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Just received my Walmart store card and signed up for FICO score and it says my Transunion FICO is 706. After just getting approved for Walmart, Chase, and discover, with all those inquiries i would have thought my score would have been worse then that but does inquiries really effect FICO scores? Im also hoping that my Equifax FICO didnt take a big hit either.. My equifax before Walmart, Chase and Discover was 708..
Keith
@Sabrian31487 wrote:Just received my Walmart store card and signed up for FICO score and it says my Transunion FICO is 706. After just getting approved for Walmart, Chase, and discover, with all those inquiries i would have thought my score would have been worse then that but does inquiries really effect FICO scores? Im also hoping that my Equifax FICO didnt take a big hit either.. My equifax before Walmart, Chase and Discover was 708..
Keith
A few thoughts.
Walmart pulls TU (at least in my case). However, Chase pulled EX in my case. So not all your apps may have negatviely impacted TU score.
Number of inquiries is a factor in your credit score, however, is a relatively small facter vs other ones like utilization, and payment histories or presence of other baddies.
Finally, TU08 (from Walmart) and EQ (Beacon 5) from my Fico are slightly different in calculating the scores so it's normal that they are different.
You ask if the Walmart FICO is accurate?
According to my understanding, the score we get through Walmart is the Trans Union TU 08 score. The score we get here from myFICO is also from Trans Union and is the TU 98 score.
Which is more accurate is up to the beholder...but there is definitely a difference.
My scores (less than 2 weeks apart with no changes on my credit report):
myFICO TU 98 score: 777
Walmart TU 08 score: 802
My husband's scores (15 days apart with no changes on credit report):
myFICO TU 98 score: 797
Walmart TU 08 score: 822
From the above information, it is pretty clear that the Walmart TU 08 score runs higher than the TU 98 score. If you do the math, in my and my husband's case, the Walmart score is 25 points higher. Which is more accurate? Who knows....they are calculated differently. Not to worry, though. Most banks use the TU 04 score, which we can't even buy. Who knows what that might be?
Mines actually the opposite. My TU08 runs about 40 points lower than my TU98. It just depends on which model your particular lender is going to pull.
Mu TU08 score is about 50, almost 60 points lower than TU98 and my recently pulled TU04. I just ignore the Walmart score for now.
Wally TU is a legit FICO, and is likely more relevant for credit card approvals than many of the other scores found (though not necessarily, it is Classic rather than bankcard enhanced).
If you need a mortgage though, ignore it. Similarly for auto-loans.
End of the day, it's the data underwriting the report which is key; for the most part, a pretty report will result in a pretty score with a few exceptions like not having an auto loan on record on an otherwise spotless report when getting an auto-enhanced pull.