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This is all so confusing!

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alinoapa
Regular Contributor

This is all so confusing!

Smiley FrustratedI just checked my scores on myfico.com, and Ex 679, EQ 629, and TU 644....so I'm viewing my reports and need to dispute an item.  I called Experian, and purchased what I was later told is my VantageScore, and its 544, WTW...so now I'm confused, which score is the most accurate, the one that a potential lender would use or see?

 

HELP!!!!

 

TIA

Message 1 of 9
8 REPLIES 8
user5387
Valued Contributor

Re: This is all so confusing!

I would ignore the Vantage score.

 

One score used in the mortgage business is the FICO EQ 04 one.

 

Message 2 of 9
alinoapa
Regular Contributor

Re: This is all so confusing!

Thanks for your quick response, really working hard at building a better credit file

Message 3 of 9
JLK93
Established Contributor

Re: This is all so confusing!

All credit scores are accurate.

 

While VantageScore is used by some lenders, it is not widely used by lenders. It's usefullness is limited. VantageScore can be obtained for free from some websites.

 

Most lenders used FICO scores. There are many different FICO scoring models. Different creditors use different FICO scores. Which FICO score is most usefull depends on which FICO score is being used by a particular lender.

Message 4 of 9
09Lexie
Moderator Emerita

Re: This is all so confusing!


@oilcan12 wrote:

All credit scores are accurate.

 

While VantageScore is used by some lenders, it is not widely used by lenders. It's usefullness is limited. VantageScore can be obtained for free from some websites.

 

Most lenders used FICO scores. There are many different FICO scoring models. Different creditors use different FICO scores. Which FICO score is most usefull depends on which FICO score is being used by a particular lender.


FAKOs are not accurate as they are used for educational purposes only.  Sites like CK, CS etc are good to monitor your reports for inq's but not for CS 

Depending on the type of loan, lender and bureau pulled you might see 49 variations of FICO scores. 

 

This thread may provide more answers for you:

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Difference-in-Scores/td-p/2384297

Message 5 of 9
AndySoCal
Valued Contributor

Re: This is all so confusing!

I distinction needs to be made in this thread between how the score is calculated and how and where the score is used. The FICO score and the Vantage score are calculated idfferently hence why you are getting different scores. We need to be careful in saying scores in calculated incorrectly they are not.  Here is an article on wikipedia on how the vantage score is calculated.

 

http://en.wikipedia.org/wiki/VantageScore

 

Here is the same basic information on the FICO score

 

http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

 

You can see the differences in how the score is calculated. The Vantage score is not just an educational score their is this article and a thread on the forum which would indicate differently.

 

http://money.msn.com/credit-rating/new-credit-score-could-change-lives

 

All that said if I were going to pay attention to just a score I would use the FICO score because of  its wider use.  The focus should not be on the score but on the data that is used to make up the score. If the data that used is  100% correct that is generated from the credit data will be correct.  One last difference between the FICO score and other scores is that the FICO score is a predictive score and others are not.

 

 

 

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 6 of 9
09Lexie
Moderator Emerita

Re: This is all so confusing!


AndySoCal wrote:

I distinction needs to be made in this thread between how the score is calculated and how and where the score is used. The FICO score and the Vantage score are calculated idfferently hence why you are getting different scores. We need to be careful in saying scores in calculated incorrectly they are not.  Here is an article on wikipedia on how the vantage score is calculated.

 

http://en.wikipedia.org/wiki/VantageScore

 

Here is the same basic information on the FICO score

 

http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

 

You can see the differences in how the score is calculated. The Vantage score is not just an educational score their is this article and a thread on the forum which would indicate differently.

 

http://money.msn.com/credit-rating/new-credit-score-could-change-lives

 

All that said if I were going to pay attention to just a score I would use the FICO score because of  its wider use.  The focus should not be on the score but on the data that is used to make up the score. If the data that used is  100% correct that is generated from the credit data will be correct.  One last difference between the FICO score and other scores is that the FICO score is a predictive score and others are not.

 

 


 

 

To be clear, I said FAKOs are educational as it pertained to the statement that all scores are accurate'.  

 

Message 7 of 9
AndySoCal
Valued Contributor

Re: This is all so confusing!

I would agree with that statement and the Experian Plus score but not all FAKO scores are educational.

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 8 of 9
Revelate
Moderator Emeritus

Re: This is all so confusing!


@AndySoCal wrote:

I would agree with that statement and the Experian Plus score but not all FAKO scores are educational.


+1; Vantage score is or has been used in some instances (Chase credit card underwriting being one known example on some customers).  There are educational-only scores, but there's also a dizzying array of products that the CRA's are selling as well which aren't underpinned by a FICO designed algorithm which may or may not be in use by banks, or other entities.

 

It's frankly impossible to keep track and I'm cynically of the belief the confusion is absolutely intentional as clarity would likely reduce profits for everyone involved that gets a vote.  

 

 




        
Message 9 of 9
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