Quetion regarding FICO scores vs what bank pulled

Deriggs007 · ‎03-13-2015

Hi all,

So I went to take out a personal loan the other day and was shocked with the difference between my credit score that the bank pulled (equifax) and what MYFICO is telling me what my scores are (I'm paying for the service as I want to monitor this)

MYFICO states my scores are: EQ: 660 TU: 672 EXP: 637

The bank pulled EQ and it was 617!!! What gives, what do I not understand? Why would the score be so much different? I understand that my credit is still not 'good' but I've went from the 570's to what MYFICO (along with CK) is telling me. And hopefully, would allow me to set my foot in a much better direction regarding the rates if I was going to apply for anything with that score, reconsilidate and just keep pushing to further my score.

What should I do when looking to apply for a loan and do you recommend any instituion? I've been trying to get my foot in the right direction for the longest time after a lot of pitfalls in my past. Suggestions or comments are welcomed!

Deriggs007 · ‎03-13-2015

After a little investigation and taking a look at the "FICO SCORE VERSIONS" there is one for "FICO SCORE 5" which states: "Previous version, most widely used for mortgage lending" and says it's a 617... perhaps that's what the lender was using?

The FICO Score 8 seems to represent me much better than the 5's. Though the 5's aren't that bad either, just a couple are in the fair zone and a couple are in the good zone as far as score is concerend.

Does this make sense? Am I missing anything?

tonyjones · ‎03-13-2015

@Deriggs007 wrote:
After a little investigation and taking a look at the "FICO SCORE VERSIONS" there is one for "FICO SCORE 5" which states: "Previous version, most widely used for mortgage lending" and says it's a 617... perhaps that's what the lender was using?

The FICO Score 8 seems to represent me much better than the 5's. Though the 5's aren't that bad either, just a couple are in the fair zone and a couple are in the good zone as far as score is concerend.

Does this make sense? Am I missing anything?

Yeah that's right, there is different versions which relys heavily on very specific factor. I'm assuming FICO Score 5 weighs more on installment loans than revolving credit.

Do you have any?

Current Fico Scores: (December 2023)

Deriggs007 · ‎03-14-2015

I have 3 revolving accounts according to MYFICO

1. USAA Credit Card -- In good standing

2. USAA Savings account -- In good standing

3. A 2009 verizon wireless account that shows as negative, but paid for (I was dumb and let a sister use a cellphone in my name, who didn't pay it) I paid it off after I found out, but the damage was done.

For installment loans

I have 8 of them. 7 of t hem are negative, but are duplicates of just 1 defaulted student loan (which were paid off over a year ago) It is from Sallie mae department of education which changed to US Department of Education. I have reported these to see if I could have them removed once, but nothing changed.

The good one is from Conns furniture which I used to help my credit.

My car installment loan does not report because of the service member civil relief act.