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Frequent Contributor
tonyjones
Posts: 475
Registered: ‎04-22-2013

Re: myFICO vs DISCOVER Equifax FICO score

I thought Discover pulled EQ Beacon also the same as here (MyFICO)?

 

I got denied back in 4/22 by Discover,they said my score was 521, while here (MyFICO) my score was 650, what gives?


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Frequent Contributor
Dubious
Posts: 271
Registered: ‎02-10-2013

Re: myFICO vs DISCOVER Equifax FICO score

Discover might be using a bankcard enhanced FICO, which means credit cards are weighed more than installment loans. 

Frequent Contributor
tonyjones
Posts: 475
Registered: ‎04-22-2013

Re: myFICO vs DISCOVER Equifax FICO score


Dubious wrote:

Discover might be using a bankcard enhanced FICO, which means credit cards are weighed more than installment loans. 


That makes sense, I wonder if they look at store cards too


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Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: myFICO vs DISCOVER Equifax FICO score


Dubious wrote:

Discover might be using a bankcard enhanced FICO, which means credit cards are weighed more than installment loans. 


I like this answer!


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+

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Established Member
ahh10000
Posts: 17
Registered: ‎09-13-2013

Re: myFICO vs DISCOVER Equifax FICO score

I don't mean to revive an old thread, but what does Shogun mean when those are weighed more.  If I were to apply for a Discover card today, what are they looking at the most on my CR?

MyFico starting score on 09/13/2013: 668

Current score as of 10/09/2013 : 692
Moderator
Revelate
Posts: 8,457
Registered: ‎12-30-2011

Re: myFICO vs DISCOVER Equifax FICO score

[ Edited ]

ahh10000 wrote:

I don't mean to revive an old thread, but what does Shogun mean when those are weighed more.  If I were to apply for a Discover card today, what are they looking at the most on my CR?


FICO has multiple "flavors" of the algorithm that count some things more heavily than the baseline FICO which we find here.

 

As an example, and we don't know this for certain; however, say for a Bankcard enhanced FICO, your revolving tradeline history is prioritized: say all of your lates happen to be on credit card payments, but your auto loan and mortgage are pristine: the Bankcard enhnaced score will likely be lower than the traditional or baseline score.  Conversely if you have a shoddy auto loan tradeline (lates, repo, etc) but your revolving history is perfect, your Bankcard score may be higher, but on the other hand your Auto enhanced score would be lower in that scenario (and higher in the first one).

 

That's what's meant by weighing more heavily, it simply counts for a larger percentage of your FICO score under that given version of the model than under the traditional model.

 

If I had to guess, the reason they have such things is people prioritize payments differently: for example, some people will let their credit cards burn if it means making their mortgage payment, or a different one might be a car: I can get where I have to go (at a huge cost in time) if I lose my car, but if I screw up my credit cards, that's a bigger issue for me personally.

 

Since not everyone behaves the same, FICO has different models to try to better predict future behavior for any given consumer.  My theory anyway.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
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Valued Contributor
bigblue7722
Posts: 1,049
Registered: ‎05-17-2013

Re: myFICO vs DISCOVER Equifax FICO score


Revelate wrote:

ahh10000 wrote:

I don't mean to revive an old thread, but what does Shogun mean when those are weighed more.  If I were to apply for a Discover card today, what are they looking at the most on my CR?


FICO has multiple "flavors" of the algorithm that count some things more heavily than the baseline FICO which we find here.

 

As an example, and we don't know this for certain; however, say for a Bankcard enhanced FICO, your revolving tradeline history is prioritized: say all of your lates happen to be on credit card payments, but your auto loan and mortgage are pristine: the Bankcard enhnaced score will likely be lower than the traditional or baseline score.  Conversely if you have a shoddy auto loan tradeline (lates, repo, etc) but your revolving history is perfect, your Bankcard score may be higher, but on the other hand your Auto enhanced score would be lower in that scenario (and higher in the first one).

 

That's what's meant by weighing more heavily, it simply counts for a larger percentage of your FICO score under that given version of the model than under the traditional model.

 

If I had to guess, the reason they have such things is people prioritize payments differently: for example, some people will let their credit cards burn if it means making their mortgage payment, or a different one might be a car: I can get where I have to go (at a huge cost in time) if I lose my car, but if I screw up my credit cards, that's a bigger issue for me personally.

 

Since not everyone behaves the same, FICO has different models to try to better predict future behavior for any given consumer.  My theory anyway.

 

 I hope your theory is right. My only issue on my credit report is my student loan late payments. I have never missed a payment on my credit cards and my ulti is always 1%. While it may be frustrating that I can't buy the same exact score as say discover pulls for me I do think it makes sense to have these enhanced scores. Could you take a guess on how much less the credit card enhanced scores take into account loans?? Or how much more they weigh credit cards than the normal score found on here? 

 


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Moderator
Revelate
Posts: 8,457
Registered: ‎12-30-2011

Re: myFICO vs DISCOVER Equifax FICO score

I couldn't begin to guess, though there's likely a few comparisons between Wally and Merrick scores floating around (normal TU '08 vs. Bank Enhanced TU '08).  That's probably the most legitimate, may also be able to dig some things out of the auto loan forum where people have pristine auto loans but awkward revolving history and their scores being markedly higher.

 

It's difficult otherwise to know, and there may even be slight variations in the real min/max score for that matter.

 

I don't really worry about it personally, I simply take the approach of trying to build a solid balanced report that will score well regardless of what algorithm is used.  I think it's fair to say in any algorithm time since the derogatory is likely a bigger factor than the version used anyway.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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