topic Score differences in Rebuilding Your Credit

Score differences

virgo — Sun, 17 Apr 2022 22:55:57 GMT

I received a declination letter from a synchrony Lowe's credit card.

It indicates that my transunion's credit score is 447.

My TransUnion credit score right from TransUnion is 601.

It was a pre-qualify so I'm not concerned.

Thank you in advance for any responses

How is it synchrony gets a score of 447 claiming they get it from TransUnion when I'm looking right at my TransUnion and it says 601.

Re: Score differences

lucknpat — Mon, 18 Apr 2022 00:39:07 GMT

Where do you see 601? There's FICO8 scores, which is what most credit card companies use. And then there's vantage scores that you see on sites like credit karma. That is likely the discrepancy.

Re: Score differences

SDMarik — Mon, 18 Apr 2022 02:19:15 GMT

Make sure you are looking at Ficos, the free sites like Credi Karma, Nerdwallet, etc, use the Vantage 3 model, no lenders use that.

Re: Score differences

lns1976 — Mon, 18 Apr 2022 02:47:38 GMT

There are some posts on here about how Synchrony sometimes uses a Vantage 4.0 I believe. I've read more than once that they use a different scoring system and I believe the score they gave me was a Vantage as well, it didn't match my FICO score.

Re: Score differences

CH-7-Mission-Accomplished — Mon, 18 Apr 2022 03:11:53 GMT

@lns1976 wrote:
There are some posts on here about how Synchrony sometimes uses a Vantage 4.0 I believe. I've read more than once that they use a different scoring system and I believe the score they gave me was a Vantage as well, it didn't match my FICO score.

This is correct.

Re: Score differences

virgo — Mon, 18 Apr 2022 04:25:27 GMT

I'm getting the score right from TransUnion. I'm on my TransUnion. Whether it's vantage or FICO, they claim they get it from TransUnion and I'm looking at my TransUnion.

I think I'm going bonkers.

Thank you to all who responded

Re: Score differences

OmarGB9 — Mon, 18 Apr 2022 06:12:06 GMT

If you're getting it from TU directly, dig around and you'll see they use a Vantage 3.0 score. Meanwhile, Synchrony uses a Vantage 4.0 score. They both use the *information* contained within your TU report, yes, but they are different scoring models with items weighed differently.

Re: Score differences

Kahnawake007 — Mon, 18 Apr 2022 06:43:44 GMT

@OmarGB9 wrote:
If you're getting it from TU directly, dig around and you'll see they use a Vantage 3.0 score. Meanwhile, Synchrony uses a Vantage 4.0 score. They both use the *information* contained within your TU report, yes, but they are different scoring models with items weighed differently.

This right here.

Also... If you were to be looking at your Equifax off of their website, that also shows you a Vantage 3.0

Re: Score differences

virgo — Mon, 18 Apr 2022 07:20:07 GMT

Where does FICO get the score from. They must get it from TransUnion

Re: Score differences

FireMedic1 — Mon, 18 Apr 2022 11:18:43 GMT

FICO is the Fair Isaac Corp. The three CRA's use FICO's software program and add their own algorithms and there's you scores within federal laws from the FRCA on how they operate. This is why they all dont match. And you've seen how one CRA treats one thing that the other wont treat it the same way.

https://www.fico.com/

Re: Score differences

OmarGB9 — Mon, 18 Apr 2022 14:55:30 GMT

@virgo wrote:
Where does FICO get the score from. They must get it from TransUnion

FICO is a company that develops the algorithms used to generate scores, as @FireMedic1 pointed out. Once again, the information contained within each bureau is used to generate your FICO score at each respective bureau. FICO doesn't "get" a score from anybody. It's algorithm is simply implemented and tweaked slightly at each bureau to generate the scores you see when you sign up here on MyFICO or on Experian/CreditCheckTotal's website.