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Myfico FICO 772 vs BarclayCard FICO 795 ?
Curious difference between my FICO scores. I figure its just the way the numbers being checked.
An ideas why there would be nearly a 20 point spread between two FICO scores?
Both are TransUnion scores..
Myfico sells version Tu98 and Barclays is the newer version TU08
Is either one better than the other?
Which one would creditors use most?
@mrgoattoo wrote:Is either one better than the other?
Which one would creditors use most?
In my opinion TU08 is closer to what creditors use than TU98. '98 possibly still has a few lenders which still use it but as time goes on that'll go to zero and it's already trending that way.
I wonder why this site is using a version thats becoming obsolete?
Its still worth the $5 a month service we get because of those weekly updates that have let me know when something changed....not to mention a TU credit report every quarter...but cant this site change over to the 08 or is it a cost issue or something?
@mrgoattoo wrote:I wonder why this site is using a version thats becoming obsolete?
Its still worth the $5 a month service we get because of those weekly updates that have let me know when something changed....not to mention a TU credit report every quarter...but cant this site change over to the 08 or is it a cost issue or something?
myFICO is only allowed to sell what the CRAs says we can.
To add to this, my score has a huge discrepancy between the Barclay FICO and Myfico version. Myfico says my Transunion score is 686 while Barclays says 736. That makes a significant difference in which is more correct when looking at possible app approvals. I didn't realize there could be a 50 point discrepancy between the two, that is a bit of a shame.
Beyond the possible different scoring models, there may be a time lag issue.
For example, my TU score reported on Discover is calculated around a week before the statement date.
@jspring86 wrote:To add to this, my score has a huge discrepancy between the Barclay FICO and Myfico version. Myfico says my Transunion score is 686 while Barclays says 736. That makes a significant difference in which is more correct when looking at possible app approvals. I didn't realize there could be a 50 point discrepancy between the two, that is a bit of a shame.
It's 10 years newer, and a lot of things changed from a risk analysis perspective between '98 and '08.
Personally I think the '08 scores are more reliable for everything other than a mortgage where it's a tossup between the two as a TU'04 score is awfully hard to come by without applying for a mortgage.
Ok, I just stumbled on my Barclaycard FICO score option and at first I thought it was a fake, cause it tells me I have a 731. But now I know its the up to date TU08 scoring system and myFICO is using a older (obsolete) model. While I understand the responce "myFICO is only allowed to sell what the CRAs says we can" I find it a bit shady that during the "buying" process that myFICO is not telling you this information!
My TU score has always hovered around 690, where as EQ 701 and EX 738. Its been killing me that my TU has never reached above 700. Having a BK from 2006 I am always checking (paying) for my scores here at myFICO. Now I feel gypped :-(
I swear the whole credit score system is a scam! Anyways, nice to know I now have 700+ scores across the board with my BK - its been a long hard road. Thanks for nothing myFICO :-p