Not sure where to put this, but I'm just curious (mods, please move it to another thread if needed)...
I have used the search function, but had no luck with the answer to my specific question.
From what I've learned here on the forums, it seems that TU98 is almost never used anymore, as most lenders now use TU04, and of course we now also have TU98.
Does anyone know if there has been a discussion re: changing the score one can purchase here on myFICO to the TU04 version? It just seems that this would be a more useful score to have access to...
Thoughts? What am I missing?
@llecs wrote:It's good here!
TU98 is still being used, though not as much as TU04. My last lender that uses TU exclusively used TU98 and millions of TU98 versions were pulled last year or so according to FICO. That being said, though, and this is only a guess, but for every 15-20 posts that compared mortgage scores to their pull here, probably only 1 said that their lender used TU98. Most everyone is using TU04. And even though TU08 has been out for 3-4 years, nobody is using it, and probably never will. (And not to confuse anyone, but there are CC-enhanced TU FICOs, mortgage-enhanced TU FICOs, installment-enhanced TU FICOs, auto-enhanced TU FICOs, and other non-Classic versions not mentioned).
We would all love for myFICO to jump ship. Why haven't they? I dunno. I'm guessing it is contractual with TU. Or maybe there was a reluctance to switch thinking TU08 would catch on. Whatever the reason, I'd like to see all FICO versions offered. I'd buy them.
Thanks for the quick and informative response, llecs.
I didn't realize the TU98 version was so popular - it just seems that most posts here refer to how different their TU98 and TU04 scores are (mine are off by about 20 points, too), how they're not used that much anymore, etc.
And like you, if they were available, I'd probably also buy all the versions...
Thanks again.
My personal opinion here:
I think the TU score provided here (TU98) almost as worthless as any of the FAKOs you get elsewhere. It is hardly used anymore and gives you inaccurate information to base you credit decisions on. As a relative comparison tool, it is still useful, but you can also get that from any FAKO. Personally, I am about to apply for a Walmart card and take the credit hit and maybe never use the card, because you have once a month updates on your TU FICO score (TU04 I believe).
On the other hand, the Equifax FICO score given here is the same one used by the majority of lenders before their own lender enhancements (ie auto enhanced, mortgage enhanced, etc.).
LIMITS IN CARD DESCRIPTIONS
