topic Re: always wrong score in General Credit Topics

always wrong score

Anonymous — Tue, 19 Jan 2021 02:01:26 GMT

When I was approved for capital one quick silver, it shows my Equifax 8 score is 695, but key bank shows my Equifax 8 score is 715.

When I was approved for bank of america cash reward, it shows my score is Transunion 8 score is 717, but discover shows my Transunion 8 score is 731.

When I was approved for chase freedom, it shows my Experian 8 score is 737, but Experian website shows my Experian 8 score is 758.

When I was denied of credit limit increase, bank of america shows my Transunion 8 score is 759, but bank of america online score shows my Transunion 8 score is 777.

I have other examples, but I did not wrote them down. You get the basic idea. The score they provided me for their credit decisions is always about 20 points off of my real score. Interestingly, it is always lower than my real score, never higher then my real score. Is that just a coincidence, or accidentally on purpose? Anyone has similar experience. please share. But what is the reason why? Any possible explanation?

Thank you in advance.

Re: always wrong score

Remedios — Tue, 19 Jan 2021 01:25:46 GMT

@Anonymous wrote:

When I was approved for capital one quick silver, it shows my Equifax 8 score is 695, but key bank shows my Equifax 8 score is 715.

When I was approved for bank of america cash reward, it shows my score is Transunion 8 score is 717, but discover shows my Transunion 8 score is 731.

When I was approved for chase freedom, it shows my Experian 8 score is 737, but Experian website shows my Experian 8 score is 758.

When I was denied of credit limit increase, bank of america shows my Transunion 8 score is 759, but bank of america online score shows my Transunion 8 score is 777.

I have other examples, but I did not wrote them down. You get the basic idea. The score they provided me for their credit decisions is always about 20 points off of my real score. Interestingly, it is always lower than my real score, never higher then my real score. Is that just a coincidence, or accidentally on purpose? Anyone has similar experience. please share. But what is the reason why? Any possible explanation?

Thank you in advance.

They are not wrong scores. There isn't one fico model, with only one flavor.

Capital one uses EQ5. It's an older scoring model, these days it's primarily used for mortgage underwriting, but some lenders still use it. CUs seem to like it a lot.

Chase uses CARS, it's internal scoring algorithm which uses same data found on your CR but with some changes on how each scoring category is "weighted" compared to Fico 8.

I'm not sure if BoA uses Fico 8, or BC 8, but scores vary from day to day if there are changes to your CR, scores may change, they aren't static.

Discover and BoA would have to pull on the same day for comparison purposes.

Re: always wrong score

Slabenstein — Tue, 19 Jan 2021 01:14:06 GMT

In the case of Capital One, the score they disclosed to you when you were approved for their card was EQ5, not EQ8, so you're comparing two different score versions there. For the others, it's likely due to score changes that occured between the pull date of your free score source and the pull date for your card or CLI app. E.g., in the case of Transunion, Disco only pulls your score once per month for their free TU8 service, so unless BoA pulled your score for your app on exactly that date the score could easily be different, depending on what has occurred between the two dates.

Re: always wrong score

Anonymous — Tue, 19 Jan 2021 01:26:23 GMT

@Slabenstein

I agree that the score update date and hard pull date could be different, but some of those examples are very close to the score update dates because after I see an increase in my score, I know my credit is improved so I applied. Another thing is my score normally do not fluctuate between 25 or 35 points. In general, I see small increase, small decrease, half of the time remain the same. But overall, I see what you are saying, the score in different days will be different, I just do not believe it will be that big of a difference. Thank you for your comments.

Re: always wrong score

Anonymous — Tue, 19 Jan 2021 01:34:02 GMT

@Remedios

I see what you are saying, but I must has some same score models example in the past, I just cannot remember now. It is could be because of different dates result in different score, I just do not believe it will be that much of a difference.

Re: always wrong score

Slabenstein — Tue, 19 Jan 2021 01:38:02 GMT

@Anonymous wrote:
@Slabenstein

I agree that the score update date and hard pull date could be different, but some of those examples are very close to the score update dates because after I see an increase in my score, I know my credit is improved so I applied. Another thing is my score normally do not fluctuate between 25 or 35 points. In general, I see small increase, small decrease, half of the time remain the same. But overall, I see what you are saying, the score in different days will be different, I just do not believe it will be that big of a difference. Thank you for your comments.

It could be that big of a difference, depending on what has happened on your reports between the pull dates, but see also @Remedios's reply above. I forgot about CARS, and I don't know whether BoA uses classic 8, BC8, or an internal score for cc stuff, so you aren't comparing comensurable scores in the case of Chase and it might be that you're not with BoA, either.

Re: always wrong score

FinStar — Tue, 19 Jan 2021 01:51:09 GMT

Echoing what Remedios and Slabenstein mentioned above, the scores provided by way of KeyBank, Discover or BoA when checking their respective websites, are at a point in time when the CRAs feed the data (typically once a month) vs. when you actually apply.

For instance, if I check my FICO8 score from BoA right now, it's displaying the data from 12/19/20 from TU. So, if I apply for a CLI today, or even 2 weeks ago, the scores are going to vary.

So, the scores are not wrong, it's the timing of your credit actions vs. the available data or information from the sources and the variations of score models used by the lenders, such as Capital One and Chase, for example.

Re: always wrong score

Anonymous — Tue, 19 Jan 2021 02:03:39 GMT

@Slabenstein

I am reading it incorrectly, those are all correct scores.

I wish I can post pictures, so I can show proof. Maybe I can ask again when I am able to post pictures because the wordings are loud and clear.

I will keep the next letter I received, and share again.

Re: always wrong score

Anonymous — Tue, 19 Jan 2021 02:00:17 GMT

@FinStar

I understand, basically same with other replies.

