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Member
Posts: 9
Registered: ‎08-21-2013
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Re: The many flavors of FICO:__Editions, versions, and variations

So, my original pre-qualification was back in September when the lender pulled the following scores (I'm using verbatim on what they label the versions):

 

Equifax/Fico Classic V5: 735 Range: 334-818

Transunion/Fico Classic (04): 751 Range: 309-839

Experian/Fair, Isaac (Ver. 2): 732 Range: 320-844

 

At the same time I had pulled my scores on MyFico.com and had the following scores:

 

Equifax: 709 

Transunion: 728

Experian: 723

 

So obviously there's some discrepencies between MyFico's model and the ones being pulled from my lender.

 

I have not had my lender pull my credit since, because I'm obviously not wanting to ding my report with another inquiry until we're ready to lock in the rate. However, I pulled another MyFico.com report a couple weeks ago and now these are my scores from MyFico.com:

 

Equifax: 737 

Transunion: 732

Experian: 740

 

As you can see, all my scores have increased (especially EQ and EX). Logic tells me that my scores should be significantly higher with the versoin that my lender will pull in a few weeks if history repeats itself. I mean, there was a difference in +26 points on EQ from my lender. Now MyFico has gone from 709 to 737 since I pulled it back in Sept/Oct. If history repeated itself EXACTLY the same (which probably isn't the case) my Equifax score would be more another 26 points higher than what MyFico is showing right now (737) and it would be more like 763. I know that's not how it necessarily works, but I'm just thinking if my original middle score (EQ) was 735 and it just jujmped significantly on MyFico.com, I would definitely now have over 740 for a middle score when my lender pulls my credit again. 



Ex: 760
Tu: 752
Eq: 747
as of 12/2014

Valued Contributor
Posts: 2,069
Registered: ‎01-05-2010
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Re: The many flavors of FICO:__Editions, versions, and variations

Thank you for listing the mortgage FICOs; all appears right. Now, take a deep breath and forget completely about the MyFICO scores. There's no correlation whatsoever.

 

The way to increase your mortgage scores is to look at stuff like utilization. Your credit reports will list the reported balances and credit limits. The overall utilization is the sum of balances divided by the sum of credit limits; lower is better. Utilization for individual cards matters too; what's the highest for a card?

 

Member
Posts: 9
Registered: ‎08-21-2013
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Re: The many flavors of FICO:__Editions, versions, and variations

[ Edited ]

I pay my credit cards every month, but on average when a balance is reported it's roughly $500-1000. The next month it may show $0 depending on whether or not I had just paid it off when they reported it. My available credit on all my cards is $48,560, so my utilization is really low. The only card I use/pay off each month is my Chase (for its rewards) and that CL is $7600. So if my highest balance is typically around $1000 (and I haven't paid it off yet), then I'm looking at maybe 13% utilization on my Chase card and 0% on all others. 

 

 I know the only thing pretty much holding my score back now is age. My average account age is roughly 4 years. I had terrible credit in 2008 and have worked on it since. So, it's just a matter of account age. The only negatives I have on my credit report are some late payments on my car back in 2008. When my scores on MyFico.com jumped from 709 to 737 (EQ) and 723 to 740 (EX) it's because my last 60 Day Late payments on my car from 2007 had fallen off. 



Ex: 760
Tu: 752
Eq: 747
as of 12/2014

Member
Posts: 9
Registered: ‎08-21-2013
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Re: The many flavors of FICO:__Editions, versions, and variations

Just an update for anyone that has a similar situation happen. 

 

I just had my CR pulled for my Mortgage and my scores did in fact change significantly, but as expected not by the same exact amount of points as my reports on MyFico.com

 

New scores are: 760(EX), 752(TU), and 747(EQ)

 

Credit sure is fickle. When I had my reports pulled for my pre-qualification back in September, my lowest score was Experian (732), middle score was Equifax (735), and highest score was Transunion (751). Now my lowest score (EX) is my highest, middle score (EQ) is my lowest, and highest (TU) is my middle.

 

 



Ex: 760
Tu: 752
Eq: 747
as of 12/2014

Contributor
Posts: 94
Registered: ‎08-02-2010
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Re: The many flavors of FICO:__Editions, versions, and variations

 

Revelate,

 

As the original poster, I want to thank you again for helping to keep this post updated.

 

I made some changes today to explain the new names FICO is using for the various score versions.

 

I also added info about the new score versions available for purchase.

 

 

EQ-04 FICO__804__(from DCU)__inquiries = 0
EQ-08 FICO__826__(from MyFICO)__inquiries = 0
EX-98 FICO__837__(from PSECU)__inquiries = 0
EX-08 FICO__813__(from MyFICO)__inquiries = 0
TU-08 FICO__820__(from MyFICO)__inquiries = 0
Oldest account 36 yrs / Newest account 2 years / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 3%
Contributor
Posts: 94
Registered: ‎08-02-2010
0

Re: The many flavors of FICO:__Editions, versions, and variations

 

As I was updating the original post, I got a warning message about exceeding the maximum allowed length.  

