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Frequent Contributor
kkapdolee
Posts: 320
Registered: ‎09-17-2012
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Which of the 49 FICO scores actually matter?

[ Edited ]

Let's see which banks pull which FICO.. because those are the ones that really matters. Read just the blue for summary.

 

Below is a table I made based on the information from one of the threads:

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

 

 

 

 

 

I wanted to gather some data on which banks pull which FICO scores.
If people post their information, I will add them to the table.

 

[EDIT: I found that the scores that really matter are FICO 04 Classic (EQ, EX, TU) and FICO 08 Classic (EQ, EX, TU).

 

Which scoring model is used is far more important than which CB it was pulled from (as long as all your CRs look almost the same).

 

Therefore, the only 2 scores that matter in the end are FICO 04 Classic (any of the three CRA's) and FICO 08 Classic (any of the three CRA's).

Note to those applying to PenFed, they only use FICO NextGen scores and from my experience, the NextGen score fluctuates almost the same as the FICO 04 Classic score. Therefore, you need to pay attention to your 04 score when applying to PenFed.

The difference between a FICO 04 Classic score and 08 Classic score can be significant. My 04 score and 08 score pulled on the same day were different by more than 75 points. There is someone who tried testing his FICO 04 score by carrying 1 dollar balance on all 8 of his CCs and his score dropped 47 points. AFAIK, the 08 score would not have had the same effect. It might have even raised ones score. Showing balance on lots of accounts, regardless of how small they are, can be very bad for FICO 04.

EDIT 2: I just received my letters from 10/27/13 US Bank and Barclay's regarding my recent credit inquiry and credit score. US Bank score says specifically that they used Equifax Beacon 5.0 (EQ FICO 04 Classic) and Barclay's had earlier told me on the phone that they used TU 08 Classic. The two scores on the same day were 666 and 762 respectively. That is 96 points difference on the same day! My EX FICO 08 Classic a few days earlier was 757 (B of A pull) and I have more inqs on EX than TU so that makes sense and adds to the evidence that within the same FICO version, which CRA is used matters very little as long as your CRs contain nearly identical information.

Source: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Score-seems-wrong/td-p/2553413

In Summary, the only 2 scores that really matter are (relating to mostly credit cards).
1. FICO 04 Classic (Any of the three CRA's)
2. FICO 08 Classic (Any of the three CRA's)

 

EDIT4: According to some trustworthy members of this forum, the mortgage industry will ALWAYS pull all three FICO 04 Classic score and use the middle one.


Below are the two places where you can obtain those free monthly credit scores that matter.
1. DCU checking account + CC holders: Free monthly Equifax FICO 04 Classic score
2. Walmart CC holder: Free monthly TransUnion FICO 08 Classic score

EDIT 3: I just saw a member who was pulled a score called Card Acquisition Risk Score not a FICO score from Chase.. Perhaps they don't always pull FICO.. but I think that was because it was a Freedom to Freedom signature change request and an internal decision needed to be made.

 

EDIT 5: Another data point added. One user was pulled a TU bankcard enhanced score from Chase. It was most likely an 08 version which I've been repeatedly pulled.

http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Freedom-CLI-Declined-Recon/td-p/2593341

 

EDIT 6: It is interesting to note that relatively big lenders (by annual revenue) are using 08 versions while smaller lenders are stuck using 04 or older. Out of the 10 lenders I have below, the bottom 3 lenders by annual revenue are using the 04 version or older while the top 7 are using a variation of 08 versions.


I hope this helps people.
EDIT END]

Thanks.

 

 

 

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Frequent Contributor
kkapdolee
Posts: 320
Registered: ‎09-17-2012
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Re: Let's see which bank pulls which FICO scores...

OK the table didn't come out right.

 

I will re-post right now. Perhaps as a image file this time..

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longtimelurker
Posts: 6,599
Registered: ‎04-22-2013
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Re: Let's see which bank pulls which FICO scores...

