Fico 98 vs Fico 04

[kenworthguy]

Hi, I have seen alot of talk on these threads about my fico 98 and myfico 04.what's the difference between the two, does it make a difference on your CS , Why do the lenders get the 04 version and we get the 98. Just wondering how much of a difference it makes on TU CR.  Thanks for keeping things simple and helping me to understand how this credit stuff works.

[MarineVietVet]

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@kenworthguy wrote:

Hi, I have seen alot of talk on these threads about my fico 98 and myfico 04.what's the difference between the two, does it make a difference on your CS , Why do the lenders get the 04 version and we get the 98. Just wondering how much of a difference it makes on TU CR.  Thanks for keeping things simple and helping me to understand how this credit stuff works.

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I'm certainly not an expert on this subject but I do know that those are versions of a Transunion score. The TU98 is older and is sold here. The newer TU04 is what most lenders seem to be using these days. Why we can't buy the newer TU04 here is something that has been discussed long before I came around.

It does seem to make some difference in scores when looking at TU98 and when lenders pull TU04 but I'll let others give the details about this since it still confuses me. 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[AndySoCal]

One difference is in the area of Auto and Mortgage inquiries. With FICO 98 inquires made for this type loans made with 30 days would count as one inquiry with FICO 04 it is now 45 days. Anytime a score model is changes some people will recieve higher scores some will receive lower scores with the new model and others will not see a change. How the change(s) would affect you depends on your credit history,

[kenworthguy]

thank you MarineVietVet and AndySoCal for the replies, I was just wondering what the differance was betweeen the two, it all sounds to complicated to me, lol, I think i will just stick with keeping an eye on my scores and continue working to improve them and not worry about how all this credit reporting stuff works. Thanks again for all the help and advice i have gotten from people  in the fico communities, it's really very appreciated.