cancel
Showing results for 
Search instead for 
Did you mean: 

myFico Scores

tag
Anonymous
Not applicable

myFico Scores

I've been subscribing to myFico for about 2 months now. A bit of a noob if you will. I am wondering how accurate my scores are to that of the Bureaus?  Does myFico use a different model to calculate our scores?  I just applied for a card and was denied due to a 80 point difference between the two.

Message 1 of 4
3 REPLIES 3
gdale6
Moderator Emeritus

Re: myFico Scores


@Anonymous wrote:

I've been subscribing to myFico for about 2 months now. A bit of a noob if you will. I am wondering how accurate my scores are to that of the Bureaus?  Does myFico use a different model to calculate our scores?  I just applied for a card and was denied due to a 80 point difference between the two.


The scores you get from the bureaus are FAKOs though I think EQ can give you a Fico as an option, the scores here on myFico are a real Fico all are the Fico 08 generic model. Welcome to the board and Happy Holidays Smiley Happy

Message 2 of 4
Gunnar419
Valued Contributor

Re: myFico Scores

Also, the scores you get here are FICO 08s, which is a score model a lot of credit card vendors use. So these scores should be right on the money or close to it when you're apping for cards. As you continue your credit journey, be aware that mortgage and auto lenders use different FICO models, which are not available for us to buy.

 

And never rely on scores from the free monitoring services or the bureaus unless you know for sure that they're FICO, not FAKO, scores.

Message 3 of 4
takeshi74
Senior Contributor

Re: myFico Scores


@Anonymous wrote:

I've been subscribing to myFico for about 2 months now. A bit of a noob if you will. I am wondering how accurate my scores are to that of the Bureaus?


Scores are only accurate for their own models.  In other words, you can't rely on score generated using one model to determine a score generated using an entirely different model.  You should expect different algorithms to produce different results.

 

As mentioned above, scores from myFICO are based on the 08 model.  They're only going to be accurate when compared to scores using the 08 model.  The CRA's do not provide FICO's so you shouldn't expect the scores to be the same.  Creditors generally use FICO's and not the FAKO's from the CRA's.  FICO has a number of different models that creditors use.  You can't expect one FICO model to produce the same score as a different FICO model. 

 

It's not just the scoring model that matters but the data in the report used to generate the score as well.

 

It looks like this thread was moved to the Understanding FICO Scoring subforum.  Don't overlook this subforum, its stickies or the existing discussions.

 


@Gunnar419 wrote:

So these scores should be right on the money or close to it when you're apping for cards.


A lot of creditors use 08 for credit cards but not all do.  PenFed, for example, uses the NextGen model and it's not even on the typical scale.  I highly recommend focusing on the data in the reports versus fixating on specific numbers.

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.