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Member
1morething
Posts: 7
Registered: ‎03-19-2013
0

Should "Credit enhanced" Fico Score be way higher than MyFico?

I've read that cc companies often use a "credit enhanced" FICO.  Most posts that I've read indicate an average difference of 20-40 points.  I'm on my 10 day trial of myFICO and it states my EQ score is 697 - yet the FICO score provided by Discover Card is 770.  That's a 73 point difference! 


Are "credit enhanced" FICO scores usually that far off?   FWIW - my TU FICO score via Walmart is 791.   I guess I'm just curious as to why myFICO score is so low.

 

Any thoughts?  Thanks!

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Should "Credit enhanced" Fico Score be way higher than MyFico?

The differences are because a normal FICO score weighs different areas differently and a Credit Card Enhanced score puts more weight on CC accounts.  Just like an Auto Enhanced score puts more weight on auto loans.

 

I hope that makes sense.

Member
1morething
Posts: 7
Registered: ‎03-19-2013
0

Re: Should "Credit enhanced" Fico Score be way higher than MyFico?

[ Edited ]

Thanks so much for your reply.  It does make sense, however, with no negatives on EQ  and 13% cc utilization - how can I acquire above 700?

 

Do you think if I pay down the only cc I carry a balance on and lower my utilization - that my score will increase significantly?  The simulator here states that my score can go as high as 787 - 827 by paying down the one cc.   Do you think the simulator is accurate - give or take 20 points? 

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Should "Credit enhanced" Fico Score be way higher than MyFico?

I don't really trust the simulators.  They can be very inaccurate.

 

Is 13% your overall utilization on EQ?  That really isn't too bad but paying it down will increase your score some.

 

What about the other CRAs.  Same utilization?

 

Have you ever had negatives? 

Member
1morething
Posts: 7
Registered: ‎03-19-2013
0

Re: Should "Credit enhanced" Fico Score be way higher than MyFico?

Had neg's in the past - but that was a long time ago.    Same utilization on all three CR's.     Too bad about the simulator - I really liked the numbers!

 

I think I'll just pay down the balance on the one CC and hopefully  my  EQ score  will be closer to my TU score. 

Member
1morething
Posts: 7
Registered: ‎03-19-2013
0

Re: Should "Credit enhanced" Fico Score be way higher than MyFico?

Here's a quick update regarding my scores. 

 

This is from lender pulled report - today:  EQ Beacon 5.0 =              771 

                                                                          EX FICO-II  =                      739

                                                                          TU FICO CLassic 04 =    782

 

Needless to say - I was pleasantly surprised across the board.    myFICO EQ score stayed at 697 the entire 10 days.  No alerts or anything.   I just canceled it yesterday. 

 

Any ideas as to why the discrepancy?   Computer glitch maybe???

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Should "Credit enhanced" Fico Score be way higher than MyFico?

AFAIK myFICO EQ is also a Beacon 5.0.  It is based on the CR pulled from the CRAs but maybe it's formatted differently on here.  Not real sure.

 

But those are impressive scores.  Congrats!


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