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Shouldn't TU98 be a FAKO?

Super Contributor

Shouldn't TU98 be a FAKO?

I know this topic has been discussed before and the reviews are mixed from extreme difference between TU98 and TU04 to minor. So minor or not, why would TU sell two versions. Which brings me to a point I made before; it's all about the money and the leeway that the law has givem the CRA's.

 

If we on this board didn't know any better we would all trust FAKO's but we KNOW better and we want to improve our lives and we pay money to make sure we are getting the right info. Now that's not Myfico's fault but why would myfico sell an older verion; the version NOT used by lenders?

 

Now one might say, well they are not that different; but they aren't the same. It's like being given the wrong info prior to engaging the enemy. We trust a FICO score but then go to a LO just to find out that we are not really worthy of the best rate or even an approval. So that's a wasted inquiry. I'm sure many have been disappointed when comparing their TU98 that they buy on here to the TU04 that their LO pulled. One could easily say that this whole credit repair thing is a scam.

 

If we the people cannot change that, so why should we be 'judged' by these score? I wonder if there are regulating bodies so that the consumer is protected. The BBB is useless but governmental body? I wonder if anyone has ever challenged TU on a big scale as to why they sell two versions of their FICO knowing well they are not the same?

 

Maybe the owner of MyFico could take this up to TU's management or maybe that has been done. If I was myfico, I would be appalled that my customers are getting ripped.

 

So in my books anything that is not what the lenders/Banks see is a FAKO.




Message 1 of 21
20 REPLIES
Established Contributor

Re: Shouldn't TU98 be a FAKO?

I personally treat the TU98 FICO score as a FAKO.  I figured that is why MyFICO sells them so cheap (TU Quarterly Monitoring) is because they are just about worthless.  They are for "educational purposes only"... Sounds like a PLUS Score to me.

Message 2 of 21
Established Contributor

Re: Shouldn't TU98 be a FAKO?

Is it true that the TU98 has no real correlation to the TU04? For example, is there any way to predict what one's TU04 will be based on the TU98 pulled here?

 

My current TU98 from here is 588

My husband's current TU98 from here is 657

 

Any thoughts??

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 3 of 21
Moderator Emeritus

Re: Shouldn't TU98 be a FAKO?


MBOhio2 wrote:

Is it true that the TU98 has no real correlation to the TU04?


True unfortunately. There's no way to guess. In our case, DW's was higher (much higher!) than her TU98 and mine was lower.

 

I used to read others' results leading up to my mortgage and noticed that TU04 typically fell on the higher side, but that isn't true for everyone.

Message 4 of 21
Super Contributor

Re: Shouldn't TU98 be a FAKO?

Other factors remaiing the same, I know of another person on here that subscribes to the Quarterly SW for TU98 score and the EQ SW. So his TU98 is 741 as he pulled last tuesday. The same day went to get a refi thinking he is going to get the best rate. Low and behold, he pretty much nearly passed out when LO told him that his TU was 675 and that's the same day and nothing else has changed. His EQ was 781 as per SW ans the lender pulled the exact number, his EX FICO was 739 and his EX plusscore was 728 (yes about 10 points lower than his EX FICO)

 

He did however get an excellent refi rate but still, he has had the TU Quarterly SW for 1.5 years. That was a big difference. The time that he pulled his TU98 to the LO pulling his TU04 was about 1 hour.

 

So now for me, it makes me wonder why my true TU FICO is. I get so pumped up everytime my score goes up but now i'm thinking my joy might be for no good reason.

 

Others might say the difference with their TU98 and TU04 wasn't that big but fact is, even if there is 1 point difference for me it matters since I'm paying for it and getting fed the wrong info all becasue TU decided to make some extra $$ and sell an older scoring system that they know is pretty much useless to your regular consumer.

 




Message 5 of 21
Regular Contributor

Re: Shouldn't TU98 be a FAKO?

Why doesn't Myfico sell TU04?

Message 6 of 21
Moderator Emeritus

Re: Shouldn't TU98 be a FAKO?


CS800 wrote:

So now for me, it makes me wonder why my true TU FICO is.


This topic comes up frequently. If you applied for a mortgage tomorrow, and you actually find a lender that pulls a TU98 (there are some still out there) and your TU matches, would you still consider it a FAKO? Conversely, if you applied tomorrow and your lender pulled a TU08 model (part of the FICO08) or maybe a mortgage-enhanced TU FICO, would you still consider TU98 a FAKO? How about TU04, would that be a FAKO too?

 

There's no doubt that as a consumer, we'd love to have access to all models. Many of use have expressed that. And I don't know what the hold up is. I don't know if FICO is doing that or if TU is doing that (I suspect the latter). But if FICO sold all of the industry specific scores and all of the classic scores that lenders are known to use, I'd buy them all from time to time (esp. TU04 pre-mortgage because most lenders are using it). And know that lenders still use the same TU98 version as found on here. I do business with one (Lending Club) that pulls a TU98. Seems like loans serviced by Fannie and Freddie still use TU98, or as of last year they still did. Some lenders are slow and upgrading and some don't want to upgrade due to changes in the economy.

Message 7 of 21
Established Contributor

Re: Shouldn't TU98 be a FAKO?


llecs wrote:
 

This topic comes up frequently. If you applied for a mortgage tomorrow, and you actually find a lender that pulls a TU98 (there are some still out there) and your TU matches, would you still consider it a FAKO? Conversely, if you applied tomorrow and your lender pulled a TU08 model (part of the FICO08) or maybe a mortgage-enhanced TU FICO, would you still consider TU98 a FAKO? How about TU04, would that be a FAKO too?


That would be like saying, what if the lended pulled a Vantage score... would all the FICO scores be considered FAKO?  Either way, TU04 is what most lends use anyways.  TU98 is just a money pit into a false sense of security.

Message 8 of 21
Regular Contributor

Re: Shouldn't TU98 be a FAKO?

Agreed. You get jumped on for even hinting that you may have bought a score somewhere else that is "useless", yet TU 98 IS useless for those of us trying to get a mortgage.

 

I don't understand why mods on this site won't just admit that. The 30-65 point spread that TU 98 offers over TU 04 is just the same as any other FAKO score that is endlessly ridiculed here.

Amex PRG. Amex Blue. Amex ED. Cap 1 Quiksilver. Saks Fifth Avenue. Neiman Marcus. Grandin Road. Target Red Card. Barclay Rewards. Home Depot. Paypal BML. Affirm. Victoria's Secret. Care Credit. Lumber Liquidators. Art Van. Evine. Firestone. Discount Tire. Discover IT.
Message 9 of 21
Contributor

Re: Shouldn't TU98 be a FAKO?

So the Suze Orman package has which one?


Starting Score: TU 595 EQ 610 EX 601
Current Score: TU 683 EQ 661 EX 677
Goal Score: 710


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Message 10 of 21