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VERY confused FICO...

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mrgoattoo
New Contributor

VERY confused FICO...

Just applied for a State Farm CC and was approved but it says my credit score with TransUnion is 739 instead of the 770 that is list for the TU that I get from this website

 

 

I JUST got my score at the beginning of the month, then after I applied checked it later in the month.

Did applying for the CC literally drop my score 31 points or am i missing something?

TU FICO average 819
Message 1 of 16
15 REPLIES 15
mrgoattoo
New Contributor

Re: VERY confused FICO...

And now I am REALLY confused.

 

I just wasted $16 bucks to get yet ANOTHER updated TU FICO and it STILL says 770 from this website.

How can StateFarm have been giving a score of 739 (source: Trans Union Consumer Relations) if my TU score here is 770 ????

 

and the score ranges on this paper I got from SF says 221 - 950 which doesnt sound like a FICO score at all.

So whats going on with TU...are they using multiple scoring methods...and if so why in the world am I paying for my FICO if TU isnt giving my FICO to CC issuers when they want my score????

TU FICO average 819
Message 2 of 16
bettercreditguy1
Established Contributor

Re: VERY confused FICO...

What you are seeing at this site is a True FICO score.  What you are viewing from SF is probably a VANTAGE SCORE, which is based on an alogrithm created internally by TU for competition against Fico. THey use different scales (Fico tops at 850, Vantage 950), thus you can not linearly compare the scores. Additionally, Fico has 49 distinct scoring models each proprietary for specific industries, some which are auto, mortage, credit card, life, and other insurance offered products. The model used here is TU98, a little bit older model, yet still used by many financial istitutions today. Hope this helps. In the final analysis, which ever model you follow, always strive to increase your oldest reported number and you will be on the correct path to a better credit reporting history and score. Good Luck!

Updated scores 3/7/21 TU 849, EQ 829, Ex 818 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 3 of 16
Shogun
Moderator Emeritus

Re: VERY confused FICO...

There are reasons why scores don't match sometimes.  First off, it could be a CC enhanced score which will put more emphasis on your revolving accounts in scoring.  The TU pulled here is a TU98, and they could have pulled a different model.  

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 16
mrgoattoo
New Contributor

Re: VERY confused FICO...


@bettercreditguy1 wrote:

What you are seeing at this site is a True FICO score.  What you are viewing from SF is probably a VANTAGE SCORE, which is based on an alogrithm created internally by TU for competition against Fico. THey use different scales (Fico tops at 850, Vantage 950), thus you can not linearly compare the scores. Additionally, Fico has 49 distinct scoring models each proprietary for specific industries, some which are auto, mortage, credit card, life, and other insurance offered products. The model used here is TU98, a little bit older model, yet still used by many financial istitutions today. Hope this helps. In the final analysis, which ever model you follow, always strive to increase your oldest reported number and you will be on the correct path to a better credit reporting history and score. Good Luck!


Thanks for the information.

I had just updated my FICO score a couple weeks ago.

Wish I'd have caught on that it was a different model BEFORE I wasted the $16 updating it again to see what was up.

With Christmas just being over throwing more money away wasnt a very good idea but I couldnt accept that just having a new inquiry would have dragged my score down 30 points. Turns out it didnt affect the MYFICO score at all. The new inquiry is there but the score was unnaffected so I guess the up side is my world isnt coming to an end or anything.

 

I applied for the SF CC so I can toss my chase card with the $500 limit that they refuse to raise because Chase says I have too much available credit. It was worse than pulling finger nails to get them to finally admit that that was the reason they denied me a larger limit while all my other cards, even BOA, gave me at least $2000...and CapOne even increased me to $4500 during the same period. My NRA CC limit was also increased at my request to $4000 after Chase said I had too much credit so Im beginning to think that Chase is just being stingy with their credit lines and I dont have much need for a $500 limit since we use the cards for all of our purchases in the month, pay them off then trade out for for another card the next month.

 

Also figured since StateFarm has been really good to us I'd use their card for the autopay for the premiums every month.

TU FICO average 819
Message 5 of 16
mrgoattoo
New Contributor

Re: VERY confused FICO...


