topic Re: Transunion Fico 8 vs Transunion score directly from TransUnion? in Understanding FICO® Scoring

Transunion Fico 8 vs Transunion score directly from TransUnion?

Anonymous — Mon, 03 Aug 2015 03:00:58 GMT

Ok, trying to establish more credit and just opened a secured card with my bank in the amount of $250.00 in June this yr. My uti is at 12% as of 2 Aug. I did recently signed up with myfico, and the 7 day trial for Transunion website. My Fico 8 appears as 533 and on transunion website my score shows 639. I am soooooooo confused as to which one to go by. I know and read here on these boards the most accurate is my fico, but why is it showing a totally diff set of numbers on the transunion website.

It's like I'm damned either way I go.

I also saw on transunion the reason why my score is low, here are the 4 reasons that were stated

1. Bk still on my report, which is due to drop off Nov 28 2015

2. I have no realestate accts. in determining my score

3. My oldest revolving acct. was opened to recently

4. The avail. credit on my revolving acct. is too low

What the hell! At this rate it's like I have to go way beyond the call of duty finacially to get my scores up to some decent digits! I am a disabled veteran on a fixed income from the VA and social security so I only have so much money to devote to a secured card in the first place, along with opening up a fingerhut acct. which only allowed me a $230.00 cl. I will open another secured card with my bank at the end of the month which hopefully will increase in my score as well.

What else is there for me to do? My loan officer told me to get my scores up to the 620 mark so I can purchase a home with the VA

My scores don't seem to be accurate to me bc I'm getting diff. numbers from diff. entities

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Anonymous — Mon, 03 Aug 2015 04:52:00 GMT

Your Fico scores are the only ones that matters, as they are the score that lenders use when they check your creditworthiness. As for improving your score, best to just keep your utilization under 10%, start building up a positive payment history, and letting your accounts age. After your secured card has been reporting for a few months you should try to get an unsecured card through capital one.

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Anonymous — Mon, 03 Aug 2015 04:55:18 GMT

I understand the only scores I should be concerned about is my Fico, but it's like the score from TransUnion from TU site is not relevant.

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Anonymous — Mon, 03 Aug 2015 04:58:32 GMT

Also, I had a thought......It could be a possibility that my Fico score update has not been entered yet but the score from TU has and the fico just has not caught up?

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Anonymous — Mon, 03 Aug 2015 12:06:07 GMT

@Anonymous wrote:
Also, I had a thought......It could be a possibility that my Fico score update has not been entered yet but the score from TU has and the fico just has not caught up?

No, that's not it. The score that you are getting directly from TransUnion is NOT a Fico score. That's why there is a discrepancy. The score you are receiving on their site is virtually meaningless. Keep in mind that as you go along, mortgage companies do not go by Fico 08 scores but use them from the Fico 04 model. You can obtain those by purchasing your score on one or more reports and there will be an additional listing of scores for auto, bank card and mortgage scores. Good luck

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Anonymous — Mon, 03 Aug 2015 12:10:04 GMT

Good luck!

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Thomas_Thumb — Tue, 03 Nov 2015 22:31:55 GMT

@Anonymous wrote:
Ok, trying to establish more credit and just opened a secured card with my bank in the amount of $250.00 in June this yr. My uti is at 12% as of 2 Aug. I did recently signed up with myfico, and the 7 day trial for Transunion website. My Fico 8 appears as 533 and on transunion website my score shows 639. I am soooooooo confused as to which one to go by. I know and read here on these boards the most accurate is my fico, but why is it showing a totally diff set of numbers on the transunion website.

It's like I'm damned either way I go.

I also saw on transunion the reason why my score is low, here are the 4 reasons that were stated

1. Bk still on my report, which is due to drop off Nov 28 2015
2. I have no realestate accts. in determining my score
3. My oldest revolving acct. was opened to recently
4. The avail. credit on my revolving acct. is too low

What the hell! At this rate it's like I have to go way beyond the call of duty finacially to get my scores up to some decent digits! I am a disabled veteran on a fixed income from the VA and social security so I only have so much money to devote to a secured card in the first place, along with opening up a fingerhut acct. which only allowed me a $230.00 cl. I will open another secured card with my bank at the end of the month which hopefully will increase in my score as well.

