FICO Score

[improvedcredit]

Today I opened up a credit union account and they had to pull my credit. After they had pulled my credit I found that my Transunion FICO score was +720, but I had pulled my credit score from My FICO last week and it list my Transunion score at 657 and my Equifax score at 658. Why is there so much of a point difference from what the Credit Union pulled and what I pulled from this website?

Hopefully someone could answer this question...

[pizzadude]

---

@improvedcredit wrote:

Today I opened up a credit union account and they had to pull my credit. After they had pulled my credit I found that my Transunion FICO score was +720, but I had pulled my credit score from My FICO last week and it list my Transunion score at 657 and my Equifax score at 658. Why is there so much of a point difference from what the Credit Union pulled and what I pulled from this website?

Hopefully someone could answer this question...

---

You need to ask your credit union what score they pulled.  Was it a TU FICO score ?   Was it TU 98, 04, OR 08 ?   There are different versions of FICO that can give different results, sometimes large differences.

[Anonymous]

Usually they pull PFICO for credit cards, think if I remember it goes up to 900 or so. I'm guessing you were applying for a credit card not a mortgage, ect. But even then, I don't know which formula they used, best to ask the bank. Generally PFICO formula weighing heavier on credit card activity has always been many points higher. It's a FICO but based on a different formula and scale. Sounds about right if they used PFICO. Oh do I miss my free monthly PFICO from WaMiu.

[improvedcredit]

I was not applying for a credit card, I just opened up a checking and savings account with the Credit Union. From the credit report they pulled it said +720 FICO score. I also asked if that is the same score they pull when I apply for a mortgage and they said yes, but they will also be pulling Equifax and Experian. So I really don't know what to think if the scores I am receiving on My FICO are my real scores or what the credit union pulls.

[GregB]

IF you are sure it was a TU FICO, and IF they are correct when they said it was the same TU FICO that they would use for a mortgage THEN it is probably TU FICO 04, which is one version later than the TU FICO 98 used here.

The EQ FICO Beacon 5.0 as used here would be the same as they would use for a mortgage.

My personal opinion is that the EQ FICO sold here is FAR more valuable than the TU FICO. The TU FICO is still worth far more than the FAKO nonsense sold by most sites.

[wally101]

I monitor my scores through USAA which is a FAKO score, but It's cheap and shows me kinda where I'm at. Those scores are currently 02-15-2012 EX 773 EQ 773 TU 785.

I pulled myfico EQ and it was (about a month ago) EQ 716

I went and got a mortgage pre approval from Wells Fargo which used a TU 04 and my score as of 02-01-2012 EX 718 EQ 718 TU 708 . So in my case my myFICO score was extremely close to the real deal.

[improvedcredit]

I called the Credit Union to verify the what scoring system they use. They said that they use FICO 08. Can someone please explain to me the different versions of FICO scores and how they compare to one another?

[pizzadude]

FICO scoring models are refined from time to time, the three most recent version are 98 , 04, and 08. MyFICO sells the TU98 version.

My understanding is that the more recent versions penalize more heavily for high utilization and also multiple delinquencies, so obviously there can be large differences between the newer and older models depending on what is on your credit reports.

[GregB]

The three different FICO "generations" in normal use are FICO 98, 04, and 8. The three CRAs (EQ, TU, EX) all offers FICOs based on all three. FICO 98, 04, 8 are all based upon a scale of 300-850.

The TU FICO here is TU FICO 98, based on FICO 98.

The EQ FICO here is EQ Beacon 5.0, based on FICO 04. This is your EQ FICO used for a mortgage application, where they also pull TU and EX FICO scores based on FICO 04.

Scores based on FICO 8 are starting to be used more, particularly for CC and Auto applications. CUs and small banks are more likely to have updated.

As a broad generalization, FICO is continually trying to improve their scoring system and this results in changes to the scoring algorithm.

[improvedcredit]

What is the most used FICO version?