@Shogun wrote:

There are reasons why scores don't match sometimes.  First off, it could be a CC enhanced score which will put more emphasis on your revolving accounts in scoring.  The TU pulled here is a TU98, and they could have pulled a different model.  


Thanks for the help.

 

I guess the score is irrelevant for the most part except to watch for any changes which is what I do with the free FAKO Experian score the wife and I get every month with our US Bank cards (theyre at least good for something)

Probably just keep paying the $10 a month for the basic package here for the two of us. $5/month isnt bad to get a quarterly FICO and credit report. At least helps me keep an eye out for changes

TU FICO average 819
Message 6 of 16
mrgoattoo
New Contributor

Re: VERY confused FICO...

Good grief...its worse than I thought.

 

 =

"Do the NextGen risk models differ from the Classic FICO risk models in what they predict? What’s the range of possible scores?
The NextGen risk models, like the Classic FICO risk models, are designed to rank-order consumers according to the likelihood of default on credit obligations. Both scores are three digit numbers, with the higher values indicating lower risk; however, due to its refined risk assessment, the range of possible scores is greater for NextGen than for Classic FICO. The NextGen score range is 150-950, compared to the 300-850 for Classic U.S. FICO risk scores and 250-900 for Classic FICO industry option scores."

 http://riskbasedlending.com/clientsonly/NextGen%20FICO%20Risk%20Score%20Conversion%20FAQ_218.pdf

 =

 

 

I think Im going to quit thinking about my score and just keep my report clean. All these scores and apparently multiple ones from FICO itself, is just too much to keep track of or worry about.

TU FICO average 819
Message 7 of 16
mrgoattoo
New Contributor

Re: VERY confused FICO...

It gets even better.

 

Talked to a rep at the SF area who issues the CC's and she was telling me that while you may have a 'score' with whatever agency when an inquiry is made that the lender may get a 'modified' credit score that is based on things like CC's or other types of credit specifically and it wont be the same as the score you are seeing when you check, which I guess is more generic rather than specific.

 

Makes me think that the conclusion I had the other day was right. Stop worrying about the score and just keep my credit report clean....

TU FICO average 819
Message 8 of 16
GregB
Valued Contributor

Re: VERY confused FICO...


@mrgoattoo wrote:

And now I am REALLY confused.

 

I just wasted $16 bucks to get yet ANOTHER updated TU FICO and it STILL says 770 from this website.

How can StateFarm have been giving a score of 739 (source: Trans Union Consumer Relations) if my TU score here is 770 ????

 

and the score ranges on this paper I got from SF says 221 - 950 which doesnt sound like a FICO score at all.

So whats going on with TU...are they using multiple scoring methods...and if so why in the world am I paying for my FICO if TU isnt giving my FICO to CC issuers when they want my score????


That is a FICO Next Gen 2003, which is the latest version of FICO Next Gen. VERY unusual to see a lender using that on a CC application. It was designed to qualify deadbeats for mortgages that they should have never received during the insanity of 2000-2007. That is one of 51 credit scores that are offerered by TU to commercial customers. The one you are getting from here, FICO Classic 98, is useful but not as useful as FICO Classic 04 as used on a mortgage application. The EQ score sold here is a better score, easily the best score sold to all consumers.

 

There isn't a large difference between the 739 and the 770. You paid for a 770 and they pulled 739. That is a small difference. If you are looking for more precision than that, you are going to be disappointed.

Message 9 of 16
GregB
Valued Contributor

Re: VERY confused FICO...


@mrgoattoo wrote:

It gets even better.

 

Talked to a rep at the SF area who issues the CC's and she was telling me that while you may have a 'score' with whatever agency when an inquiry is made that the lender may get a 'modified' credit score that is based on things like CC's or other types of credit specifically and it wont be the same as the score you are seeing when you check, which I guess is more generic rather than specific.

 

Makes me think that the conclusion I had the other day was right. Stop worrying about the score and just keep my credit report clean....


Saw your last post after my previous post.

 

The rep was correct EXCEPT the score they gave you was NOT a BankCard Industry Score. It would have been far more logical for them to use one of those.

 

You last line convinces me that you get it.

Message 10 of 16
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