topic Re: Fico are fake? in Understanding FICO® Scoring

Fico are fake?

Anonymous — Fri, 01 Aug 2014 23:58:51 GMT

So I went to get a mortgage and all 3 scores I got from them are completely off from all 3 scores I pulled from here the day before. And I mean at least 60 point difference. I was under the impression that at least the equifax would be the same but that's a 70 point difference from the lenders beacon 5.0 equifax score. What's going on here?

Re: Fico are fake?

pizzadude — Sat, 02 Aug 2014 00:38:37 GMT

@Anonymous wrote:
So I went to get a mortgage and all 3 scores I got from them are completely off from all 3 scores I pulled from here the day before. And I mean at least 60 point difference. I was under the impression that at least theequifax would be the same but that's a 70 point difference from the lenders beacon 5.0equifax score. What's going on here?

The scores sold here ( including EQ ) are based on the FICO08 scoring model, whereas mortgage lending creditors are standardized on the FICO04 scoring model.

Unfortunately as you've discovered, there can a large different between the different models.

Re: Fico are fake?

Anonymous — Sat, 02 Aug 2014 05:29:14 GMT

I was going to ask the same thing.

I bought a score report from Equifax that said 760. And then my report from Experian said that my Equifax score was 787.

Same reason?

Re: Fico are fake?

mongstradamus — Sat, 02 Aug 2014 05:31:28 GMT

@Anonymous wrote:
I was going to ask the same thing.

I bought a score report from Equifax that said 760. And then my report from Experian said that my Equifax score was 787.

Same reason?

well depending on score you bought from equifax if it was an fako or the eq04 score. The report you bought from experian the 3 in 1 it sounds like are fako scores.

Re: Fico are fake?

Anonymous — Sat, 02 Aug 2014 05:35:37 GMT

I see, that's confusing. Would the FICO score be more reflective of what my currect credit is? Seems pricey when I want to buy it from this site though.

Re: Fico are fake?

mongstradamus — Sat, 02 Aug 2014 05:38:35 GMT

@Anonymous wrote:
I see, that's confusing. Would the FICO score be more reflective of what my currect credit is? Seems pricey when I want to buy it from this site though.

It depends on what you want to use it for . If its mortgages not so much, since they are all 08 scores sold here. If you are looking at mortgages you want 04 scores i believe. Only ways to get eq04 is paying via equifax site i think its something like 19.95. The other option is if you are member of DCU, digital credit union, you get free eq04 score.

Re: Fico are fake?

Anonymous — Sat, 02 Aug 2014 05:44:29 GMT

I'm just looking for a ballpark figure so I can see if I can apply for a certain credit card. Also just so I know what my credit is.

I guess I kind of answered my own question.

Thanks

Re: Fico are fake?

Revelate — Sat, 02 Aug 2014 06:29:56 GMT

Generally speaking for most credit card approvals, I've at least found the FICO 8 scores sold here to be the best estimate, but as others have stated, they may not be exact.

Re: Fico are fake?

blondy250 — Sat, 02 Aug 2014 15:03:49 GMT

If you want a mortgage score, go to the equifax site and buy the "scorepower score". It's the equifax 04 score thats used by most mortgage lenders (my chase mortgage pull matched exactly) it cost $19.95 but there are often promo codes out there if you search.

Re: Fico are fake?

Anonymous — Sun, 03 Aug 2014 04:05:52 GMT

Why can't MyFico clearly state the name of the score you are buying? Not so hard...

Re: Fico are fake?

Anonymous — Mon, 04 Aug 2014 03:08:08 GMT

@Anonymous wrote:
Why can't MyFico clearly state the name of the score you are buying? Not so hard...

Or, as I have advocated, offer a whole set of scores for purchase. At least in the forums, there are enough score-obsessed people who would buy several variants if they were available. "Going for a car, I'll get the auto-enhanced 08 from TU. Oh I heard the Bob's Auto still uses the 04 version, I'll get that too!"

Re: Fico are fake?

jeffeverde — Fri, 31 Oct 2014 09:17:16 GMT

Well, there's the cynical view -- if everyone knew in advance, what their score was *based on the model a particular lender uses*, they wouldn't apply for things that they couldnt' qualify for. That would result in fewer credit appliations, which would result in fewer credit score requests, which would result in less money for the CRA's . It would probably also result in fewer people applying for things that they marginally qualify for, at higher rates. Fewer marginal applications results in fewer high-interest loans, which results in less money for the lenders.

But surely the lenders and the CRA's wouldn't skew the game just for their own profit, right?

Re: Fico are fake?

Anonymous — Fri, 31 Oct 2014 09:25:01 GMT

jeffeverde - your being too realistic! Where is your marketing and sales for profit skills? No rant here.