What else is there for me to do? My loan officer told me to get my scores up to the 620 mark so I can purchase a home with the VA

My scores don't seem to be accurate to me bc I'm getting diff. numbers from diff. entities

Scores clarification:

1) Last I checked (June 2015) consumer scores directly from TU were VantageScore 2.0 (score range 501 to 990).

- [edit - TU had switched to VantageScore 3.0 (range 300 to 850) when I got updated scores in October - change made August/September 2015?]

2) Most free scores reported by credit card companies are Fico 8 classic (range 300 to 850)

3) Mortgage lenders typically look at Fico 4 scores (also 300 to 850 range) from EQ and TU and Fico 98 score from EX.

4) You can get a true Fico 4 score either from EQ directly (must select their score power option) or through myFICO 3B report. Unfortunately, these scores are not free.

Opening new accounts often results in a hard inquiry or hard pull (not sure if there is a HP for opening secured cards). Negative impact associated with opening accounts that result in a HP will disappear completely after 12 months and impact should be reduced after 6 months.

Given your situation, build-up credit/payment history to enhance your score. A 2nd account will help you over time - go for it. Maintaining aggregate utilization under 20% should be sufficient while you are building credit payment history. Just try to reduce/maintain Util to under 10% a couple months before getting a mortgage loan.

If your BK reaches 7 years and drops off 11/28 you should see a nice bump up in score in December - perhaps 100 points or more. This would put you above your 620 target.

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Revelate — Mon, 03 Aug 2015 14:46:26 GMT

I thought they were Vantage 3.0 now TT, but you're right they ain't FICO.

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Thomas_Thumb — Mon, 03 Aug 2015 15:00:08 GMT

Revelate,

I pulled a TU report/score in June and it was 990 - so must be VS 2.0. Maybe it is VS 3.0 now but I suspect still VS 2.0 based on OPs 100 point score difference.

I know CK started using VS 3.0 in January not sure what's up with TU.

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Anonymous — Mon, 03 Aug 2015 15:51:28 GMT

I see your point, but my TU score was not free and TU does mention it using the Vantage score.

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Thomas_Thumb — Mon, 03 Aug 2015 16:27:09 GMT

Now that you mention it, I do recall paying for my TU report/score. Unfortunately the TU VS 2.0 score is misleading. The VS 3.0 model has the same score range as Fico 4 but still scores differently than Fico.

Might want to wait until December (after BK drops off) before purchasing another report/score.

I would recommend purchasing the EQ Score Power + associated credit report ($19.95 as I recall) next time around as I know it gives you Fico 4 which is the score used by the mortgage industry. (Note EQ offers an alternate report with their own scoring version ($15.95 as I recall) - be careful not to select that option.

If you want to see true FICO scores from all three CRAs, purchase the 3B option on myFICO ($59.95).

Hope this helps.

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Anonymous — Mon, 03 Aug 2015 17:28:44 GMT

Thanks for the info, I ordered and now have the myfico 3b monthly score monitoring service now. I am greatful for so much knowledge here on the boards. thanks again for yr assistance!

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Thomas_Thumb — Mon, 03 Aug 2015 19:47:56 GMT

yjc45,

I think that Fico monitoring is a better option for you.

Please note that the monthly monitoring is Fico 8 which is somewhat different than Fico 4 used for mortgages. With the monitoring service I believe you are entitled to a once a year 3B report - the report includes the Fico mortgage scores and Auto and Bankcard versions as well.

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

alisadarrick — Sun, 01 Nov 2015 16:39:07 GMT

My transunion report does indicate that it's a Vantage score

Re: Transunion Fico 8 vs Transunion score directly from TransUnion?

Thomas_Thumb — Sun, 01 Nov 2015 22:10:46 GMT

@Revelate wrote:
I thought they were Vantage 3.0 now TT, but you're right they ain't FICO.

Went ahead and purchased a 3B score and report late October from TU to check what model they are using and to get Auto and Home insurance risk scores from TU to compare against LexisNexis.

Revelate, you are correct TU VantageScores are now VS 3.0. Conversion must have been sometime in the July - September timeframe. I was behind the times.