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New Member
an01
Posts: 2
Registered: ‎10-16-2012

Self Calculating FICO

i know that pulling your own CR does not lower your score and I thought that pulling my own FICO score (through myFico) would not lower my score but a Creit Official from my bank told my that pulling my own CR did not lower my score but pulling my own FICO did.

 

Any truth to that?

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Self Calculating FICO

[ Edited ]

an01 wrote:

i know that pulling your own CR does not lower your score and I thought that pulling my own FICO score (through myFico) would not lower my score but a Creit Official from my bank told my that pulling my own CR did not lower my score but pulling my own FICO did.

 

Any truth to that?


Welcome!

 

With the exception of a lender whose pull can impact a FICO score, all other sources by which you can obtain a FICO score (there are a small few out there, including myFICO) will result in a soft inquiry. These are not scored by FICO and you cannot harm your FICO score by pulling a myFICO report or any other credit report. If you ask the lender to pull it for you, then it'll be a hard inquiry and that can impact score.

 

IMO, always question the validity of a lender's advice (in your own mind). I've seen some incredible comments made by others in here about stories or facts made by lenders. I have a couple of weird ones myself. Despite being in the industry, most lenders don't know squat about credit and credit scoring.

 

ETA...I can't spel.

New Member
an01
Posts: 2
Registered: ‎10-16-2012

Re: Self Calculating FICO

Thanks! The official took a credit scoring class the day before he talked to me so he might be confused.

 

The lender official also mentioned something that seemed odd.  He mentioned that they calculate the score with a shorter history (e.g. 12 months) so my score would differ from the FICO I pull using myFICO even if I pull it the same day.

Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007

Re: Self Calculating FICO

It sounds like the bank official should be teaching finance or working in finance for the government.

 

The bank is free to use whatever score system that they wish. If it is a system that only considers 12 months of history then it is not any kind of FICO score.

 

Pulling your own FICO score never affects your score. Actually, I'm 99.99% sure that pulling any kind of score yourself doesn't affect any score that a lender pulls.

 

What is the purpose of the loan?

 

 

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Self Calculating FICO

There are some folks just starting out in credit where their history is so short that a score isn't generated yet. Part of the requirement for a FICO score is that you have at least one opened 6-month old account reported, otherwise you wouldn't have a FICO score. Because there isn't enough history, some lenders use an alternative score to factor in other credit sources not usually found within your CR (e.g. utilities, phone, rental history, etc.). Some lenders will extend the credit requirements beyond those 6 months and still use this alternative score for scoring purposes (without looking it up I think it is the FICO Expansion Score). Not many lenders do that and I bet if you ever were to apply at a second lender, they'd use a normal FICO score as on here.

 

FYI and slightly off-topic, the EQ FICO on myFICO.com is used by a vast majority of lenders out there. I'd guess that 95%+ use it. It will say "Beacon 5.0" on your CR from your lender. If you were to pull from myFICO and your lender the exact same day the two score will match. The TU FICO on here might not match. MyFICO uses an older TU FICO version that isn't that common with lenders. While some lenders still use it, most do not and if you were to pull your TU FICO on here the same day as your lender, it probably won't match.

Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Re: Self Calculating FICO


llecs wrote:

There are some folks just starting out in credit where their history is so short that a score isn't generated yet. Part of the requirement for a FICO score is that you have at least one opened 6-month old account reported, otherwise you wouldn't have a FICO score. Because there isn't enough history, some lenders use an alternative score to factor in other credit sources not usually found within your CR (e.g. utilities, phone, rental history, etc.). Some lenders will extend the credit requirements beyond those 6 months and still use this alternative score for scoring purposes (without looking it up I think it is the FICO Expansion Score). Not many lenders do that and I bet if you ever were to apply at a second lender, they'd use a normal FICO score as on here.

 

FYI and slightly off-topic, the EQ FICO on myFICO.com is used by a vast majority of lenders out there. I'd guess that 95%+ use it. It will say "Beacon 5.0" on your CR from your lender. If you were to pull from myFICO and your lender the exact same day the two score will match. The TU FICO on here might not match. MyFICO uses an older TU FICO version that isn't that common with lenders. While some lenders still use it, most do not and if you were to pull your TU FICO on here the same day as your lender, it probably won't match.


Responding to your slightly off topic comment...I assume the TU that myFico uses for QM is TU98?  And the newer is TU08?  If the WalMart TU FICO monitoring gives you a true FICO score, and it differs from the model on myFICO, is this the TU08, newer model?

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Self Calculating FICO

The newer model I was referring to is the one we nicknamed TU04, as opposed to Wal-mart's free TU08. I don't know of any mortgage lenders that use TU08. You cannot buy or pull TU04 from anywhere without the help of a lender.

Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Re: Self Calculating FICO

-.-

 

That's only mildly infuriating...

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Established Contributor
bettercreditguy1
Posts: 744
Registered: ‎02-11-2012

Re: Self Calculating FICO

If you have a lender or banker pull your credit just to check it out, it will count as an inquiry and a hard pull. That means "the pull or check" will stay on your report for two years.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


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