topic Re: Transunion Fico Score in Understanding FICO® Scoring

Transunion Fico Score

Schmoopy — Wed, 24 Oct 2018 22:31:21 GMT

On credit Karma my TU credit score is 747 and on my BofA account my score is 696 (I assume it to be a TU score?) - which one is more accurate?

Thanks

Re: Transunion Fico Score

Anonymous — Wed, 24 Oct 2018 22:37:52 GMT

@Schmoopy wrote:
On credit Karma my TU credit score is 747 and on my BofA account my score is 696 (I assume it to be a TU score?) - which one is more accurate?
Thanks

Credit Karma does not give a FICO score. It uses a totally different model (Vantage Score 3.0) and is used by basically no one for lending purposes. I don't have a BoA account, so I don't know what score version or bureau they pull, but it is probably a true FICO 08 if I had to guess. So, the BoA score is closer to one that a lender may use to extend you credit.

Re: Transunion Fico Score

Schmoopy — Wed, 24 Oct 2018 22:48:12 GMT

Ok got you, thank you.

So here's what I don't get - if Credit Karma doesn't use FICO but Vantage why do they have two scores on their app and they call one TU and the other is Equifax? Even though it has nothing to do with the models TU and EQ use? Kind of misleading..

Maybe they think they created models which are very similar to what TU and EQ using (apparenlty not if I got a 50 points gap?)?

Re: Transunion Fico Score

Anonymous — Wed, 24 Oct 2018 23:01:34 GMT

@Schmoopy wrote:
Ok got you, thank you.

So here's what I don't get - if Credit Karma doesn't use FICO but Vantage why do they have two scores on their app and they call one TU and the other is Equifax? Even though it has nothing to do with the models TU and EQ use? Kind of misleading..
Maybe they think they created models which are very similar to what TU and EQ using (apparenlty not if I got a 50 points gap?)?

You have a fundamental misunderstanding of how the process works.

The three credit bureaus - Experian, Equifax, and TransUnion - collect data from creditors/lenders.

That data is analyzed using models created either by Fair Issac Corporation (FICO) or Vantage Score 3.0. Because there are three sources of data, there are also three scores calculated based on where the underlying data came from.

When Vantage Score 3.0, as used by Credit Karma, mentions Equifax and TransUnion they are simply saying that the scores they are showing are calculated based on data provided by Equifax and TransUnion. They are definitely not saying that their scores are FICO. The FICO scoring models use the same data, but the score results are not the same because they weigh certain factors differently. The key thing to note is that FICO is a trademark and FICO scores always have that trademark mentioned in the score.

Re: Transunion Fico Score

Schmoopy — Wed, 24 Oct 2018 23:47:55 GMT

Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.

On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.

On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

Re: Transunion Fico Score

Anonymous — Thu, 25 Oct 2018 00:06:10 GMT

If you're interested in a credit card app, only look at FICO scores and disregard VS 3.0 scores all together. No CC lender is going to care what your VS 3.0's are. You should be aware of what all 3 of your FICO 8 scores are, not just 1. If that 696 is a TU FICO 8 score, you're going to want your EX and EQ scores (FICO 8) as well. You can get your EX FICO 8 score for free at creditscore.com or creditscorecard.com. EQ FICO 8 isn't easy to come by for free, but for $1 at Creditchecktotal you can get all 3 FICO 8's.

I think it's important to get your other 2 FICO 8 scores because there can often be a 15-30 point variance between your top and bottom scores with the same or very similar CR data. That being said, if your 696 happens to be higher than the other 2 (say, 15-30 points) it means that your other scores are in a so-so place in terms of approval odds depending on the credit product(s) you are considering. Conversely, perhaps your other 2 scores are 15-30 points higher than the one you have, which would be a better look should a potential lender pull either of them.

Re: Transunion Fico Score

Anonymous — Thu, 25 Oct 2018 00:07:11 GMT

@Schmoopy wrote:
Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.
On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.
On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

The simple solution is that you need to get your FICO 8 scores from the three credit bureaus; commonly referred to in these forums as your 3B scores. You currently have a monthly-old TransUnion FICO Score 8 from Bank of America but things could have changed since then. The least costly way to get your 3B scores is through CreditCheckTotal.com. You pay $1 for a trial subscription which allows you to obtain your scores twice in the 10-day trial; just be sure to cancel the trial subscription before the 10 day period expires.

The reason you need your FICO 8 scores is because the Vantage Scores provided by websites like Credit Karma are not used by lenders to make credit decisions. So having your FICO 8 scores will allow you to decide if you're in a position to apply.

