VERY Confused about my scores...HELP PLEASE!!

[izliv]

I'm quite confused about my scores.  On myFICO.com, it says my equifax score is 794.  I ordered my scores last night from truecredit.com and they are totally different.  My scores there say Equifax 765/Experian 747/Transunion 746.  That is a pretty big difference.  We are wanting to purchase a home soon and I really thought my scores were better.  Why is there such a discrepancy between the myFICO equifax score and the truecredit equifax score??  The scores were pulled yesterday from both places.

Thanks for your help!

[nothingman02]

Hi! The scores you obtained from truecredit are not FICO scores. They are what are known as FAKO scores. Everybody has a score that they could provide to you but what you should be concerned with is the one used by most lenders which is the FICO. You can obtain the EQ and TU FICO but not the EX FICO anymore. Now there is some lender somewhere in PA that does provide an EX FICO but I dont have the details.

In your case, your FICO seems pretty good so you could relax! 

[medicgrrl]

And to complicate things a bit more.  The TU FICO on this is site is version 98.  Most lenders use version 04.  Honestly though, if you credit reports all look similar then you shouldn't be concerned considering your EQ is at 794.  Once you get over 740 there really isn't a difference to the lender whether it is a 780, a 760 or an 800.

[nothingman02]

I believe a simple majority still use 98. Once that changes, myFICO will start offering us consumers 04 as well. And then a simple minority will switch over to 08. And....

[scrambler]

I don't understand why FICO is making life miserable with providing different version of their algorithm to different people. Why still using an outdated 1998 algorithm when the financial realities 11 years after are different.

Is this just a marketing ploy or just to make people feel like they have different version of FICO. A rather silly mentality if you ask me.

FICO should delete all the old version whether 94 or 04 and let everybody use FICO 2008 that is more realistic to the current financial climate. Why would FICO leave the decision of what to use with the lenders. Can somebody tell me something that I am missing here?

[nothingman02]

Hi scrambler,

Nothing is perfect! FICO will continue to update/revise/make improvements periodically. But the lenders have to make the switch as well and that can get very expensive.  And it takes time. 

So even though FICO has released 04 and 08 versions, they are only offerring us the 98 as that is what the majority of the lenders are still using. At the end of the day, the scores we obtain here are the scores majority of the lenders use and hence there is no problem there.

[izliv]

Thank you all very much for your replies...I feel much better now