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Valued Member
roshan21
Posts: 30
Registered: ‎02-26-2013
0

MyFico Accurate Score

Is it normal to have different scores from credit card companies?

 

I got my Discover card in Feb and I'm just now looking at the score that was sent with it. It says my Equifax Fico score was 649 as of 02/2013 and on myFico it says my Equifax credit score was 677. Which one is right.


Paypal Mastercard $2000, Walmart $1000, Victoria's Secret $500, Discover IT $1200, Chase Freedom $2000, Cap1 $500/$300/$200, First Premier $300 Barclay's Rewards $500- Last App 5/27/13

Garden until 8/2014 (Hoping to be mid 700's by then)

Starting Score: 677
Current Score: 696
Goal Score: 720

Take the myFICO Fitness Challenge






Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: MyFico Accurate Score


roshan21 wrote:

Is it normal to have different scores from credit card companies?

 

I got my Discover card in Feb and I'm just now looking at the score that was sent with it. It says my Equifax Fico score was 649 as of 02/2013 and on myFico it says my Equifax credit score was 677. Which one is right.


Yes, there are 47 different flavors of FICO scoring out there also a company can use their own in-house scoring. IMO as long as your file is clean of any innacuracies and you got your score from here (EQ) thats as close as your going to get on it being accurate.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Super Contributor
longtimelurker
Posts: 7,239
Registered: ‎04-22-2013
0

Re: MyFico Accurate Score


roshan21 wrote:

Is it normal to have different scores from credit card companies?

 

I got my Discover card in Feb and I'm just now looking at the score that was sent with it. It says my Equifax Fico score was 649 as of 02/2013 and on myFico it says my Equifax credit score was 677. Which one is right.


 

What is the date of the myFico score?  Scores change as the record updates, so some variation in a month isn't surprising.  But as LS says, lots of different variations of FICO scoring (credit card enhanced etc) + internal models.   

 

So, is it worth getting a score from here vs a free site? 

 

For mortgages, probably yes, the EQ score here is widely used by lenders.  For credit cards that pull EQ, might be close, so the question is whether close justifies the cost

 

TU score here, not worth it, very few lenders use the TU-98 available here.  Walmart card gives you a FICO TU-08, and there are other options out there.  You would be paying for what is, for all real purposes, a FAKO....

CSP, Freedom, Chase Amazon, Cap One QS (x2), Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus, Fid Amex
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Valued Member
roshan21
Posts: 30
Registered: ‎02-26-2013
0

Re: MyFico Accurate Score

The dates were 02/25 myFico 677 and 02/26 Discover 649


Paypal Mastercard $2000, Walmart $1000, Victoria's Secret $500, Discover IT $1200, Chase Freedom $2000, Cap1 $500/$300/$200, First Premier $300 Barclay's Rewards $500- Last App 5/27/13

Garden until 8/2014 (Hoping to be mid 700's by then)

Starting Score: 677
Current Score: 696
Goal Score: 720

Take the myFICO Fitness Challenge






Valued Contributor
thom02099
Posts: 1,326
Registered: ‎08-30-2011
0

Re: MyFico Accurate Score


roshan21 wrote:

The dates were 02/25 myFico 677 and 02/26 Discover 649


To answer your original question....YES.  They are accurate, since a FICO score is a snapshot of your credit at that specific moment in time.  And they can change daily. 

 

In your case, what you may be seeing is different release versions of FICO EQ score.  Just as there are different versions of software (Windows 7 versus Windows XP - both being Windows), there the Beacon 5.0 version of EQ that's sold here, and a newer Beacon 9.0 version -- both still EQ FICO.  The differences in the scores can be substantial...plus or minus.  While some, such as me, have a better 9.0 score, others, perhaps like yourself, have a better 5.0 score.  The scoring models are different.  Why? How?  Wish any of us knew that!  They just are...

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Valued Contributor
dddewdrop
Posts: 1,060
Registered: ‎02-06-2013
0

Re: MyFico Accurate Score


longtimelurker wrote:

roshan21 wrote:

Is it normal to have different scores from credit card companies?

 

I got my Discover card in Feb and I'm just now looking at the score that was sent with it. It says my Equifax Fico score was 649 as of 02/2013 and on myFico it says my Equifax credit score was 677. Which one is right.


 

 

TU score here, not worth it, very few lenders use the TU-98 available here.  Walmart card gives you a FICO TU-08, and there are other options out there.  You would be paying for what is, for all real purposes, a FAKO....


