Re: Confused about scores[ Edited ]
11-26-2012 08:32 AM - edited 11-26-2012 08:33 AM
This is what the email said.
Information about your External Credit Score used in this evaluation for credit
In addition, we also obtained an external credit score from the consumer reporting agency indicated above and used it in making our credit decision. If more than one agency is listed, the credit score was obtained from the first listed agency. Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes. The credit score below was developed using standard industry methods and was used to evaluate your application. The credit score may differ from the score you obtain from a consumer reporting agency.
Your Credit Score: 597 Date: 11/16/2012 Scores range from a low of 300 to a high of 850.
That score range indicates that they used a Classic FICO score instead of an industry option score. The TU FICO provided here is TU FICO 98. There are two later versions of that TU FICO 04 and TU FICO 8.
You didn't quote anything in your posts to indicate they pulled a TU score instead of EQ or EX. Assuming they did use TU, then they used a later Classic FICO score. This is based upon your knowledge of your TU FICO 98 score.
All Classic FICOs have a design range of 300-850. The industry versions use a design range of 250-900.
I find that lenders use FICO based scores well over 50% of the time. I would guess more like 70%. I suppose that depends on what type of loans applications that you a considering.