Valued Contributor
thom02099
Posts: 1,323
Registered: ‎08-30-2011
Re: Accuracy of MyFico Scores?
[ Edited ]

jones2929 wrote:

This has been a great resource to use.  I was wondering if anyone knew how accurate the scores on this site are.  I have a 698 for TransUnion and Equifax.  If I apply for a refinancing, they have told me that I need to get to 700.  I think I can do that in a month or so by paying down another credit card fairly significantly.  However, I don't want the bank to pull my scores until I am pretty sure that they are at 700.  How confident can I be a 700 on this site will equal a 700 on something pulled by a lender?  I have 710, 716. 724, and 742 on other sites, but I know those are FAKOs and I really don't have any faith in them (although they are fun to look at and review).

 

Thanks in advance.


To answer your original question, I think that your EQ score here is going to be a good approximation of what your lender will see.  As previously pointed out, it's a Beacon 5.0 which most, but not all, lenders use.  If by chance your lender uses Beacon 9.0, there's a 50/50 chance of it being higher/lower than the 5.0 version.  My 9.0 score is  higher than my 5.0 score, but with everything credit-wise YMMV!  One thing you could try is to go to your bank and see if they will just do a soft pull on your report to see where you are.  Keep in mind that a score is simply a snapshot of your credit AT THAT PARTICULAR MOMENT IN TIME, and can change from day to day...or not.  If you pay down fairly significantly that credit card you mentioned, I think you'll see a score movement upward to get you where you want to be for that refi.  Depending on your statement date for that card, it could show up right away, or it could be a month before it shows on your credit report. 

Any of the CMS are good for monitoring TRENDS.  They are NOT good for monitoring scores...for the reasons already articulated by others.  Given that there are over 40 differerent FICO scores (credit card enhanced, auto enhanced, mortgage enhanced, etc ad nauseum), putting a lot of faith in the accuracy of any ONE of them is fallacy.  They are simply a snapshot of time at that given moment and are so fluid that anything internal or external can affect them.  Unless one is applying for a loan, worrying about where scores are all the time is an act of futility. 

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 = 768 EQ = 828 TU = 834 - June/2014