myFICO vs. Equifax Complete

[Anonymous]

My Equifax score is 704

That according to Equifax Complete which I subscribe

My Equifax score according to myFICO is 678

So, Whats that about?

[Anonymous]

Quoted from the Equifax Complete Web Page found here:

"What is a Credit Score?
Your credit score is a mathematical model designed to predict credit risk, based on data contained within your credit file. Lenders typically review this type of information to determine whether to extend credit, and on what terms. A higher score usually means you pose a lower risk to the lender, who will, in turn, be more likely to offer you favorable interest rates. The information contained in your credit files changes over time and so might any new scores based on your data. For example, your credit score from a month ago may have changed if there has been any recent activity on your credit file. A number of factors can affect your credit score, including:

1. Payment history
2. Public records
3. The length of your credit history
4. Any new accounts you may have opened
5. Inquiries into your credit file
6. How many accounts you have in use

The Equifax Credit Score™ model — a proprietary formula using the information from your Equifax credit file — is a numerical value ranging from 280-850; the higher the value the lower the credit risk. Third parties may use other credit scoring models to determine creditworthiness, so your actual number could vary when making an application. However, most models consider similar factors and share a common theme — generally, the higher your score, the lower the credit risk"

and

"2 The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau credit scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income."

on myFICO when you pull a report, you will get 6 different FICO scores for Equifax:

For an explanation of those scores, go to http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

[Anonymous]

Thanks for the reply

Regretably it's too much for me to digest.

I'm 70 years old

Owe almost nothing to anyone

No bad stuff reported about me on any of the three reporting agencies

Pretty much a real easy ride and cant get all three scores over 700

So, when I saw Equifax at 704 which only left one at less than 700, made me feel good, except-until, I saw on myFico it didn't show that way.

Bothers me in that it all just seems to be a big game.

Three shells and a pea as to credit scoring, by who, which formula used,..................?????????????????

Paying ones bills on time means what?

Not having even a hint of a debt issue means what?

Clean as a pin means what?

To me the whole thing is a matter of knowing how to work the system with nothing having to do with common sense.

I guess that's the world we live in.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

Thanks for the reply

Regretably it's too much for me to digest.

I'm 70 years old

Owe almost nothing to anyone

No bad stuff reported about me on any of the three reporting agencies

Pretty much a real easy ride and cant get all three scores over 700

So, when I saw Equifax at 704 which only left one at less than 700, made me feel good, except-until, I saw on myFico it didn't show that way.

Bothers me in that it all just seems to be a big game.

Three shells and a pea as to credit scoring, by who, which formula used,..................?????????????????

Paying ones bills on time means what?

Not having even a hint of a debt issue means what?

Clean as a pin means what?

To me the whole thing is a matter of knowing how to work the system with nothing having to do with common sense.

I guess that's the world we live in.

---

Mike, FICO scores are the ones used by lenders.  That said there are like 40 different true FICO scores (for mortgage, car loans, credit card enhanced, etc.).  All the other scores are FAKO (fake) scores.  These FAKO scores are sold by credit companies to give you idea of how their formula sees you and they are completely worthless since no lender uses them.

If you were given given 10 points of data and applied those 10 points of data to different mathematical formulas each giving different weight to specific parts of that data, you would get very different numberical results..  Same here.

You need to completely ignore any "credit score" that does not contain the word "FICO" in it, and even then realize there are 40 plus permutations of the FICO score weighting different things differently.

FICO scores are statistically sound and proven to be predictive of credit and default risk.  What appears to us to be illogical doesn't matter.  It is statistically sound.  That's why lenders pay for them.

The non-true-FICO "FAKO scores" sold by CRA's and others use their own formulas and are given away free because FICO, the big boys on the block, charge a royalty fee every time their scores are run -- by anybody.  The CRA's do not want to pay FICO their royalties and thus use their own FAKO models (like Vantage scores, Credit Xpert, and on and on).

Consumers work hard to get their FICO scores up as high as possible because they get lower rates and better offers.  But you have to realize that the FICO score is not written and intended for consumers.  It is written and intended for lenders to predict your chances of default, and this is statistically proven over millions of profiles.

Life isn't fair and sometimes FICO can seem unfair too.  But FICO wasn't written for you.  It was written for others to assess you based on scientificaly valid statistical models constantly monitored and meant to look at consumers in the aggregate.

That said, certain things are consisent across all credit score models.  Carrying higher revolving loan balances is bad.  Missing payments, collections, liens, foreclosures, bankrutpcies and getting money from finance companies are all bad.  New accounts are bad.  Inquiries are bad.  Now just how much weight is given to these differs.  Also some scores are on an 850 scale, some on like an 830 scale (about) for FICO 04 models, and some are based on a scale that goes into the 900s (credit card enhnced scores).

Yes, it is enough to make you drink.  But the first step is to ignore anything that does not have the word FICO with its little "TM" symbol attached.  The rest may be fun for poo-poo and giggles, but nothing more.

I feel your pain and I have carefully read two to three hours a day about this stuff since my bankruptcy discharged 22 months ago.

[Anonymous]

For some personal reasons I want my score higher.

So,

Fifty + years in the same trade

A solid six figure income

No deragatory within any of the three agencies

A car payment paid correctly

Two credit cards paid off monthly

Eleven thousand limit on the two credit cards combined and both paid off monthly without ever maxing either out or even close.

No debt ratio problem at all.

Cant get my score into the 7'S all three at the same time.

One only is 700

When I saw Equifax reporting me a 704 I felt that I was getting somewhere and two of the three I was in the 7'S

Great news!

WRONG!

Talking with lenders that I know and can speak candidly I am firmly of the belief that there's an art to working the system that goes' beyond just being a responsible person who pays their bills and does' not accumulate debt or issues.

