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New Contributor
Posts: 61
Registered: ‎01-30-2009
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Huge score difference here vs lender pull

Hi all,

 

haven't been on in forever. Been gardening for a couple years but just picked up the discover it and the walmart discover (for the TU). Back to gardening. 

Question is....the fico here is 709 EQ with score watch.  My discover it approval papers show 762!  I'm wondering why such a big difference. Both were pulled on the same day. I understand there are a couple versions that are being used, but I don't understand the large difference. 

 

Makes me wonder if the score watch is even worth it?  I apologize if this has been discussed before.  Will continue to search for the answer too.

 

Thanks!

 

New Contributor
Posts: 61
Registered: ‎01-30-2009
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Re: Huge score difference here vs lender pull

 

 

I did find a couple of discussions and what I take away from it is that  I guess buying scores from here is wasteful..  Lenders don't use this number?  Perhaps the free FAKos are closer in accuracy to what lenders are going to get?  Very interesting!

 

Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
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Re: Huge score difference here vs lender pull

Your conclusions are completely wrong. I suggest you keep researching until you come up with more information.

New Contributor
Posts: 61
Registered: ‎01-30-2009
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Re: Huge score difference here vs lender pull

I'm looking for my real fico score and I had assumed that what I see is what my lenders see. I can safely assume though that my score is between 708 and 765. I thought there was a place I could get my actual
number.
Im not trying to start trouble. Im just trying to understand what score is really mine. This is so confusing. Smiley Sad
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: Huge score difference here vs lender pull

The Equifax score here is what most lenders use. The key word is most.

Many lenders are using there own scoring system when comes to mostly credit cards. As an example AMEX.

When applying for a mortgage 97% of lenders will use the same version that is on here for Equifax which is Beacon 5.

Since I pull reports all day long being a Broker I can attest to this with much experience.
Good Luck
May all your dreams and wishes become a reality!
New Contributor
Posts: 61
Registered: ‎01-30-2009
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Re: Huge score difference here vs lender pull

Thanks for your helpful reply. Apparently, Discover can be added to the list of those that use "non-fico" scores. Their source was listed as equifax but clearly they utilize other information as well to get their numbers. Hey, if they want to put me in the "high achieving" category, who am I to complain! Lol

Thanks again for your help Smiley Happy
Valued Contributor
Posts: 2,066
Registered: ‎06-16-2012
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Re: Huge score difference here vs lender pull

I think the score you got from your Discover approval was what they call a "bankcard auto-enhanced FICO score". It looks like more and more credit card banks are using this now.

Cards: (Chase x8) (Citi x6) (Amex x6) (BofA x3) (US Bank x3) (Barclays x4) (WF x2) (Cap1 x4) (Synch x4) (Penfed x2) (Macys Amex, Discover, USAA, Fidelity, NASA x1), PLOC: Citi (18k) WF (10k), Personal Loan: USAA (25K), Auto Loans: Ally, Audi Financial.
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Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
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Re: Huge score difference here vs lender pull

[ Edited ]

Simpleton wrote:
I'm looking for my real fico score and I had assumed that what I see is what my lenders see. I can safely assume though that my score is between 708 and 765. I thought there was a place I could get my actual
number.
Im not trying to start trouble. Im just trying to understand what score is really mine. This is so confusing. Smiley Sad

Sorry that my previous post came off as being rude. I was starting to reply and was interupted. I didn't know I saved it without the rest of the post.

 

It is confusing but I don't think you will find any reasonable posts that suggest that any FAKOs are closer to reality than the scores here on myFICO. Many people want exactly the score a lender will pull and that won't usually happen. What you can get is close or at least get a score that will move in the same direction for the same changes as the scores that a lender sees. Like just about everything, it is always more complicated than it seems at first.

 

The only time you can be sure what score the lender will use is on a normal mortgage. They will use the EQ FICO sold here, one version later TU FICO, and the EX FICO that used to be available here.

 

MOST other lenders will use some FICO based score. It could be one of the "Classic" FICOs or it could be enhanced for that specific industry such as a BankCard, Auto, etc. That will make them different but they will be mostly based on a FICO.

 

You CAN RELY that they will NOT be based on any of the FAKO scores being sold to consumers.

 

The score that Discover used can possibly be identified if you have more info. Does the approval/denial letter that lists the score have more info? score range, the word FICO, etc.?

 

 

Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: Huge score difference here vs lender pull

There are 49 different Fico Scoring Models that may be purchased from Fair Isaac Corporation. It will be nearly impossible to purchase on the open market any Fico or other score that will exactly match your lender, credit card, auto insurance company inquiries of your score. The main item to remember is Fico is used the most in the industry. Generally speaking, if you are looking to improve, use one model for your bench mark. Paying on time, in full, and minimizing credit will enhance your score over time. A few months, 6 or more, before apping for a mortage loan or car loan, check your credit report and see that there is not any mis-information in your file. Then, for a very close score for comparison, purchase a Fico score here. Some credit unions and cc companies offer free scores to their clients as well. AS always YMMV. Good Luck.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
New Contributor
Posts: 61
Registered: ‎01-30-2009
0

Re: Huge score difference here vs lender pull

Ok got it....Thanks for the info everyone! 

 

Since my fako scores are only 20ish points off from what the bankcard came up with, Thus being closer to it than the actual FICO number from here,  My point was that I can use that as a closer guideline. It seems as though FICO or FAKO.....it's just a guide as we don't really know what they will pull.

 

I'm sure YMMV as to what the scores are from person to person but if I can pick fakos to look at, although I know ( and never suggested that lenders go after FAkOs for their results) it's not an actual FICO, it would be a closer guideline in my case.  

 

Wow I didn't realize there were so many different models the lenders utilize!  It will be interesting to see (does walmart discover let you know the score?) what walmart shows.  My current fico TU says 720.

 

I'll be getting "a"  TU score from my Walmart card and am subscribed to scorewatch.  I'm at 32% util and will be paying it down to 5% over the next 4 months.  Considering a refinance in July or Aug.

 

Am really enjoying playing this game....never been so in control of my finances as I have been in the past 2 years. And a shameless plug for the MINT app...it's the bomb. Smiley Wink

 

 

 

 

 

 

 

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