Re: Transunion Fico Score

Schmoopy — Thu, 25 Oct 2018 00:09:48 GMT

@Anonymous wrote:
If you're interested in a credit card app, only look at FICO scores and disregard VS 3.0 scores all together. No CC lender is going to care what your VS 3.0's are. You should be aware of what all 3 of your FICO 8 scores are, not just 1. If that 696 is a TU FICO 8 score, you're going to want your EX and EQ scores (FICO 8) as well. You can get your EX FICO 8 score for free at creditscore.com or creditscorecard.com. EQ FICO 8 isn't easy to come by for free, but for $1 at Creditchecktotal you can get all 3 FICO 8's.

I think it's important to get your other 2 FICO 8 scores because there can often be a 15-30 point variance between your top and bottom scores with the same or very similar CR data. That being said, if your 696 happens to be higher than the other 2 (say, 15-30 points) it means that your other scores are in a so-so place in terms of approval odds depending on the credit product(s) you are considering. Conversely, perhaps your other 2 scores are 15-30 points higher than the one you have, which would be a better look should a potential lender pull either of them.

Thanks.

I can actually see my Experian Fico score on Amex website. It says it's a Fico score 8 based on Experian. It is 784.

I guess the only Fico score I can't see is EQ.

Re: Transunion Fico Score

Schmoopy — Thu, 25 Oct 2018 00:12:43 GMT

@Anonymous wrote:
@Schmoopy wrote:
Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.
On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.
On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

The simple solution is that you need to get your FICO 8 scores from the three credit bureaus; commonly referred to in these forums as your 3B scores. You currently have a monthly-old TransUnion FICO Score 8 from Bank of America but things could have changed since then. The least costly way to get your 3B scores is through CreditCheckTotal.com. You pay $1 for a trial subscription which allows you to obtain your scores twice in the 10-day trial; just be sure to cancel the trial subscription before the 10 day period expires.

The reason you need your FICO 8 scores is because the Vantage Scores provided by websites like Credit Karma are not used by lenders to make credit decisions. So having your FICO 8 scores will allow you to decide if you're in a position to apply.

Ok, got you. Perfect, I'll do the Creditchecktotal.com and see what it says!

Thank you very much.

Re: Transunion Fico Score

Anonymous — Thu, 25 Oct 2018 00:12:48 GMT

I'd also add that a FICO 8 score of 696 suggests the presence of either negative information present on your CR or high utilization. If whichever one it is can be rectified, doing so prior to apping would yield much more favorable results.

Re: Transunion Fico Score

Schmoopy — Thu, 25 Oct 2018 00:18:36 GMT

@Anonymous wrote:
I'd also add that a FICO 8 score of 696 suggests the presence of either negative information present on your CR or high utilization. If whichever one it is can be rectified, doing so prior to apping would yield much more favorable results.

The 696 is from 9/19 and the rest are from the past week.

I did pay off big chunk of credit card debt since so I think that's why there's a difference.

I wonder what it'll show in the next BofA update but I'll do the $1 for all 3 fico scores in the meantime.

Re: Transunion Fico Score

Anonymous — Thu, 25 Oct 2018 02:01:02 GMT

What was your overall utilization with the 696 score and what is your overall utilization now? Based on the difference, I and others can probably ballpark your expected score gain.

Re: Transunion Fico Score

Schmoopy — Thu, 25 Oct 2018 02:04:17 GMT

@Schmoopy wrote:
@Anonymous wrote:
@Schmoopy wrote:
Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.
On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.
On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

The simple solution is that you need to get your FICO 8 scores from the three credit bureaus; commonly referred to in these forums as your 3B scores. You currently have a monthly-old TransUnion FICO Score 8 from Bank of America but things could have changed since then. The least costly way to get your 3B scores is through CreditCheckTotal.com. You pay $1 for a trial subscription which allows you to obtain your scores twice in the 10-day trial; just be sure to cancel the trial subscription before the 10 day period expires.

The reason you need your FICO 8 scores is because the Vantage Scores provided by websites like Credit Karma are not used by lenders to make credit decisions. So having your FICO 8 scores will allow you to decide if you're in a position to apply.
Ok, got you. Perfect, I'll do the Creditchecktotal.com and see what it says!
Thank you very much.

Ok, I did the creditchecktotal check as you suggested.

Experian - 784

TU - 711

Equifax - 707

Re: Transunion Fico Score

Anonymous — Thu, 25 Oct 2018 02:24:54 GMT

@Schmoopy wrote:
@Schmoopy wrote:
@Anonymous wrote:
@Schmoopy wrote:
Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.
On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.
On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

The simple solution is that you need to get your FICO 8 scores from the three credit bureaus; commonly referred to in these forums as your 3B scores. You currently have a monthly-old TransUnion FICO Score 8 from Bank of America but things could have changed since then. The least costly way to get your 3B scores is through CreditCheckTotal.com. You pay $1 for a trial subscription which allows you to obtain your scores twice in the 10-day trial; just be sure to cancel the trial subscription before the 10 day period expires.

