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Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007

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

[ Edited ]

That is mostly correct except for the statement about most lenders use the 04 version. That IS very accurate for mortgages but not for other loans.

 

I would say most of the big CC lenders and most of the banks doing auto loans, etc are using 08 versions. Smaller aren't updating as quickly. Next Gen was part of the attempt to qualify unattractive borrowers for mortgages. That went away with much of the other crazyness of the housing bubble.

New Contributor
jello77
Posts: 50
Registered: ‎08-02-2010

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

[ Edited ]

GregB,

 

Thanks for the additional info.

 

Below are links to two recent articles that discuss FICO 8. I have excerpted the most interesting parts.

 

From what these articles say, it appears that American Express currently uses FICO 8, Citibank just recently started using it, and Bank of America is "in the process of implementing it."

 

The best news is that FICO has plans "to make FICO 8 scores available for purchase" by consumers in the future.

 

 

 

---------------------------------

Sept 2011

http://money.msn.com/credit-rating/new-credit-score-could-help-millions-credit.aspx

 

Excerpts:

 

Major lenders have been unusually slow to switch to the new scoring model [FICO 8]......most major lenders still have yet to adopt it.

 

Figuring out exactly what's happening with FICO 8 is an exercise akin to reading tea leaves. Try calling FICO to ask how implementation of FICO 8 is going, and they say you should call the credit bureaus. Call the bureaus, and they refer you to the banks. Call the banks, and they refuse to talk, saying their scoring models are proprietary.

 

So how can we tell that implementation of FICO 8 is going slowly?

 

FICO issued a news release in June 2011 trumpeting the fact that Citibank had implemented the new model......By trumpeting Citi's adoption of FICO 8, Fair Isaac made a tacit admission that no other big bank -- Chase, Wells Fargo or Bank of America -- has made the switch. Together, these four companies dominate the credit card market and control sizable chunks of many other lending industries, including consumer loans.

 

At least one other major bank [Bank of America] plans to switch to the new model, but the details are vague."We're in the process of implementing it, but I wouldn't have any more details to share," said a spokeswoman for Bank of America.

 

 

 

---------------------------------

July 2011

http://www.mybanktracker.com/bank-news/2011/07/27/fico-8-credit-scores-laws-help-expedite-standardiz...

 

Excerpts:

 

An American Express spokesperson said that the company used FICO 8 scores as part of the credit card application approval process.

 

Bank of America, Chase, and Discover.......did not say they used the FICO 8 score to determine creditworthiness.

 

Capital One did not reply to a request for comment.

 

Currently, over 3,500 lenders in the U.S. use FICO 8 scores, according to FICO.

 

According to FICO, the FICO 8 score does not deviate from the previous formula by more than 20 points.

 

FICO stated that lenders are testing the new score model and the company plans on working with credit reporting agencies to make FICO 8 scores available for purchase as lender adoption increases.

 

 

 

---------------------------------

 

I found it especially interesting that FICO says FICO 8 scores do not deviate from the previous formula by more than 20 points. I assume by "previous formula" it is referring to FICO 04.

 

I know that my Transunion FICO 98 score obtained from MyFICO is currently 783, and my Transunion FICO 08 score obtained on the same day from Walmart is 822, a difference of 39 points.

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
EQ-04 FICO__817__(from MyFICO)__inquiries = 0
EX-04 FICO__833__(from PSECU)__inquiries = 0
TU-98 FICO__807__(from MyFICO)__inquiries = 0
TU-08 FICO__817__(from Walmart)__inquiries = 0
Oldest account 35 yrs / Newest account 1 year / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 1%

Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007

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

I can confirm the Amex use with a high degree of certainty since I just added a personal Amex. I received the following info with the approval. With the same info on my report, my EX FICO II (FICO 04) gave me a 765. We can tell from the 300-850 range that they did not use a CC Industry version. The "key factors" also don't quite match my previous version EX FICO.

 

The only difference between the data on my EX FICO report from EX and the one Amex would have pulled is the one from EX was a few days later so it had the additional Inq from the Amex app. Since I already had 1 Inq from 12/15/2011 and 1-2 are supposedly scored the same, I am assuming the data was functionally identical.

 

In case anyone is wondering I receive a EX FICO II report from EX as part of an annual review by EX. I was hoping for a EX FICO III but maybe next year.

 

Amex-Approval.PNG

Super Contributor
CS800
Posts: 6,542
Registered: ‎04-07-2008

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


pizzadude wrote:

 

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.


I remember specifically asking the credit people what FICO version they used ,they said the latest one. So from this there was a i think 30 points difference between myfico and Discover. The discover was higher.

 

Anyone else can confirm that with Discover?






Super Contributor
CS800
Posts: 6,542
Registered: ‎04-07-2008

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

Excellent thread.






Regular Contributor
To-Be-Continued
Posts: 197
Registered: ‎06-08-2011

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

I just dug up this range info:

 

Transunion Classic 04 FICO 309-839

Equifax BEACON 5 FICO 334-818

Experian Fair Isaac V2 FICO 320-844

 

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
Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007

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

I didn't want to post that because I thought one of those might be proprietary and not available to consumers. As long as you have posted it, I will confirm that to be exactly correct in all six numbers.

Regular Contributor
To-Be-Continued
Posts: 197
Registered: ‎06-08-2011

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

My google-fu is getting stronger. :smileywink:

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
Established Contributor
my-own-fico
Posts: 1,032
Registered: ‎01-05-2010

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


GregB wrote:

I didn't want to post that because I thought one of those might be proprietary and not available to consumers. As long as you have posted it, I will confirm that to be exactly correct in all six numbers.



And yet DW at EQ 817 had two balances reporting, no installment loan, and her oldest account was not yet 30 years.

Have you visited myFICO's Retirement Topics forum? ... Confessions of a Credit Junkie ... In the credit card garden since 2010
Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007

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

One of the issues with Beacon 5.0 has been that the distribution of scores looks a lot like the others until you get to the 800-819 range. It is very high. It looks like the total number for the 800-850 group of other scores. The assumption is that it is just as easy to get above 800 as the others but that progress stops at some point.

 

The documents distributed by EQ for Beacon 9 explain that they have fixed this in the new version. They have the same number 800-850 that were all stacked into 800-818 in Beacon 5.0. Beacon 5.0 is base on FICO 04. Beacon 9 is based on FICO 8.


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