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Can anyone tell me if the Walmart FICO score is acurate? I just enrolled in paperless billing and they offered me free FICO score monitoring and I just looked at the score and it is so much different than the score I got from myfico.com. I am very worried about the accuracy about this score because it is actually significantly lower than the one provided through myfico.com's service.
@Anonymous wrote:Can anyone tell me if the Walmart FICO score is acurate? I just enrolled in paperless billing and they offered me free FICO score monitoring and I just looked at the score and it is so much different than the score I got from myfico.com. I am very worried about the accuracy about this score because it is actually significantly lower than the one provided through myfico.com's service.
Yes, they are both accurate. They each use a different version of FICO. Walmart uses TU08, IIRC. And myFICO.com uses TU98, which is the oldest version. They each put an emphasis on different aspects of your credit (util, for example), which accounts for the difference.
It's definitely worth the free FICO from Walmart. When my CU pulled my TU for a CLI, it matched Walmart's FICO exactly. It just depends on the version of FICO that the creditor uses.
@bichonmom wrote:
@Anonymous wrote:Can anyone tell me if the Walmart FICO score is acurate? I just enrolled in paperless billing and they offered me free FICO score monitoring and I just looked at the score and it is so much different than the score I got from myfico.com. I am very worried about the accuracy about this score because it is actually significantly lower than the one provided through myfico.com's service.
Yes, they are both accurate. They each use a different version of FICO. Walmart uses TU08, IIRC. And myFICO.com uses TU98, which is the oldest version. They each put an emphasis on different aspects of your credit (util, for example), which accounts for the difference.
It's definitely worth the free FICO from Walmart. When my CU pulled my TU for a CLI, it matched Walmart's FICO exactly. It just depends on the version of FICO that the creditor uses.
Thank you for your thorough response. This is very depressing to hear. I was very happy that my scores weren't as bad as I thought but seeing my Walmart score makes me very worried and wondering what I can do in order to improve it. Thank you very much.
Actually, I was thinking more about this and I'm wondering if it's possible that my Walmart FICO score is lower because I have a high utilization on my Walmart card? Would that play a part in that score?
@Anonymous wrote:Actually, I was thinking more about this and I'm wondering if it's possible that my Walmart FICO score is lower because I have a high utilization on my Walmart card? Would that play a part in that score?
No more than any other card. Walmart is providing a FICO TU08 score. Myfico is providing a TU98 score. Most lenders use formulas based on TU04, but more lenders are using TU08. Very few lenders use TU98 scores and even less will use them in future. Generally speaking, TU08 is closer to TU04 than TU98. As such, I'd rather use TU08 scores as a guide over TU98 as to what my TU04 scores will be. However, depending on the differences, it may not be true. For example, FICO 8 scores discount any dings for small amounts. The lien for that $8 library fine or collection amount hardly budges your FICO 8 score down, but would count as heavily as any other collection amount/lien in FICO 04. So if I had high Fico 8 score but had small balance ding (collection/lien), I would expect my FICO 04 or FICO 98 score to be significantly lower. Or if I had a charge card from AMEX with high reported balances, I would discount the low score I got in TU98 as likely getting high utilization that FICO 04 and FICO 8 scores ignore.
Score is updated.
well it is accurate but take it with a grain of salt.
you really dont know what you have until you get a lender pull.
my walmart tu08 is 30 points higher then my fico tu98.
no baddies a few inquries. few new tradelines.
all on time payments.
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
@Repo-ed wrote:I guess for only $4.95/mo, really no point in killing my sub for TU score x4/yr.
I saw that offer when I signed up and laughed after I did the math:
($4.95 * 12 )/4= $14.85 per pull