That's what I want to learn how to do.

I think it's only a question of the moon and the stars all aligning correctly at the same time.

I'm not suggesting a scam or a high score with bad credit.

I am suggesting that my three shells and a pea is a pretty good anaolgy.

[CH-7-Mission-Accomplished]

Well you have come to the right place to find those of us who know how to manipulate those scores up.  You might be surprised at the little things that will do it, like making sure only one credit card reports a $5 balance when the statement cuts (all others always reporting a zero balance on statement cut date), having to always maintain an installment loan (even if it's a $200 share secured loan), adding you to authorized accounts that are very old (like 20 or 30 years old) if you have a relative who has old accounts and never carries a balance.

A careful analysis of your reports would let us advise you.  You need to to list everything that's on your reports, open dates, balances, payment terms, etc.  We can show you how to do it.  We love to do this stuff!

[Anonymous]

Thanks

I've learned some about it already

Yes, I will ask for help however from what I've learned thus far it'll be after the credit card reporting dates when I ask.

I've learned enough to know that when you know the dates the credit cards report to the three agencies, you can then pay them off just before those dates then after they report, run them back up again if you so wish.

That much I've learned.

Thanks for the come back.

Yes, I will come back on and ask advice.

[Thomas_Thumb]

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@Anonymous wrote:

Thanks for the reply

Regretably it's too much for me to digest.

I'm 70 years old

Owe almost nothing to anyone

No bad stuff reported about me on any of the three reporting agencies

Pretty much a real easy ride and cant get all three scores over 700

So, when I saw Equifax at 704 which only left one at less than 700, made me feel good, except-until, I saw on myFico it didn't show that way.

Bothers me in that it all just seems to be a big game.

Three shells and a pea as to credit scoring, by who, which formula used,..................?????????????????

Paying ones bills on time means what?

 - Always good financially. However, models only look at credit/charge card bills and installment/mortgage loans for scoring.

Not having even a hint of a debt issue means what?

- Possibly lower score as many scoring models like to see an open installment loan. However, when my mortgage is paid off in 5 years I am not going to get an installment loan just to help score.

Clean as a pin means what?

- Should mean clean profile with no negative comments on any of your credit bureau reports.

To me the whole thing is a matter of knowing how to work the system with nothing having to do with common sense.

I guess that's the world we live in.

---

For the most part it all comes down to sound debt management and living within ones means - which is common sense. Take out manageable installment/mortgage loans when needed, pay all bills on time (in full) and the rest generally falls in place. It did for me. I never knew any of my credit scores until two years ago when my Fico 8 score showed up in the mail. I was rewarded with good scores without trying to work any system.

Now I know all my Fico scores and then some. Am I any better for it - No. Have I become a slave to scores - No, but I have become somewhat fixated over the various scoring models (not just Fico ones) and how they compare. Is that a good thing - not according to my wife. She tells me we have what we need and knows our credit is good enough to get new credit ... which we don't need.

If you really want to know your true Fico credit scores and be certain they are Fico, get the MyFICO 3B report with scores. The primary ones to look at are the three Fico 8 scors from EQ, TU and EX (1st grouping on the report) and the two Fico 4 scores [EQ  TU] + Fico 98 EX score (2nd grouping on the report). If you don't see a need for a new installment loan (such as car/home equity), then just focus on the initial Fico 8 grouping.

Note: Many of the Fico scores are available from other sources. However, many of the other sources also offer educational scores based on their own models. Often times it can be difficult to know if the scores provided to you are true Fico scores and even if they are - what Fico model they come from.

So - best not to try to compare scores from other sources to MyFICO results.

[Anonymous]

I subscribe to, and pay for monthly, Equifax Complete

Equifax says I'm a 704 with Equifax

I would think Equifax reporting me as to what my Equifax score is should be credable, yes?

So, would it be logical to go on the premise that if Equifax says my Equifax score is 704 then it's reasonable to think my Equifax score is 704, No?

I subscribe to, and pay for MyFico also monthly.

MyFico says my Equifax score is 670 something.

What is confusing to understand why I'm confused?

These guys are supposed to be somewhere in the same church if not in the same pew I would think.

Ok, someones right and someones wrong however the disparity in reporting may very well cost me a mortgage, a higher interest rate, refusal of credit, whatever if MyFico is wrong.

If Equifax is wrong all said is then true in reverse.

The system sucks so long as the disparity in reporting exists and no one really understands the system anyway in it's entirety.

Talk to several lenders as I have done and you'll quickly learn no one really has a handle on it.

One guy (upper level management with a very major bank) told me whoever figures it all out and writes a book will make a fortune.

[Thomas_Thumb]

As I mentioned, other services outside MyFICO offer their own scoring models and they are NOT Fico. It appears you chose a non Fico scoring option from Equifax. A cut/paste from Equifax is shown below.

Equifax Complete™ Advantage Plan

3 Bureau Credit Report - Credit Monitoring1 & Security

Get the essentials to understand your credit and identity in one easy-to-use product. You'll get your 3-Bureau Credit Report and scores along with credit monitoring, unlimited access to your Equifax Credit Score and more.

The Equifax® Credit Score and 3-Bureau credit scores are based on an Equifax Credit Score model and are not the same scores used by 3rd parties to assess your creditworthiness.2

This EQ product does not mention Fico and is not Fico.

Equifax does offer a ScorePower report which is a Fico mortgage score Fico 4 (Beacon 5). I purchased a ScorePower report from EQ on three separate occasions and it matched exactly with the EQ mortgage score on the MfFICO 3B report. Equifax also offers a Score Watch product which provides monthly Fico score monitoring. However, you did not select either of these products