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Established Member
Posts: 10
Registered: ‎06-04-2012
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Shocked by Credit Score 126 point difference

I am completely shocked.   I applied for a loan at my CU today and they ran my TU and it came back with a FICO of 799!!!   I just got my TU FICO from this site 2 days ago and it was 673.   I am seriously questioning is there any validity to buying these scores they cost a lot of money and even the "FICO" ones are completely inaccurate.   I can see a small difference but a difference of 126 points!   The loan officer told me three times that I had a really good score.   I have been working hard to improve my credit and make sure my utilization is low.   I have monitoring with EQ, TU, and myFICO.  The most realistic score I have is from EQ monitoring and it is a FAKO.   My EQ and TU FICO scores from here say that I have GOOD credit.  I think a 799 is a bit better than "Good".   Am I missing something?

Valued Contributor
Posts: 2,698
Registered: ‎08-13-2009
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Re: Shocked by Credit Score 126 point difference

Congrats on your high score!

 

Some things to keep in mind when buying/looking at "real" scores.   There are several different models for each credit bureau that a financial institute can use to get your FICO score.   Someone else can explain it better. 

 

Think of it as using Windows 95, Windows 98, Windows Vista - different versions of the same program that came out at different times.  Some people keep using the old windows and some upgrade to the new windows.

 

So the places using different versions of the program may explain the difference in score.

 

The other possibility is that in those two days information updated.  A cc may have posted an updated balance, your AAoA may have increased...

 

 

Moderator
Posts: 22,406
Registered: ‎01-17-2008
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Re: Shocked by Credit Score 126 point difference

[ Edited ]

There are so many different FICO versions/models that you would need to know what your bank pulled.  Admittedly, the TU FICO from myFICO is an older version (TU98) that, though, some do still use it, many do not.  Unfortunately, it is the only TU score available to the consumer. 

 

The myFICO EQ score is Beacon 5, the same FICO from the EQ site, if you can find it, and what most lenders use, and now myFICO sells EX, the 08 version I believe.

 

The scores are not "inaccurate".  They are accurate for the version/model used.

 

Regular Contributor
Posts: 150
Registered: ‎04-20-2013
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Re: Shocked by Credit Score 126 point difference

frankly there needs to be one model. imo, it is misleading to the consumer that fico gives you a score that you check on here that is not going to be consistent with what the lenders will see, based on which model that they use. waste of monthly money. if banks use a different model number that the car dealers use, the consumer should have access to those model numbers, so that they know where they really stand vs under the illusion that their credit is bad or good, based on the fico membership score.

Established Member
Posts: 10
Registered: ‎06-04-2012
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Re: Shocked by Credit Score 126 point difference

Guiness56 you are right I chose my wording poorly it is not "inaccurate" but it is only modestly helpful at best.   I just think that all the scores really do is mislead you and the FICO that we can buy is really no better or worse than the FAKO scores that you can get from the CRAs and other reputable sources as long as you evaluate yourself based on the scale the score is using.   I have been stressing over scores that I thought were lower than I wanted and every lender that pulls my FICO scores comes back with scores way higher than what I can get.   It boggles me why a number that affects everyone is such a big secret.   I really think the idea of a  representative credit score is a fantasy and knowing your score is not really very helpful because you really don't know your score.   You know a score and most likely no one but you will use or see that score.   The advice on these forums has proven invaluable to me and I follow them exactly: pay bills on-time, keep utilization low or very low, don't app unless you need to, etc.   If you do these things it is the best you can do to try and maximize your score whatever it is, however it is calculated, that's all you can do.   Worrying about the number you get is better for causing stress than anything else. At the end of the day you will either be surprised or disappointed when you get the number that matters for that particular application at that particular time.

Valued Member
Posts: 44
Registered: ‎08-06-2008
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Re: Shocked by Credit Score 126 point difference

Read this article. I am in no way connected to this site or company, but this article is super informative about the buckets and scoring models. A great read for any of us.

http://www.bankrate.com/finance/credit-debt/uncovering-hidden-credit-scores-1.aspx

Starting Score: 11.14.2012 TU-504 EQ-509 EX-524 (CC Denial Letter)
Current Score: EQ-673 TU-686 both 2/22/14
Goal Score: 720


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Regular Contributor
Posts: 150
Registered: ‎04-20-2013
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Re: Shocked by Credit Score 126 point difference


gatortrades wrote:
Read this article. I am in no way connected to this site or company, but this article is super informative about the buckets and scoring models. A great read for any of us.

http://www.bankrate.com/finance/credit-debt/uncovering-hidden-credit-scores-1.aspx

very informative article. this confirmed what i had watched and heard on the local news. pretty much the same thing. the person on the news also pointed out that these scores watching are really fruitless due to the different dynamics that each lender use to conclude how they grade your worthy to them. conclusion and bottom line, check your credit report. that is the only thing that is consistent with the lenders.

Frequent Contributor
Posts: 398
Registered: ‎11-03-2012
0

Re: Shocked by Credit Score 126 point difference

If this was for an auto loan, perhaps it was an auto-enhanced score? 


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

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