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Myfico vs my bank sending me a letter

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Anonymous
Not applicable

Myfico vs my bank sending me a letter

I've been using myfico for a year or so now and felt it was a lot better then credit karma except now I'm not sure. One of my banks, nfcu, just sent me a letter that told me my credit score because of something I applied for with them. The score for experian, what was used, was 70 points higher than what myfico is telling me it is. Where is the discrepancy?

5 REPLIES 5
Thomas_Thumb
Senior Contributor

Re: Myfico vs my bank sending me a letter

Ask the bank what credit score version they are using. There are a variety of Fico scores available. Scores from different models often vary substantially. The following versions are available in a MyFico 3B report. Also, here is a link to a summary table of credit score models and their score ranges. 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

 

Notes:

1) EQ Fico score 5 = Fico 04 algorithm

2) TU Fico score 4 = Fico 04 algorithm

3) EX Fico score 3 = Fico 04 algorithm

4) EX Fico score 2 = Fico 98 algorithm

5) Fico score 8 = Fico 08 algorithm

6) Fico score 9 = Fico 09 algorithm

 

Fico 3B versions.gif

 

 

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 2 of 6
Anonymous
Not applicable

Re: Myfico vs my bank sending me a letter

There are many different kids of credit scores out there.  Since you are a myFICO subscriber, you must have seen that there are dozens of different FICO scores -- and that is just FICO (there's also Vantage and lots of proprietary scoring systems).  So in order for anyone to begin to help you, they'd need for you to tell them what scoring model was used.  Experian contained the data that were used in generating the score -- but those data were fed into some specific scoring model.  You need to find that out.  It may say on your letter.

Message 3 of 6
Anonymous
Not applicable

Re: Myfico vs my bank sending me a letter

He letter says the source of my credit score is equifax information services. Not sure what that is, but hey I'm here to learn right! So this vantage, is it as popular as fico? Do I need to subscribe to them as well. I'm trying to improve my credit score, obviously, as I'm getting married and my fiancée is a foreigner. This mean stay my credit will be the credit to get us through. So any information on vantage and stuff would be most appreciated.
Message 4 of 6
Anonymous
Not applicable

Re: Myfico vs my bank sending me a letter

The letter also says the score range is 334 to 818. This eliminates all the fico types you posted thomas_thumb.
Message 5 of 6
Anonymous
Not applicable

Re: Myfico vs my bank sending me a letter

The score you just posted (Equifax, score range 334 to 818) is listed in that link that Thomas Thumb sent you:

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

 

The scoring model is FICO 04.  You'll find it in that section.  The Equifax FICO 04 score is one of three scores most often used in mortgage decisions.  (The other two are TU FICO 04 and EX FICO 98)

 

You may want to note that your initial post says that the score is drawn on Experian data.  You later swtich to saying that it was drawn on Equifax data.  But you don't seem to realize how those are different, and indeed what "Experian. Equifax, and TransUnion" are (they are credit bureaus) vs. what FICO 8, FICO 04, FICO 98 are (they are scoring models).  The bureaus are places where your data is stored.  The model is a computer program or algorithm which takes the data it is given and generates a score.

 

There's a lot of fundamental stuff about how credit reporting and credit scoring works that you don't understand.  That's ok.  But because that is the case, you'd probably benefit from getting a book aimed totally at beginners that explains everything from the beginning.  Thom Thumb has mentioned Liz Weston's book here before and it looks like a good one:

 

https://www.amazon.com/Your-Credit-Score-Improve-Financial/dp/0134212487/ref=sr_1_1?ie=UTF8&qid=1476...

 

Message 6 of 6
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