topic Re: Am I missing something here? Confused in General Credit Topics

Am I missing something here? Confused

LambnPork710 — Sun, 23 Jun 2024 16:03:15 GMT

For the past six months, I have worked my butt off to pay off all of my credit cards. I knew I would need a new car soon, and my goal was to have all of my cards paid off. I am happy I achieved my goal; my credit score rose almost 100 points.

I pay for the premier service through myfico.com; I've been watching my credit like a hawk weekly.
Fast forward to the present, I did a pre-approval with BMW (no effect on my credit); myFico.com has my scores listed as

Fico 8 vs. Auto Fico 8

TU 723 745

EQ 716 734

EX 729 732

When BMW ran my pre-approval, my Equifax score came back as 695. I'm wondering if there's something I'm missing. Now, I'm questioning the legitimacy of the FICO scores I've been using to shop around at dealerships and whether paying an extra $44 a month for these services is worth it. When I compared my FICO Equifax information to the information that Equifax has on its independent site, everything aligned, so there were no errors that stood out.

Re: Am I missing something here? Confused

markbeiser — Sun, 23 Jun 2024 15:39:24 GMT

Are you sure they are using auto 8 and not auto 4 scores?

Re: Am I missing something here? Confused

pizzadude — Sun, 23 Jun 2024 15:47:07 GMT

Agree, it's very likely they are using a different FICO scoring model. Did the score you saw have a Max / Min / Range associated with it? That can be helpful to determine which model was pulled.

Re: Am I missing something here? Confused

LambnPork710 — Sun, 23 Jun 2024 16:06:57 GMT

I have no clue , I opted to do the pre approval process online and was confident I knew my scores and I don't (which is frsutrating) . I pulled my EQ and TU report a few mintue ago and the accuracry is off by almost 15 pts by what is dispalyed on myFico.com.

TU: 695

EQ: 689

Only my EX score aligns with myFico score

Re: Am I missing something here? Confused

LambnPork710 — Sun, 23 Jun 2024 16:11:18 GMT

It didn't, just showed my current score, and stated it would shop my score and car of interest dealerships.

Now I'm thinking I should wait because I am not sure I would be put into the top tier based on these scores, 15-18 pts makes a difference.

Re: Am I missing something here? Confused

CreditCuriosity — Sun, 23 Jun 2024 16:19:02 GMT

Guessing they are using FICO 9 or 9 auto I would speculate

Re: Am I missing something here? Confused

CreditCuriosity — Sun, 23 Jun 2024 16:20:44 GMT

@LambnPork710 wrote:
I have no clue , I opted to do the pre approval process online and was confident I knew my scores and I don't (which is frsutrating) . I pulled my EQ and TU report a few mintue ago and the accuracry is off by almost 15 pts by what is dispalyed on myFico.com.

TU: 695
EQ: 689

Only my EX score aligns with myFico score

Where did you pull these scores from Experian and TU or MYFICO a bit confused.

Re: Am I missing something here? Confused

pizzadude — Sun, 23 Jun 2024 16:28:47 GMT

This thread is a few years old but has some good info on BMW's credit tiers and it also references they pulled Auto9 from EQ and Auto8 from EX / TU.

Re: Am I missing something here? Confused

LambnPork710 — Sun, 23 Jun 2024 16:58:21 GMT

I definitely don't know what their using for scoring at this point.

I just checked my Auto 9 for EQ 772

TU 745, Ex 732 from Auto 8

Scores are all over the place, and not just by a few points, by signicant #'s

Re: Am I missing something here? Confused

LambnPork710 — Sun, 23 Jun 2024 17:01:15 GMT

My Fico 9 scores are much better than my Fico 8

EQ 772, TU 763, Ex 750

It seems like they just pulled a general credit score based on the 695

Re: Am I missing something here? Confused

GZG — Sun, 23 Jun 2024 17:54:46 GMT

you need to ask them what score they used, there's ~30+ different credit scores it could be

Re: Am I missing something here? Confused

ocheosa — Sun, 23 Jun 2024 20:30:14 GMT

@LambnPork710 wrote:
For the past six months, I have worked my butt off to pay off all of my credit cards. I knew I would need a new car soon, and my goal was to have all of my cards paid off. I am happy I achieved my goal; my credit score rose almost 100 points.

@LambnPork710 I wonder if the answer is this simple. You mentioned paying off all cards? If all balances are at zero, there is a penalty imposed. You need leave a small balance on at least one card for optimal scoring. Since cards report at different times, it may have taken a bit for the penalty to show. Just a thought.

Re: Am I missing something here? Confused

markbeiser — Sun, 23 Jun 2024 23:41:42 GMT

@LambnPork710 wrote:
I have no clue , I opted to do the pre approval process online and was confident I knew my scores and I don't (which is frsutrating) . I pulled my EQ and TU report a few mintue ago and the accuracry is off by almost 15 pts by what is dispalyed on myFico.com.

TU: 695
EQ: 689

Only my EX score aligns with myFico score

Where did you pull those TU and EQ scores from that are different from your MyFico displayed scores?

Re: Am I missing something here? Confused

FicoMike0 — Mon, 24 Jun 2024 00:46:07 GMT

Practice azeo (search myfico) until you get the loan.

Re: Am I missing something here? Confused

SouthJamaica — Mon, 24 Jun 2024 03:49:52 GMT

@LambnPork710 wrote:
For the past six months, I have worked my butt off to pay off all of my credit cards. I knew I would need a new car soon, and my goal was to have all of my cards paid off. I am happy I achieved my goal; my credit score rose almost 100 points.

I pay for the premier service through myfico.com; I've been watching my credit like a hawk weekly.
Fast forward to the present, I did a pre-approval with BMW (no effect on my credit); myFico.com has my scores listed as

Fico 8 vs. Auto Fico 8
TU 723 745
EQ 716 734
EX 729 732

When BMW ran my pre-approval, my Equifax score came back as 695. I'm wondering if there's something I'm missing. Now, I'm questioning the legitimacy of the FICO scores I've been using to shop around at dealerships and whether paying an extra $44 a month for these services is worth it. When I compared my FICO Equifax information to the information that Equifax has on its independent site, everything aligned, so there were no errors that stood out.

There are so many FICO scoring models; no doubt they used a score from one of the other models.