topic Frustrated!!! Please help in Understanding FICO® Scoring

Frustrated!!! Please help

Anonymous — Sun, 07 Aug 2011 05:27:19 GMT

Hello. Myfico TU score is 640. I just pulled my score from transunion website and it says 589! I'm so frustrated. I'm sure it's a different scoring system,but what does this mean and which ones do lenders see? Help ))

Re: Frustrated!!! Please help

GregB — Sun, 07 Aug 2011 13:32:17 GMT

It depends on the lender. The one from here is a real FICO score but Classic 98. That is used by some mortgage lenders but Classic 04 is more common.

There are also some industry versions of the scores that are enhanced for auto, bankcard, etc. These vary a bit as they are designed to be a better determination of risk for that specific industry.

If you are looking for a mortgage, I suggest you pull your EQ FICO from here as that version is used by almost all mortgage lenders. They will also pull an Experian FICO but you won't be getting that anywhere by yourself. Mortgages usually use the middle FICO score of the 3 different scores - one each from EQ, TU, EX.

The one score you can be sure is worthless is the one you pulled from TU. I believe that is Transrisk score, not used by any lender of any kind.

Re: Frustrated!!! Please help

Anonymous — Sun, 07 Aug 2011 14:38:13 GMT

Thanks. I'm not looking for a mortgage. Justbto improve my score.

Re: Frustrated!!! Please help

llecs — Sun, 07 Aug 2011 17:01:08 GMT

The 589 score from TransUnion is not a FICO score. Ignore it.

Re: Frustrated!!! Please help

MarineVietVet — Sun, 07 Aug 2011 19:19:33 GMT

@llecs wrote:
The 589 score from TransUnion is not a FICO score. Ignore it.

In fact if you'll read the small print the TU website says: TrueCredit.com now offers Consumer-Friendly VantageScore.

Not only does the VS use a different scoring formula than FICO the VS ranges from 501-990 whereas FICO ranges from 300-850. There is no way to compare the two scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Frustrated!!! Please help

Anonymous — Sun, 07 Aug 2011 20:20:48 GMT

Thank you! I feel so much better!!!