topic Misunderstanding in Understanding FICO® Scoring

Misunderstanding

Anonymous — Thu, 08 Aug 2013 13:11:02 GMT

Hi everyone. New here I just want to start by saying I've been lurking on this site for quite some time and finally decided to join. Everyone here seems very helpful and I'm excited to see where all the credit score information I'm about to receive gets me.

To start off, I have a credit card with WalMart for example and they have my fico score as 752. (They offer this free score check program)
Now I recently just went to apply for an auto loan and they scored me at 732 at my credit union.
Now I just signed up here and my score watch is telling me that my score is 696. What's going on here is this normal ? How will I ever have an accurate view of what my score really is ? Can someone explain. Thank you.

Update : It's my equifax score that is so low I wonder why. They're asking me to pay 40 for my other scores which ill do at a later time.

Re: Misunderstanding

Burned2manybridgesB4 — Thu, 08 Aug 2013 14:04:28 GMT

There are numerous scoring algorhythms (sp?).

Bank card enhanced, auto enhanced, mortgage, loan, etc..etc.. on top of the version '98, '04, '08, '09, beacon..etc..etc, as well as the CRA you're getting pulled from; Equifax, Experian, Transunion (most don't match, or have different items reporting occasionally).

Different lenders will put emphasis on the specifics that they're offering you (ie credit card).

There really is no "one size fits all," in regards to fico scoring.

Re: Misunderstanding

Anonymous — Sun, 11 Aug 2013 20:58:01 GMT

Aghhhhh I see. Okay thank you!

Re: Misunderstanding

Jazzzy — Sun, 11 Aug 2013 23:52:47 GMT

The free score we get from WalMart is often higher than our other scores...at least higher than the TU score we get here.

There are many different FICO score varieties, so they will never all match. Just make sure that you are looking at scores that tell you they are FICO scores. If they aren't FICO scores, they don't tell you much.