The reason you need your FICO 8 scores is because the Vantage Scores provided by websites like Credit Karma are not used by lenders to make credit decisions. So having your FICO 8 scores will allow you to decide if you're in a position to apply.
Ok, got you. Perfect, I'll do the Creditchecktotal.com and see what it says!
Thank you very much.
Ok, I did the creditchecktotal check as you suggested.

Experian - 784
TU - 711
Equifax - 707

Those are good scores although I'd be concerned about the variance between Experian and the other two bureaus. THere has to be a reason for that significant difference. I'm thinking that whatever payments you made are updated on Experian but not on TU and EQ; you can verify by doing a side-by-side comparison of the accounts on CreditCheckTotal.

Also remember that you can still get another score 7-10 days from now but you need to cancel by the 10th day to avoid getting hit with the full monthly fee.

Re: Transunion Fico Score

Schmoopy — Thu, 25 Oct 2018 02:34:10 GMT

@Anonymous wrote:
@Schmoopy wrote:
@Schmoopy wrote:
@Anonymous wrote:
@Schmoopy wrote:
Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.
On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.
On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

The simple solution is that you need to get your FICO 8 scores from the three credit bureaus; commonly referred to in these forums as your 3B scores. You currently have a monthly-old TransUnion FICO Score 8 from Bank of America but things could have changed since then. The least costly way to get your 3B scores is through CreditCheckTotal.com. You pay $1 for a trial subscription which allows you to obtain your scores twice in the 10-day trial; just be sure to cancel the trial subscription before the 10 day period expires.

The reason you need your FICO 8 scores is because the Vantage Scores provided by websites like Credit Karma are not used by lenders to make credit decisions. So having your FICO 8 scores will allow you to decide if you're in a position to apply.
Ok, got you. Perfect, I'll do the Creditchecktotal.com and see what it says!
Thank you very much.
Ok, I did the creditchecktotal check as you suggested.

Experian - 784
TU - 711
Equifax - 707
Those are good scores although I'd be concerned about the variance between Experian and the other two bureaus. THere has to be a reason for that significant difference. I'm thinking that whatever payments you made are updated on Experian but not on TU and EQ; you can verify by doing a side-by-side comparison of the accounts on CreditCheckTotal.

Also remember that you can still get another score 7-10 days from now but you need to cancel by the 10th day to avoid getting hit with the full monthly fee.

Thank you very much for all the help!

Yes, I put a calendar notification to cancel the membership on Nov 1st, couple of days before the 10 days mark. Thanks for the tip.

You are right, I was just looking at the table with the 3 credit bureaus - I took a student loan 7 years ago and I had late payments.

This appears on TU and EQ but for some reason doesn't appear on the EX report, hence the discrepancy. Not much I can do about that besides wait until they come off the report (late payments were 2015, so it's there until 2022 I'm afraid).

I started all these checks since I need a card with no FTF and nice travel rewards as I import goods from Europe and travel there couple of times a year for my business. Most of my purchases are regular so I need a card with either X1.5 or X2 points for regular purchases.

So in light of my FICO scores, when it comes to approval odds, which card will have best chances to be approved Between Capita One Venture, Barclay's Arrival Plus World Elite Mastercard and BofA Travel Rewards card? I think I'll apply to one of those which gives me the best approval odds. Guess it's the latter...

Re: Transunion Fico Score

Anonymous — Thu, 25 Oct 2018 02:46:37 GMT

@Schmoopy wrote:
@Anonymous wrote:
@Schmoopy wrote:
@Schmoopy wrote:
@Anonymous wrote:
@Schmoopy wrote:
Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.
On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.
On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

The simple solution is that you need to get your FICO 8 scores from the three credit bureaus; commonly referred to in these forums as your 3B scores. You currently have a monthly-old TransUnion FICO Score 8 from Bank of America but things could have changed since then. The least costly way to get your 3B scores is through CreditCheckTotal.com. You pay $1 for a trial subscription which allows you to obtain your scores twice in the 10-day trial; just be sure to cancel the trial subscription before the 10 day period expires.

The reason you need your FICO 8 scores is because the Vantage Scores provided by websites like Credit Karma are not used by lenders to make credit decisions. So having your FICO 8 scores will allow you to decide if you're in a position to apply.
Ok, got you. Perfect, I'll do the Creditchecktotal.com and see what it says!
Thank you very much.
Ok, I did the creditchecktotal check as you suggested.

Experian - 784
TU - 711
Equifax - 707
Those are good scores although I'd be concerned about the variance between Experian and the other two bureaus. THere has to be a reason for that significant difference. I'm thinking that whatever payments you made are updated on Experian but not on TU and EQ; you can verify by doing a side-by-side comparison of the accounts on CreditCheckTotal.

