@gettinitright1 wrote:Hello All,
I am trying to find out which version of the Transunion Fico is currently (as of April 2014) being used by myfico.com. I am not sure if TU98 is being used TU04 or TU08 is being used by myfico.
Getting ready to apply for a mortgage and I want to know so I can ask lenders upfront before applying because I am right at a 640 score and for the program I am using I must have a 640, no exceptions.
What version is currently being used for Equifax Beacon 5.0 or Beacon 09?
Thanks in advance
TU '98
EQ '08 (Beacon 9.0) for individual reports, for current Scorewatch users not all data is migrated yet and is continuing in a phased roll-out to the user base.
EX '08
Unfortunately you cannot obtain a score which is likely going to be on your mortgage tri-merge explicitly currently; the last ones I'm aware of are a pair of credit unions (DCU and PSECU) which would require at least a HP to join which is absolutely one of the the last things you want to do in near term preparation for a mortgage (less than six months minimum and in my opinion a year is better).
One piece of advice which I've seen used to good effect elsewhere: even if your mortgage is a ways out, it's not a bad idea to try early since some of the various junk debt collectors and others may come crawling out of the woodwork when they see the inquiries from a mortgage, so realistically you are likely better off just taking the swing when you're ready and in the meantime attempt to strengthen your report as much as possible (revolving utilization, seeing if you can get a pay for delete or GW a negative off) without worrying about the scores currently.
I know the announcement stated that MyFICO is rolling out the 08 for Equifax. My question: Does this apply to ScoreWatch purchased directly through Equifax? (btw, I go locked into a rate of $69/year with Equifax )
@JagerBombs89 wrote:I know the announcement stated that MyFICO is rolling out the 08 for Equifax. My question: Does this apply to ScoreWatch purchased directly through Equifax? (btw, I go locked into a rate of $69/year with Equifax
I don't honestly know; I once asked but wasn't been told by the admins whether Scorewatch was an OEM'd product and if this change was because Equifax was changing their own product which is distributed to myFICO and DCU (who offers the EQ version as near as I can tell from their marketing info).
If you like the service and can tolerate the price, it's a good monitoring solution honestly. I don't need it personally with my incredibly static report as I'm in the long, long wait for score improvement and my score plateaus likely at bucket boundaries for months at a time where the only thing I can do to really change my score is rack up a bunch of charges and let them report: nothing else seems to budge it.
In other people's case where they have a very dynamic report, I think the service likely worth a lot more: and it is certainly handy for seeing how various changes affect your score from an educational standpoint.
I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.
@mongstradamus wrote:I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.
Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches. In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell. It's not posted in the account data unfortunately.
@Involver wrote:For the extra neurotic credit monitors (like me) you can keep a subscription to MyFico SW and Equifax SW to get different versions of the EQ Beacon model lol
Thanks Involver, if the EQ one changes would you mind letting us know in the future if it's suddenly matching the myFICO one at some point?
@Revelate wrote:
@mongstradamus wrote:I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.
Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches. In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell. It's not posted in the account data unfortunately.
thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(
@mongstradamus wrote:
@Revelate wrote:
@mongstradamus wrote:I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.
Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches. In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell. It's not posted in the account data unfortunately.
thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(
Laugh, I wouldn't even worry about it: if I got that sort of a jump ever I'm going to open up one of my expensive bottles of scotch that I've kept around for a while.
If you're really curious about it, I'd go pickup the Equifax FICO from them directly, but unless you are looking mortgage wise it probably doesn't matter that much. A win is a win, and a win of that magnitude is awesome and I don't care what the algorithm used was.
Most likely it was the CO falling off, I don't think an 800 is likely obtainable even under FICO 8 with a major derog anywhere on the report. Congrats regardless!
@Revelate wrote:
@mongstradamus wrote:
@Revelate wrote:
@mongstradamus wrote:I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.
Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches. In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell. It's not posted in the account data unfortunately.
thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(
Laugh, I wouldn't even worry about it: if I got that sort of a jump ever I'm going to open up one of my expensive bottles of scotch that I've kept around for a while.
If you're really curious about it, I'd go pickup the Equifax FICO from them directly, but unless you are looking mortgage wise it probably doesn't matter that much. A win is a win, and a win of that magnitude is awesome and I don't care what the algorithm used was.
Most likely it was the CO falling off, I don't think an 800 is likely obtainable even under FICO 8 with a major derog anywhere on the report. Congrats regardless!
Is the Score provided by DCU the same one equifax provides. I am pretty tempted to open up savings account with DCU for the free scores. The HP i would have to use is whats holding me back. I am trying to spend my hps wisely they are precious lol