topic Re: Different scores in General Credit Topics

Different scores

flguy — Sun, 28 Aug 2016 19:43:01 GMT

Hi, My TU score on Myfico.com is 671 and on Creditkarma.com is 731. Can someone please explain 60 point difference? Which score is used for auto loans? Thank you.

Re: Different scores

iv — Sun, 28 Aug 2016 19:54:29 GMT

@flguy wrote:
Hi, My TU score on Myfico.com is 671 and on Creditkarma.com is 731. Can someone please explain 60 point difference? Which score is used for auto loans? Thank you.

The main TU score on MyFICO is a FICO 8 Classic. The CK TU score is a VantageScore 3.0.

Completely different scoring models. (There are LOTS of different models, from multiple CRAs' data.)

An auto loan isn't very likely to use the VantageScore... but it's not necessarily going to use a TU FICO 8 Classic either. (Could be either a different scoring model, or a different credit bureau.)

An auto lender has a wide range of scores/CRAs they could choose to use - and each lender is different.

For a fuller range of the available scores, from all three "big" CRAs, pull the 3B Report here.

You can ask a potential lender what CRA and scoring model they use... but especially with auto loans, you may not get a good answer (you may just get a blank stare...)

Re: Different scores

flguy — Sun, 28 Aug 2016 20:07:08 GMT

Thank you iv.

I puled 3B report last week. Again here my scores are all over the place.Is that normal? EQ 708, TU 671, EX 654.

Re: Different scores

Appleman — Sun, 28 Aug 2016 21:06:26 GMT

Very normal to have scores all over the place. When I pulled my latest 3B report I had TU scores ranging from 739 to 814, each model weights things differently (auto, mortgage, credit etc).

Re: Different scores

iv — Sun, 28 Aug 2016 21:14:01 GMT

@flguy wrote:
Thank you iv.
I puled 3B report last week. Again here my scores are all over the place.Is that normal? EQ 708, TU 671, EX 654.

Pretty normal, yes. Even when the three reports look effectively identical, you'll see some variation between scores (FICO 8 tends to be closer together, the older models are even more different). When there are actual differences in the contents of the reports, the scores can be vastly different. (With a 50+ point gap there, you likely have negative things on EX that aren't on EQ, or positives on EQ than aren't on EX...)

If you look under "View additional FICO Score versions...", you'll see the wider range of available scores from each CRA, including several marked "commonly used in auto lending". Be aware, though, that lenders are free to use whatever model they see fit (including non-FICO or internal models). Unlike mortgages, there isn't much standardization in the auto loan market.

Re: Different scores

flguy — Sun, 28 Aug 2016 22:10:38 GMT

Thank you.