topic Re: FICO Scores?????????????? in Understanding FICO® Scoring

FICO Scores??????????????

Anonymous — Fri, 26 Jun 2015 11:00:38 GMT

I understand there is like 50+ different fico scores plus Fako's. Question is when you get your credit report along with fico score directly from one of the CRA's, what fico score is it you're getting?

Re: FICO Scores??????????????

Anonymous — Fri, 26 Jun 2015 13:23:34 GMT

I pulled my Experian recently and the score matches my Fico08 score from MyFico. I'm not sure about the others.

Re: FICO Scores??????????????

Anonymous — Fri, 26 Jun 2015 13:45:02 GMT

Thanks, anyone else?

Re: FICO Scores??????????????

2b2rich — Fri, 26 Jun 2015 14:16:42 GMT

As far as I know, Experian is the only CRA that gives you a FICO score on their website. As mentioned above, it's a FICO8.

For me, what ever scores TU & EQ use, they're always lower than my MyFico (FICO8) score.

Re: FICO Scores??????????????

Anonymous — Sat, 27 Jun 2015 14:29:11 GMT

Thanks

Re: FICO Scores??????????????

Anonymous — Sat, 27 Jun 2015 14:58:56 GMT

Equifax also provides a Fico score but it is the Fico 04 model which is the one used by most mortgage companies.

Re: FICO Scores??????????????

Anonymous — Sat, 27 Jun 2015 15:34:56 GMT

I was figuring it was one of those. The best scores I have are the FICO08 and they drop considerably when looking at all the rest. thanks again

Re: FICO Scores??????????????

2b2rich — Sat, 27 Jun 2015 17:24:46 GMT

@Anonymous wrote:
Equifax also provides a Fico score but it is the Fico 04 model which is the one used by most mortgage companies.

I never knew this. When looking at the different models for my scores on MyFico, it always shows me the FICO5 as the most commonly used in mortgage on my EQ score, and the FICO4 under TU's score, (and FICO2 under EX).

Explains a lot. EQ on MyFico (FICO8) is 700, but on the EQ website it's 675

Re: FICO Scores??????????????

Anonymous — Sat, 27 Jun 2015 17:42:23 GMT

Who does use the Fico 08?? It's the hieghest number and fastest to go up but it's kinda misleading if no creditors use it.

Re: FICO Scores??????????????

2b2rich — Sat, 27 Jun 2015 17:53:56 GMT

@Anonymous wrote:
Who does use the Fico 08?? It's the hieghest number and fastest to go up but it's kinda misleading if no creditors use it.

From what I've been reading, a lot of lenders are moving toward using that one. I don't know how soon or how many are doing it, but I know the dealership told me what score some of the lenders were sending back with their offers were my actual FICO8s (and as you pointed out, the highest and were the ones with the lowest interest rate)

Re: FICO Scores??????????????

Anonymous — Sat, 27 Jun 2015 18:00:05 GMT

Thats encouraging!

Re: FICO Scores??????????????

Anonymous — Sat, 27 Jun 2015 23:53:20 GMT

The score from equifax website is the beacon 5? The one used for mortgages?
Is the one posted on myfico from equifax marked as beacon 5 mortgage score accurate?
I ask because mine are very very different.
I thought the score from equifax was a fako?

Re: FICO Scores??????????????

Revelate — Sun, 28 Jun 2015 15:25:12 GMT

@Anonymous wrote:
The score from equifax website is the beacon 5? The one used for mortgages?
Is the one posted on myfico from equifax marked as beacon 5 mortgage score accurate?
I ask because mine are very very different.
I thought the score from equifax was a fako?

You probably bought the credit score (educational) that EQ also peddles.

The Score Power and Score Watch products are the real deal EQ Beacon 5.0 scores.

Re: FICO Scores??????????????

Revelate — Sun, 28 Jun 2015 15:28:17 GMT

@2b2rich wrote:
@Anonymous wrote:
Who does use the Fico 08?? It's the hieghest number and fastest to go up but it's kinda misleading if no creditors use it.
From what I've been reading, a lot of lenders are moving toward using that one. I don't know how soon or how many are doing it, but I know the dealership told me what score some of the lenders were sending back with their offers were my actual FICO8s (and as you pointed out, the highest and were the ones with the lowest interest rate)

Most major CC issuers have long since moved to FICO 8. Smaller companies (my own employwer just switched 3ish months ago) are too. Outside of the mortgage and auto loan worlds, FICO 8 is the most common absolutely.

Many CU's that we're familiar with on this forum still underwrite on the older models still.