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New Member
coonasty
Posts: 7
Registered: ‎05-01-2013
0

discrepancies between myfico score and real world fico score?

background...im a myfico scorewatch subscriber.  i pulled my equifax myfico score the other day and it came back 767.  i then signed up for a discover IT card got approved for only $4000.  got the card in today and the report is saying they got my equifax fico at only 718.

 

so that explains the low balance.  but why is there such a huge difference between the 2 reports? 

 

and no nothing hit my credit report bad in the couple days between checking it and then getting the card. myfico scorewatch has me at 752 right now after taking the hard pull hit 

 

TIA

 

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: discrepancies between myfico score and real world fico score?

Discover uses a different version of EQ FICO vs. what is found on here. 

Valued Contributor
thom02099
Posts: 1,334
Registered: ‎08-30-2011
0

Re: discrepancies between myfico score and real world fico score?


llecs wrote:

Discover uses a different version of EQ FICO vs. what is found on here. 



+1.  Discover uses Beacon 9.0. There can be wide ranges in scores between the 5.0 version here and the 9.0 version. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014
New Member
coonasty
Posts: 7
Registered: ‎05-01-2013
0

Re: discrepancies between myfico score and real world fico score?

so equifax has multiple versions of their fico score?  that doesnt quite make sense to me.  they sell one to us and a different to lenders?  why pay for this one then if the lenders are gonna see a different one?

 

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: discrepancies between myfico score and real world fico score?

There are many, many different models and versions of FICO.  Only a few are available to be bought by the consumer.  The rest only a lender/creditor can get.

 

However, Beacon 5 is the one used here and by the majority of lenders.  Beacon 9 is newer and not many use it.

 

Valued Contributor
thom02099
Posts: 1,334
Registered: ‎08-30-2011
0

Re: discrepancies between myfico score and real world fico score?

[ Edited ]

guiness56 wrote:

There are many, many different models and versions of FICO.  Only a few are available to be bought by the consumer.  The rest only a lender/creditor can get.

 

However, Beacon 5 is the one used here and by the majority of lenders.  Beacon 9 is newer and not many use it.

 


+1 to that as well.  It's not just Equfax that has different scoring models; Transunion does as well, and to a lesser extent, so does Experian.  AND there are enhancements to the models, ie, an auto-enhanced score if you're financing a car, a credit card enhanced score, etc.  There's no ONE flavour fits all.  Just as there are multple FAKOS out there as well.  The problem is keeping it all in perspective.  Scores simply reflect the amount of RISK you as a consumer are to a lender. 

 

If you haven't already, check out this sticky from above on the forum:  http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Frequently-Requested-Threads/td-p/19320 ; there's a couple of threads that are more detailed. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014

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