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momerrier
Posts: 6
Registered: ‎02-28-2013
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MyFako

[ Edited ]
I work in the automotive industry as a sales manager.  I look at credit all day long.  I was trying to see which version of consumer FICO scores MyFico sells to its customers and stumbled across a thread by "kneegrow" in which many people assure us that these scores are "real".  Before we used FICO Auto scores, the range for scores topped out at 900.  Now that we use the auto version, they still top out at 900.  Best I've seen was 885   How can these sccores be "real" when MyFico states: "What makes a “good” FICO Score? FICO credit scores have a 300–850 score range. The higher the score, the lower the risk. But no score says whether a specific individual will be a “good” or “bad” customer."
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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: MyFako

[ Edited ]

momerrier wrote:

I work in the automotive industry as a sales manager.  I look at credit all day long.  I was trying to see which version of consumer FICO scores MyFico sells to its customers and stumbled across a thread by "kneegrow" in which many people assure us that these scores are "real".  Before we used FICO Auto scores, the range for scores topped out at 900.  Now that we use the auto version, they still top out at 900.  Best I've seen was 885   How can these sccores be "real" when MyFico states: "What makes a “good” FICO Score? FICO credit scores have a 300–850 score range. The higher the score, the lower the risk. But no score says whether a specific individual will be a “good” or “bad” customer."


MyFICO offers the following:

 

Beacon 5.0 for EQ

TUC Empiria 98 (aka TU98) for TU

and Fair Isaac Risk Model 08 for EX

 

The Beacon 5.0 is used my nearly all mortgage lenders. I have seen some auto lenders and CC lenders use it too. My bank uses it for new CCs, car and personal loans. My CU uses it too.

 

The TU98 on here is used less and less over time. I know of some lenders that still use it. My last personal loan lender uses it. However, if you were to apply for anything the odds are slim to super slim that you'll find a lender that still uses it.

 

Finally, the FICO08 version for your EX FICO is the newest. However, the odds are even less that you'll find any lender that uses it. Lenders prefer to use a version of EX FICO that was created over 10 years ago. Though I think Amex uses it now.

 

The 300-850 is a patented range, but none of the FICO scores out there use exactly 300-850. As you know, enhanced score versions, like the auto-enhanced can go higher than 850. The classic versions on here are actually a bit under 850.

 

Good or bad is always subjective. And a good FICO never guarantees a good borrower. I am a lender via Lending Club (well, was, I'm cashing in the $$$ now), and in my experience, those with a higher FICO have paid late compared to those with a lower or fair-ranged FICO. I did have one loan default and it was a borrower with a 780ish FICO as the time of borrowing. A lot of folks do game the system and a FICO isn't an end-all.

Valued Contributor
thom02099
Posts: 1,334
Registered: ‎08-30-2011
0

Re: MyFako


llecs wrote:

momerrier wrote:

I work in the automotive industry as a sales manager.  I look at credit all day long.  I was trying to see which version of consumer FICO scores MyFico sells to its customers and stumbled across a thread by "kneegrow" in which many people assure us that these scores are "real".  Before we used FICO Auto scores, the range for scores topped out at 900.  Now that we use the auto version, they still top out at 900.  Best I've seen was 885   How can these sccores be "real" when MyFico states: "What makes a “good” FICO Score? FICO credit scores have a 300–850 score range. The higher the score, the lower the risk. But no score says whether a specific individual will be a “good” or “bad” customer."


MyFICO offers the following:

 

Beacon 5.0 for EQ

TUC Empiria 98 (aka TU98) for TU

and Fair Isaac Risk Model 08 for EX

 

The Beacon 5.0 is used my nearly all mortgage lenders. I have seen some auto lenders and CC lenders use it too. My bank uses it for new CCs, car and personal loans. My CU uses it too.

 

The TU98 on here is used less and less over time. I know of some lenders that still use it. My last personal loan lender uses it. However, if you were to apply for anything the odds are slim to super slim that you'll find a lender that still uses it.

 

Finally, the FICO08 version for your EX FICO is the newest. However, the odds are even less that you'll find any lender that uses it. Lenders prefer to use a version of EX FICO that was created over 10 years ago. Though I think Amex uses it now.

 

The 300-850 is a patented range, but none of the FICO scores out there use exactly 300-850. As you know, enhanced score versions, like the auto-enhanced can go higher than 850. The classic versions on here are actually a bit under 850.

 

Good or bad is always subjective. And a good FICO never guarantees a good borrower. I am a lender via Lending Club (well, was, I'm cashing in the $$$ now), and in my experience, those with a higher FICO have paid late compared to those with a lower or fair-ranged FICO. I did have one loan default and it was a borrower with a 780ish FICO as the time of borrowing. A lot of folks do game the system and a FICO isn't an end-all.


+1 ! ! !

Excellent response, as always !

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EX = 799 EQ = 812 TU = 811 - 11/2014

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