013, my denial from PNC says my Experian score is 635 as of Feb 15, 2013 and the Equifax score I purchased from myfico is showing as 633 as of Feb 20, 2013. I haven't gone over my reports with a fine tooth comb but the annual report I pulled doesn't look wrong. I know scores can be different but this different is very confusing.
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Equifax score different then MyFico score?

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Equifax score different then MyFico score?


yellowchef wrote:
Bump. I am having a similar experience, but I'm trying to obtain my first auto loan. All my scores are coming back with large differences in score. I know that lenders pull differently but the difference is +/- 30 points, and th lenders are pulling the higher scores. My denial from Fifth Third says my Equifax score is 672 as of Feb 5, 2013, my denial from PNC says my Experian score is 635 as of Feb 15, 2013 and the Equifax score I purchased from myfico is showing as 633 as of Feb 20, 2013. I haven't gone over my reports with a fine tooth comb but the annual report I pulled doesn't look wrong. I know scores can be different but this different is very confusing.

Your FICO scores across the 3 CRAs will be different due to the differences in what is on your CRs.  As far as the two different EQ scores, they are both FICO scores but, different versions.

 

 

Member
yellowchef
Posts: 5
Registered: ‎02-20-2013

Re: Equifax score different then MyFico score?

So confusing. :smileysad:

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