The only thing I will argue is I do not feel my score fluctuate 30 points between different days, because my score has been stable. If it is 5 points or no more than 10 points, I could understand. But, not 30 points or something. That much of a difference, normally new account, closed account, late payments, or other major events.

It is possible it is different model, I though I remembered correctly.

Re: always wrong score

Slabenstein — Tue, 19 Jan 2021 02:05:48 GMT

@Anonymous wrote:
@Slabenstein

I am reading it incorrectly, those are all correct scores.

I wish I can post pictures, so I can show proof. Maybe I can ask again when I am able to post pictures because the wordings are loud and clear.

No one is doubting that the scores you gave at the start of the thread are correct. We're just pointing out that 1) not all lenders use FICO8 for cc decisions (at least two of the ones you're looking at don't) and 2) scores from the same version and bureau can change between pull dates if there are profile changes between pull dates.

Re: always wrong score

Anonymous — Tue, 19 Jan 2021 02:11:21 GMT

@Slabenstein

I believe I remember I see FICO 8 on the letter, and many of you mentioned it is a different model, I feel if it is different model, why it has FICO 8 on it?

I hear your words, different date, different model, different bureau, different score.

Re: always wrong score

Slabenstein — Tue, 19 Jan 2021 02:20:11 GMT

@Anonymous wrote:
@Slabenstein

I believe I remember I see FICO 8 on the letter, and many of you mentioned it is a different model, I feel if it is different model, why it has FICO 8 on it?

I hear your words, different date, different model, different bureau, different score.

Ah. If the score disclosure says specifically it is FICO classic 8 (as opposed to FICO bankcard 8), then you are comparing the same version and the score differences you're seeing are due to profile changes between pulls. I would double check those letters, tho, since I know that the score Cap1 discloses w/ cc apps is EQ5 and that Chase uses CARS for cc lending.

Re: always wrong score

Anonymous — Tue, 19 Jan 2021 02:24:06 GMT

@Slabenstein

For bank of america letter, it says FICO 8, not FICO classic 8, not FICO bankcard 8, just FICO 8.

It is could be my memory is having issues, for sure I will share next time when I have solid evidence. I understand the idea of different date, different score, different model, different score.

Re: always wrong score

Slabenstein — Tue, 19 Jan 2021 02:28:14 GMT

If it just says FICO8, it probably means classic 8. You can double check the score range to be sure. Classic 8 is 300-850, BC8 is 250-900.

Re: always wrong score

Anonymous — Tue, 19 Jan 2021 14:10:58 GMT

@Anonymous wrote:

The only thing I will argue is I do not feel my score fluctuate 30 points between different days, because my score has been stable. If it is 5 points or no more than 10 points, I could understand. But, not 30 points or something. That much of a difference, normally new account, closed account, late payments, or other major events.

It sounds like OP for the most part is comparing scores using the same scoring model and data from the same bureau, which only leaves the element of time as the variable. Different pulls at different times can use different data and yield different scores.

If you're seeing a 20-30 point variance, it's because your profile data is supporting that 20-30 point variance. One or more things are changing during that span of time that are resulting in those score changes. Scores can't be "wrong" or otherwise altered with some sort of funny business. The majority of the time scores fluctuate from [reported] balance changes, since those are going on rather frequently depending on profile relative to other factors such as aging, accounts dropping off, etc.

Re: always wrong score

Anonymous — Wed, 20 Jan 2021 04:39:46 GMT

@Anonymous

Many people say I was comparing different scores, different models, different bureaus, but you understand correctly.

I agree what you said, except for one thing, without major event, scores do not fluctuate that much. Scores will be different from week to week, but 30 points increase or decrease on a regular basis especially I always maintain my balance low, super low. But I understand what you said. Scores definitely can be wrong because same account shows differently on different reports, it will result in an inaccuracy on the scores regardless which model. I have an example to show for my next post. It is just my opinion, nothing factual.

Re: always wrong score

Anonymous — Wed, 20 Jan 2021 05:02:05 GMT

@Anonymous wrote:
Scores definitely can be wrong because same account shows differently on different reports, it will result in an inaccuracy on the scores regardless which model.

That wouldn't mean that the score is wrong, it would be the data that's wrong. Scores are drawn on data... if the score changes, the data changed. If you're talking about account data being different of course that can result in different scores. But you must understand that those scores are correct/accurate based on the input data (which may or may not be correct) that they're drawn on.

Re: always wrong score

Anonymous — Wed, 20 Jan 2021 05:12:27 GMT

@Anonymous

I can agree on that.

It is the data is wrong, so consequently, the score is wrong. The way you said it is more correct.

But at the same time, banks send same data to all bureaus, how is it possible a data is wrong? I feel confident that banks send same information to all bureaus, not send different information to different bureaus.

Re: always wrong score

Anonymous — Wed, 20 Jan 2021 17:22:54 GMT

You would think that's the case. Assuming it is the same data being send to all 3B, any deviations you would then assume are on the end of the CRA that receives it. Chalk it up to glitches or what have you, but sometimes they don't present the data accurately. That's where it becomes important as consumers that we're constantly checking our reports to verify that the information displayed is accurate. And, if it's not, getting it fixed.

Re: always wrong score

Anonymous — Thu, 21 Jan 2021 00:25:30 GMT

@Anonymous

Based on what you said, the consumer has the responsibility to check if everything is correct on their credit report? It sounds like I just get a new weekly part time job. I thought credit bureau has to verify if everything is correct. That sounds like I have to identify and dispute any mistakes that credit bureaus have made on my credit reports. It sounds like other people can continue to hurt me, but I am responsible for my own medical bills without any compensation.