 

So I had to delete some info that was not really essential.

 

Ideally, this post would include info about the new "industry option" scores now available from myFICO.

 

But the maximum length limit will not allow much additional info to be added.

EQ-04 FICO__804__(from DCU)__inquiries = 0
EQ-08 FICO__826__(from MyFICO)__inquiries = 0
EX-98 FICO__837__(from PSECU)__inquiries = 0
EX-08 FICO__813__(from MyFICO)__inquiries = 0
TU-08 FICO__820__(from MyFICO)__inquiries = 0
Oldest account 36 yrs / Newest account 2 years / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 3%
Moderator
Posts: 16,937
Registered: ‎12-30-2011

Re: The many flavors of FICO:__Editions, versions, and variations

[ Edited ]

jello77 wrote:

 

As I was updating the original post, I got a warning message about exceeding the maximum allowed length.  

 

So I had to delete some info that was not really essential.

 

Ideally, this post would include info about the new "industry option" scores now available from myFICO.

 

But the maximum length limit will not allow much additional info to be added.


I reformatted the first bit to delete a bunch of whitespace and tighten up the scoring information.

 

If you like it we can fully convert, but the old format doesn't take advantage of the newer Lithium editor features and may help with the maximum length.

 

Additionally I can whack the rest of the thread or we can place it in a new one, and have a second (and third or more) messages available and link them off the main page... couple of ways to skin this cat.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 693, TU 4 742, EX 2 702, EQ 8 722, TU 8 757, EX 8 737 (5/13/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Contributor
Posts: 94
Registered: ‎08-02-2010
0

Re: The many flavors of FICO:__Editions, versions, and variations

[ Edited ]

 

Revelate,

 

You wrote:

I reformatted the first bit to delete a bunch of whitespace and tighten up the scoring information.

 

 

I like how you converted the text under FICO 98 to display with bullets and auto indentions.

 

I reformatted the rest of the post to display in the same way.

 

I also embedded the links in the post into appropriate words to reduce the clutter.

 

And I removed some extra white space to match what you had done.

 

 

You wrote:

If you like it we can fully convert, but the old format doesn't take advantage of the newer Lithium editor features and may help with the maximum length. Additionally I can whack the rest of the thread or we can place it in a new one, and have a second (and third or more) messages available and link them off the main page... couple of ways to skin this cat.

 

I'm not familiar with the Lithium editor, so I will leave any additional changes to your best judgement. Feel free to make whatever change you think is best.

 

I like your idea of linking to additional pages.

 

For example, more and more credit cards issuers are starting to provide free FICO scores. In the post, I give a few examples of this. But this post is mainly about listing the various FICO versions. Rather than adding more info about free scores to this post, tt might be better to have a separate post about free scores and add a link to this post. 

 

EQ-04 FICO__804__(from DCU)__inquiries = 0
EQ-08 FICO__826__(from MyFICO)__inquiries = 0
EX-98 FICO__837__(from PSECU)__inquiries = 0
EX-08 FICO__813__(from MyFICO)__inquiries = 0
TU-08 FICO__820__(from MyFICO)__inquiries = 0
Oldest account 36 yrs / Newest account 2 years / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 3%
Contributor
Posts: 94
Registered: ‎08-02-2010
0

Re: The many flavors of FICO:__Editions, versions, and variations

 

Revelate,

 

I also added the following text to the update section at top:

 

Also now available are several "Industry Option" scores that have a range of 250 to 900. These include Auto Score 2 (from EX), Auto Score 5 and 8 (from EQ), Bankcard Score 2 and 8 (from EX), and Bankcard Score 5 and 8 (from EQ).

 

 

So the blue text you added at top might no longer be needed.

EQ-04 FICO__804__(from DCU)__inquiries = 0
EQ-08 FICO__826__(from MyFICO)__inquiries = 0
EX-98 FICO__837__(from PSECU)__inquiries = 0
EX-08 FICO__813__(from MyFICO)__inquiries = 0
TU-08 FICO__820__(from MyFICO)__inquiries = 0
Oldest account 36 yrs / Newest account 2 years / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 3%
Moderator
Posts: 16,937
Registered: ‎12-30-2011
0

Re: The many flavors of FICO:__Editions, versions, and variations


jello77 wrote:

 

Revelate,

 

I also added the following text to the update section at top:

 

Also now available are several "Industry Option" scores that have a range of 250 to 900. These include Auto Score 2 (from EX), Auto Score 5 and 8 (from EQ), Bankcard Score 2 and 8 (from EX), and Bankcard Score 5 and 8 (from EQ).

 

 

So the blue text you added at top might no longer be needed.


I yanked it out.  Will take a look sometime tomorrow re: free scores in current or different thread; don't think we really need all the extraneous links which could save some additional space (3 lines for Beacon 5.0 as an example) but it doesn't make too much difference would just be nice to have it consolidated is my thinking.

 

Anyway thank you for reformatting it all, I agree looks better and easier to read.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 693, TU 4 742, EX 2 702, EQ 8 722, TU 8 757, EX 8 737 (5/13/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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