NEW EQ FICO MODEL

[Dimanchi]

I guess myfico was using the old EQ FICO model to calculate my score; which as of yesterday was 6/18/14 was using the old model.  Yesterday I was finally switched to the new model and my score went up 80 points to 683.... Why was myfico providing me the wrong score?  That should be illegal, kind of upset, b/c I held back on getting credig b/c of it... your thought!!

[user5387]

There is no single "right" score out there.  This is so simply because there are an infinite number of formulas for mapping report data into a score.

No matter what score FICO or someone else provides, it may not match what a lender uses.  For example, I believe that Amex uses not only FICO scores, but also a proprietary internal scoring system.

[Revelate]

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@Dimanchi wrote:

I guess myfico was using the old EQ FICO model to calculate my score; which as of yesterday was 6/18/14 was using the old model.  Yesterday I was finally switched to the new model and my score went up 80 points to 683.... Why was myfico providing me the wrong score?  That should be illegal, kind of upset, b/c I held back on getting credig b/c of it... your thought!!

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Old score = mortgage

New score = more likely to be used for credit card underwriting.

Both legit FICO scores, just used commonly in different segments of the market.

[blondy250]

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@Dimanchi wrote:

I guess myfico was using the old EQ FICO model to calculate my score; which as of yesterday was 6/18/14 was using the old model.  Yesterday I was finally switched to the new model and my score went up 80 points to 683.... Why was myfico providing me the wrong score?  That should be illegal, kind of upset, b/c I held back on getting credig b/c of it... your thought!!

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You can buy the Equifax 04 known as the (beacon 5) directly from EQ website its often used by mortgage lenders if that what your looking for. Just be careful the score they sell on there  homepage is a FAKO that they state in small print is for educational purposes only, you'd want the one they sell that states its  a FICO score.

[Kenny]

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@Dimanchi wrote:

I guess myfico was using the old EQ FICO model to calculate my score; which as of yesterday was 6/18/14 was using the old model.  Yesterday I was finally switched to the new model and my score went up 80 points to 683.... Why was myfico providing me the wrong score?  That should be illegal, kind of upset, b/c I held back on getting credig b/c of it... your thought!!

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Here is my opinion of your post: If you think that MyFico has held you back in any way, you are living in delusional land. The idea that not applying for new credit has held your credit back is laughable. 

Gardening is a great thing to do for your credit -- whether you wanted to or not.

You have the obligation to know what you purchase. You alone.