topic FICO scores? in Credit Cards

FICO scores?

Anonymous — Sun, 05 May 2013 04:41:02 GMT

I received a letter from Barclays regarding my recent CLI. It showed my TU score as 651. Just two weeks ago I pulled my FICO TU and it was 677. My utilization has gone down. No late payments. Barclays did a hard pull to give me the CLI but that shouldn't have dropped my score 27 points. Anyone with any insight as to why there's such a difference between the two?

Re: FICO scores?

Anonymous — Sun, 05 May 2013 04:42:05 GMT

It's very possible that they are using a different version than myFICO.

Re: FICO scores?

Anonymous — Sun, 05 May 2013 04:43:13 GMT

Expound?

Re: FICO scores?

armbenderc — Sun, 05 May 2013 04:44:00 GMT

If you have very little to no INQs your score will drops more than people who have 10+ INQs already.

Wait few months it will bounce backup along with lower utils and more boost on score.

Re: FICO scores?

improvingmycredit — Sun, 05 May 2013 05:03:59 GMT

@Anonymous wrote:
It's very possible that they are using a different version than myFICO.

The TU FICO you purchase from here is an older version called TU98. Barclays likely uses a credit card enhanced TU version or even a newer model.

For example, the free TU FICO score one gets from Walmart CC is a TU 08 version. The free TU FICO score one gets from Merrick is a TU 8 Bank Card enhanced version. This version ranges from 250 - 900.

It's good to get a base of where your score is, but it's best to focus on what primary reasons are for the lowering of the score because these issues don't change from model to model. The difference is how each of the the issues is weighted for the types of credit you are applying from model to model be it TU98/TU08/TU08CC enhanced/TU08 auto loan enhanced... ect..ect... If that makes any sense.

Re: FICO scores?

myjourney — Sun, 05 May 2013 05:18:11 GMT

@Anonymous wrote:
It's very possible that they are using a different version than myFICO.

+1 not sure what scoring model they use but mine was much lower when I was approved for my card..23 points if i remember right.

Re: FICO scores?

Anonymous — Sun, 05 May 2013 05:26:40 GMT

Have to admit I'm a little confused. Guess I don't understand the difference between TU FICO scores. I thought the score purchased here would be the real FICO score but I'm getting a different TU FICO score result from Barclays and WalMart's TU score is once again not the same either. So, how do I know what my real TU FICO is? It would be nice to know my real score if at some time down the road I want to apply for more credit.

Re: FICO scores?

myjourney — Sun, 05 May 2013 05:29:30 GMT

@Anonymous wrote:
Have to admit I'm a little confused. Guess I don't understand the difference between TU FICO scores. I thought the score purchased here would be the real FICO score but I'm getting a different TU FICO score result from Barclays and WalMart's TU score is once again not the same either. So, how do I know what my real TU FICO is? It would be nice to know my real score if at some time down the road I want to apply for more credit.

Different models

Myfico is real so is walmart

Re: FICO scores?

Anonymous — Sun, 05 May 2013 05:43:08 GMT

Barclays based my CLI on the TU FICO score they showed. My TU FICO score here and Walmart TU FICO are both substantially higher than what Barclays TU FICO showed. It doesn't really seem right that the Barclays TU score wasn't the same. I feel pretty confident if they would have used the TU FICO score my CLI would have been more. Kinda disappointed.

Re: FICO scores?

myjourney — Sun, 05 May 2013 05:51:44 GMT

barclays uses a real TU but they then factor in some type of internal score.

Re: FICO scores?

Anonymous — Sun, 05 May 2013 05:58:38 GMT

This might help you to understand

http://ficoforums.myfico.com/t5/Credit-Cards/TU-FICO-Score-difference/m-p/1362083#M378111

Re: FICO scores?

improvingmycredit — Sun, 05 May 2013 06:01:20 GMT

@Anonymous wrote:
Barclays based my CLI on the TU FICO score they showed. My TU FICO score here and Walmart TU FICO are both substantially higher than what Barclays TU FICO showed. It doesn't really seem right that the Barclays TU score wasn't the same. I feel pretty confident if they would have used the TU FICO score my CLI would have been more. Kinda disappointed.

Hey nvrgvupnvrsrndr!

What a name to have to write... lol. I hope I got it right!

Welcome to the FICO Forums!

All the score are FICO scores. Fair Isaacs sells different versions of their scoring model to the various lending institutions. All the scores you have listed are FICO scores... the one from Walmart, the TU FICO from here and the one Barclays used to determine your CLI. It's unfortunate that they used a model different then the one you got here or the Walmart TU FICO but still it's a FICO score none the less. There are some really good threads regarding this information on this forum and after reading them, you will have a better understanding of the different versions out there. I wish it were an easier subject to explain but it is a little confusing unfortunately. One thing to note.. does the letter you recieved from Barclays actually say that it's a FICO score? Lending institutions don't always provide a FICO score when sending out "scores" to adhere to the Federal mandate.

Re: FICO scores?

indiolatino61 — Sun, 05 May 2013 06:14:02 GMT

@Anonymous wrote:
I received a letter from Barclays regarding my recent CLI. It showed my TU score as 651. Just two weeks ago I pulled my FICO TU and it was 677. My utilization has gone down. No late payments. Barclays did a hard pull to give me the CLI but that shouldn't have dropped my score 27 points. Anyone with any insight as to why there's such a difference between the two?

Just different algoriths...the number is not as important as the substance of your CR.