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Myfico Equifax 797 Vs. Discover Equifax score 748?

Regular Contributor

Myfico Equifax 797 Vs. Discover Equifax score 748?

I recently applied and received a Discover more card. I checked my Equifax  score here on my fico before applying and it was 797. I applied for the Discover card on the same day, Well I got a letter with my new discover cards saying my Equifax score is 748 at the time of application. The day after the new inquiry I got a score watch alert saying my score dropped one point to 796.

 

My question is, why the 50 point difference between myfico and Discover? They both pulled Equifax.

 

-TBC

AUDE VIDE TACE :
Starting Score: 684
Current Scores: EQ 796 TU 794 EX 750 (All lender pulls on 2/9/12)
Goal Score: 800 all 3
Message 1 of 38
37 REPLIES
Super Contributor

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?

 

Did Discover state that their score was a FICO score, and was the scoring range 300 - 850 ?

 

It is possible that Discover pulled a bankcard variation of EQ FICO.   The FICO versions sold at MyFICO are "Classic" versions.

 

Also they might have used a newer version of FICO, like '08.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 38
Regular Contributor

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?

It says your credit score Fico 748 source: Equifax and then it has the date.

 

TBC

AUDE VIDE TACE :
Starting Score: 684
Current Scores: EQ 796 TU 794 EX 750 (All lender pulls on 2/9/12)
Goal Score: 800 all 3
Message 3 of 38
Super Contributor

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?

 

Do you have any negative CC accounts at all showing on your CR ?   If so then I would suspect the difference is that Discover pulled an industry~specific FICO score.

 

If you do not then they must be using a newer FICO score model, like the 08 version....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 38
Regular Contributor

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?

No I have zero negatives. I thought TU was the only one with different versions 98, 04 ,08.

 

TBC

AUDE VIDE TACE :
Starting Score: 684
Current Scores: EQ 796 TU 794 EX 750 (All lender pulls on 2/9/12)
Goal Score: 800 all 3
Message 5 of 38
Super Contributor

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?

 

Must be a newer score model.   No, the different FICO scoring models ( 98, 04, 08 ) are used across all the CRAs.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 38
Regular Contributor

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?

Boy they like to keep us guessing don't they. Well if nothing else this post may help someone in the future. 50 points is a big difference.

 

TBC

AUDE VIDE TACE :
Starting Score: 684
Current Scores: EQ 796 TU 794 EX 750 (All lender pulls on 2/9/12)
Goal Score: 800 all 3
Message 7 of 38
Super Contributor

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?

 

Yeah I agree it is frustrating;  50 points could be a large enough difference to disqualify you if you were home shopping, or could vastly increase your interest rate for auto loans.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 8 of 38
Moderator Emeritus

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?


To-Be-Continued wrote:

I recently applied and received a Discover more card. I checked my Equifax  score here on my fico before applying and it was 797. I applied for the Discover card on the same day, Well I got a letter with my new discover cards saying my Equifax score is 748 at the time of application. The day after the new inquiry I got a score watch alert saying my score dropped one point to 796.

 

My question is, why the 50 point difference between myfico and Discover? They both pulled Equifax.

 

-TBC


It's hard to say why the difference. Discover very well may pull the newest version of Equifax (It's called Beacon 9.0 by the way).

 

The EQ version here is the older Beacon 5.0. Or it could be some kind of credit card enhanced version of EQ.

 

 

 

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".

Message 9 of 38
Contributor

Re: Myfico Equifax 797 Vs. Discover Equifax score 748?

This issue of two very different FICO scores reported at the same time seriously confused me until I learned about all the different FICO variations.

 

Based on my understanding of it, here is a summary of the FICO variations:

 

There are three different FICO "editions" currently in common use: 98, 04, and 08

 

Each edition has a "classic" version, plus several "industry enhanced" sub-versions for different types of lenders such as credit cards, insurance, mortgage, and auto loans.

 

Each credit agency (Transunion, Equifax, and Experian) uses a customized version of each FICO edition and each classic and industry sub-version.

 

Each edition and each sub-version from each credit agency will result in a different score.

 

Transunion scores purchased from MyFICO use the "classic" version of Transunion's customized version of the 98 FICO edition (commonly called TU-98).

 

Equifax scores purchased from MyFICO use the "classic" version of Equifax's customized version of the 04 FICO edition (Equifax calls this Beacon 5.0).

 

Most lenders are said to currently use the 04 edition of FICO. Some still use the 98 edition, and very few use the 08 edition.

 

Walmart provides its credit card users with a free monthly update of their Transunion FICO score using the 08 edition. But Walmart does not use the 08 edition is making credit decisions.

 

Citibank recently announced it was planning to change from the 04 edition to the 08 edition, and Chase said it was also considering changing to the 08 edition.

 

In addition to all the FICO variations described above, there is also a "NextGen" edition of FICO. It uses a scale of 150 to 950 and was introduced by FICO as a major improvement over all previous editions. But it has been adopted by few if any lenders.

EQ-04 FICO__804__(from DCU)__inquiries = 0
EQ-08 FICO__826__(from MyFICO)__inquiries = 0
EX-98 FICO__837__(from PSECU)__inquiries = 0
EX-08 FICO__813__(from MyFICO)__inquiries = 0
TU-08 FICO__820__(from MyFICO)__inquiries = 0
Oldest account 36 yrs / Newest account 2 years / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 3%
Message 10 of 38