     I think that when you start your credit journey it is important to try and get one real fico score from each credit report. I would say if you don't have another way of getting a TU score then the myfico TU score is certainly worth it and more real then say a  credit karma score. The majority of lenders for mortgages still used tu 04 but between tu 98 and tu 08 which one more closely correlates with tu 04 depends on your individual report. TU98 is not a fako score it is real in that it comes from a real FICO scoring model from Fair Isaac. Experian's FICO is hard to but EQ and TU are obtainable for less than 20 dollars and you should get your scores and monitor them to judge how you are doing as you work on improving your credit. 

0/10001100/13001346/16001699/2000Prepaid ,,Recent scores:FICO EX 632,EQ 635,TU 632...Link to my Rebuild Log
Valued Contributor
thom02099
Posts: 1,326
Registered: ‎08-30-2011
0

Re: MyFico Accurate Score


dddewdrop wrote:

longtimelurker wrote:

roshan21 wrote:

Is it normal to have different scores from credit card companies?

 

I got my Discover card in Feb and I'm just now looking at the score that was sent with it. It says my Equifax Fico score was 649 as of 02/2013 and on myFico it says my Equifax credit score was 677. Which one is right.


 

 

TU score here, not worth it, very few lenders use the TU-98 available here.  Walmart card gives you a FICO TU-08, and there are other options out there.  You would be paying for what is, for all real purposes, a FAKO....


     I think that when you start your credit journey it is important to try and get one real fico score from each credit report. I would say if you don't have another way of getting a TU score then the myfico TU score is certainly worth it and more real then say a  credit karma score. The majority of lenders for mortgages still used tu 04 but between tu 98 and tu 08 which one more closely correlates with tu 04 depends on your individual report. TU98 is not a fako score it is real in that it comes from a real FICO scoring model from Fair Isaac. Experian's FICO is hard to but EQ and TU are obtainable for less than 20 dollars and you should get your scores and monitor them to judge how you are doing as you work on improving your credit. 


+1

 

A baseline score is always good to have, your starting point, as it were.  That way, you can chart your progress as your journey progresses. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Member
dethkultur
Posts: 14
Registered: ‎12-24-2010
0

Re: MyFico Accurate Score

[ Edited ]

I had the same issue... MyFico says 698, Discover says the EQ FICO is 682.

 

I subscribe to Scorewatch, so I know my score on this service has not changed at all over the last 3 months. It dropped 1 point, from 699 to 698 when the inquiry for this card hit.

 

It does make me wonder, what is the point with MyFICO/Scorewatch? Pretty disappointted, this situation isn't mentioned in the FAQ or any of the official resources on this site. What you get are explanations like this:

 

http://www.myfico.com/crediteducation/questions/Why-Three-Scores.aspx

 

implying this is the "real" EQ FICO score, and don't believe anything else you hear. As if the only different "FICO" scores are at the Credit Bureau level. To anyone from MyFICO - stuff like this makes it look like you guys dread customers finding out about this situation. That the MyFICO score is probably really just "close enough," but is no indication whatsoever of what the "FICO" score that will be reported by Equifax on an inquiry.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: MyFico Accurate Score

The EQ score from myFICO is the Beacon 5.0 and IS what most lenders use and the same exact score that EQ offers for it's FICO score from their site.  As pointed out, there are 47 different flavors of FICO scores.  They will vary between the models and versions used.  But, they are still FICO scores.

 

What Discover used was a FICO Bankcard Enhanced score. 

 

 

 

Member
dethkultur
Posts: 14
Registered: ‎12-24-2010
0

Re: MyFico Accurate Score


guiness56 wrote:

The EQ score from myFICO is the Beacon 5.0 and IS what most lenders use and the same exact score that EQ offers for it's FICO score from their site.  As pointed out, there are 47 different flavors of FICO scores.  They will vary between the models and versions used.  But, they are still FICO scores.

 

What Discover used was a FICO Bankcard Enhanced score. 

 

 

 


Then this needs to be disclosed clearly in the offering MyFICO offers. As pointed out, the description of the service suggests the opposite. The only way you can uncover this nugget is to stumble across where a forum community leader said it somewhere, and that just doesn't cut it. Maybe you could suggest that MyFICO edit their copy, as I pointed out, to not suggest that the MyFICO score is the EQ FICO sent to all lenders? To not imply it is the "only" source to find your "real" FICO score? Because obviously, there are 46 more.


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