Which CRA is pulled usually varies geographically.  But maybe there is more consistency in version (e.g. Bank X pulls from different agencies depending on state, but when possible always pulls the 04 credit card enhanced version)

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Frequent Contributor
kkapdolee
Posts: 320
Registered: ‎09-17-2012
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Re: Let's see which bank pulls which FICO scores...

[ Edited ]

longtimelurker wrote:

Which CRA is pulled usually varies geographically.  But maybe there is more consistency in version (e.g. Bank X pulls from different agencies depending on state, but when possible always pulls the 04 credit card enhanced version)


I've been thinking about this and you make a good point.

 

What really matters is the score version (98, NextGen, 04, 08) and type (Classic, Bankcard, etc.) because as long as all CRAs have nearly the same information, the scores should be very similar (like my EX 08 Classic 757 vs TU 08 Classic 762. EX has more inquiries and all else the same).

 

I'm trying to find consistency from the pulls that I'm making but obviously there is a limit to that. I can't make 100 HPs just to get some data :smileytongue:

 

Below is what I have so far,

FICO 04 Classic: Capital One, US Bank

FICO 08 Classic: B of A, Fidelity (Amex), Barclay's

FICO 08 Bankcard: Citi, Chase

 

I'm still trying to verify Chase. I SMd them and waiting to hear back within a few days. I think Amex uses 08 Bankcard but not sure..

 

Do you have any data points to share?

 

 

EDIT: New Table below.

 

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Frequent Contributor
kkapdolee
Posts: 320
Registered: ‎09-17-2012
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Re: Let's see which bank pulls which FICO scores...

[ Edited ]

Actually, I have dealt with Chase many times over the years as it is my main bank.

I noticed that Chase has always used the bankcard enhanced score (250-900) for every single card app and CLI request I've ever had with them.

They would sometimes pull EQ and EX and sometimes just EQ but they would always give me the EQ bankcard score.

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guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Let's see which bank pulls which FICO scores...

The one that matters is the one your creditor(s) uses.  It could be any of the 49.  Something as a consumer we don't usually know or have any control over.

Frequent Contributor
kkapdolee
Posts: 320
Registered: ‎09-17-2012
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Re: Let's see which bank pulls which FICO scores...

[ Edited ]

guiness56 wrote:

The one that matters is the one your creditor(s) uses.  It could be any of the 49.  Something as a consumer we don't usually know or have any control over.


Yes, and I am trying to figure out who uses what.

So far at least for the cards that I'm interested, it seems that lenders are pulling mostly FICO 08 Clssic and Bankcard Enhanced.

 

Also, some lenders tell you which FICO score they pulled on you if asked. Barclay's csr told me specifically that they pulled TU 08 Classic on me.

 

Chase always indicates in their letter that the FICO score they pulled has a range from 250-900 which means they most likely used a bankcard enhanced version.

 

PenFed is known to use only EQ FICO NextGen.

 

I don't think this is something impossible to figure out with enough data.

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Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012
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Re: Let's see which bank pulls which FICO scores...

Kkapdolee, there are many threads where people will ask which CB was pulled for the HP, and people will post their answers. There is geographic variation. If you dig throughout the old threads it mays help you.

As for mortgages, it is ALWAYS all three of the 04 versions. This is not flexible at all. The industry is standardized against what Freddie Mac and Fannie Mae accept.

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (20.7K), BofA Travel Rewards ($17.5), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (15K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Disc It ($8K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Wally D ($7.5K), JCP($5.3K)
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Let's see which bank pulls which FICO scores...


crunching_numbers wrote:
Kkapdolee, there are many threads where people will ask which CB was pulled for the HP, and people will post their answers. There is geographic variation. If you dig throughout the old threads it mays help you.

As for mortgages, it is ALWAYS all three of the 04 versions. This is not flexible at all. The industry is standardized against what Freddie Mac and Fannie Mae accept.

Yes, it is.  And AFAIK, they probably will not go to FICO 08.  At least nowhere in the near future.

Established Member
lnacen
Posts: 20
Registered: ‎06-03-2012
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Re: Let's see which bank pulls which FICO scores...

Very interesting topic. Anyone else have data to add to this thread? 


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