No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Would someone please shine some light on this situation for me.
I pulled my FICO Transunion scores from MyFico.com and it says that my score is 665; My Barclay CC FICO scores says that it is 700. I do understand that they are different models, but which one is closer to what a mortgage lender would use. Thank you in advance!!
@vnita06 wrote:Would someone please shine some light on this situation for me.
I pulled my FICO Transunion scores from MyFico.com and it says that my score is 665; My Barclay CC FICO scores says that it is 700. I do understand that they are different models, but which one is closer to what a mortgage lender would use. Thank you in advance!!
Yes different models
04 and 08
Lender will use the MyFico model in most cases
Thank you! Wish it would be closer to the one Barclay uses
Barclay, Walmart, Discover all use TU 08 model which is a newer model
FWIW there's 49 different Fico scoring models out there
@vnita06 wrote:Thank you! Wish it would be closer to the one Barclay uses
Actually the '08 model (the Barclay's score) is more relevant especially for credit card applications.
I don't know any lenders which still use the Transunion score found here ('98), I know NFCU used to but I think they've moved on from that but I haven't seen many scores posted as of late. A bunch of lenders are using the FICO '08 version.
Out of the 3 scores here, I rank them in the following order: EQ > EX >> TU. I get the same '08 score from my Walmart card that Barclay's offers, I trust that more for everything except for a mortgage or auto loan which is just going to be luck of the draw when I get around to pulling the trigger.
Do we know any differences between the 98 version from here and other newer version? What's weighted more / less etc?
@msf12555 wrote:Do we know any differences between the 98 version from here and other newer version? What's weighted more / less etc?
Officially not much.
'08: Nuisance collections (<$100) are discounted
'08: FICO changed some things regarding whether AU's count or not, some anti-abuse measure which not quite certain how/what/if it actually got implemented.
'98: Amex charge cards (and similar, term = 1 month) are counted for revolving utilization
Anecdotally: in my experience '08 tends to weight *recent* history much more heavily than either '04 or '98. I think that's been borne out by most of the other members I've seen here too, recent negatives are harsher, older ones not so much vs. the older models where older information depresses one's score a whole lot more. As an example I had a silly tax lien added, my EQ '04 lost 5 points (I don't track TU '98 anymore) and I lost 40-50 on both TU and EX '08.
Ok so what about Experian on My fico is that the '08 version too??
@vnita06 wrote:Ok so what about Experian on My fico is that the '08 version too??
Yes, on myFICO:
EX = '08
EQ = '08
TU = '98
Edit: original post was from nearly 3 months ago; editing to reflect change in myFICO score models from March.
Hi, I am not sure if this is the right way to ask a question in this forum but here goes:
I do have very high FICO scores and I am not complaining but I just want to understand why TU is so different from my Exp & Eq FICO Scores.
I pulled my credit scores today from the myfico site and my Experian was a 849, Equifax was a 842, and TU was a 798. The Equifax and Trans Union had the exact same info and debt for credit cards. Is the Trans Union a different version of the FICO score from the Equifax and Experian? The Experian did not have one of the more recent accounts I opened so I understand why the score was higher but as far as the other two it is not making sense. Also on the FICO score ingredients chart it said that the Equifax "amount of new credit" was good but on the Trans Union chart is said new credit was "Not Good" . Please give me some feedback since I am very curious? Thanks