Also remember that you can still get another score 7-10 days from now but you need to cancel by the 10th day to avoid getting hit with the full monthly fee.
Thank you very much for all the help!

Yes, I put a calendar notification to cancel the membership on Nov 1st, couple of days before the 10 days mark. Thanks for the tip.

You are right, I was just looking at the table with the 3 credit bureaus - I took a student loan 7 years ago and I had late payments.
This appears on TU and EQ but for some reason doesn't appear on the EX report, hence the discrepancy. Not much I can do about that besides wait until they come off the report (late payments were 2015, so it's there until 2022 I'm afraid).

I started all these checks since I need a card with no FTF and nice travel rewards as I import goods from Europe and travel there couple of times a year for my business. Most of my purchases are regular so I need a card with either X1.5 or X2 points for regular purchases.

So in light of my FICO scores, when it comes to approval odds, which card will have best chances to be approved Between Capita One Venture, Barclay's Arrival Plus World Elite Mastercard and BofA Travel Rewards card? I think I'll apply to one of those which gives me the best approval odds. Guess it's the latter...

Have you looked at cards issued by Citi? They have several no FTF cards. Amex pulls Experian only and would give the best credit limit based on your EX score but their cards aren't widely accepted in Europe. I'd say go with the BofA card with the understanding that if you already have a relationship with them and you're already "maxed out" on the amount of credit they are willing to provide; they will move a part of your credit line from the old account to the new one.

Re: Transunion Fico Score

Schmoopy — Thu, 25 Oct 2018 02:53:29 GMT

@Anonymous
Have you looked at cards issued by Citi? They have several no FTF cards. Amex pulls Experian only and would give the best credit limit based on your EX score but their cards aren't widely accepted in Europe. I'd say go with the BofA card with the understanding that if you already have a relationship with them and you're already "maxed out" on the amount of credit they are willing to provide; they will move a part of your credit line from the old account to the new one.

I have an Amex Gold with a $50K spending limit. I use it when I'm in Europe but they can't charge it remotely. They can only do visa or mastercard remotely.

I looked at Citi cards (for example, the Costco card) but didn't find any with X1.5 or X2 for regular purchases. I also don't have a relationship with Citi Bank.

Yes, I think BofA might be the best option for now, and my banker just suggested that today (move the credit line from the old credit card and even close it - I don't need it if I get the travel rewards). You could be a banker

Re: Transunion Fico Score

Anonymous — Thu, 25 Oct 2018 03:16:12 GMT

@Schmoopy wrote:
@Anonymous
Have you looked at cards issued by Citi? They have several no FTF cards. Amex pulls Experian only and would give the best credit limit based on your EX score but their cards aren't widely accepted in Europe. I'd say go with the BofA card with the understanding that if you already have a relationship with them and you're already "maxed out" on the amount of credit they are willing to provide; they will move a part of your credit line from the old account to the new one.
I have an Amex Gold with a $50K spending limit. I use it when I'm in Europe but they can't charge it remotely. They can only do visa or mastercard remotely.
I looked at Citi cards (for example, the Costco card) but didn't find any with X1.5 or X2 for regular purchases. I also don't have a relationship with Citi Bank.
Yes, I think BofA might be the best option for now, and my banker just suggested that today (move the credit line from the old credit card and even close it - I don't need it if I get the travel rewards). You could be a banker

What's your average age of accounts and your 5/24 status? A Chase card could be a viable option too.

No, I definitely couldn't be a banker.

Re: Transunion Fico Score

Anonymous — Thu, 25 Oct 2018 04:29:58 GMT

OP, nice job getting your 3 FICO 8 scores as suggested. Like MiB, I'm curious as to why there's a 70-80 point variance between your TU/EQ scores and your EX score. I still don't think you've told us your before and after utilization. For utilization to be the difference here, it would mean near maxed out utilization reported for TU/EQ and ideal utilization for EX. While not out of the question, that does seem a bit unlikely. Do you have a negative item present on your two reports that is not there on your Experian report?

Re: Transunion Fico Score

Schmoopy — Thu, 25 Oct 2018 07:21:39 GMT

@Anonymous wrote:
OP, nice job getting your 3 FICO 8 scores as suggested. Like MiB, I'm curious as to why there's a 70-80 point variance between your TU/EQ scores and your EX score. I still don't think you've told us your before and after utilization. For utilization to be the difference here, it would mean near maxed out utilization reported for TU/EQ and ideal utilization for EX. While not out of the question, that does seem a bit unlikely. Do you have a negative item present on your two reports that is not there on your Experian report?

I answered this above..:

I took a student loan 7 years ago and I had late payments.