Accuracy of myfico.com..?

[Anonymous]

Hi,

I checked my score on myfico.com about 1 ½ months ago, it was EX-638, TU-643 and EQ-652. I paid down some stuff and had a disputed acct. taken off my TU report. About two weeks ago I checked it again and it was EX-661. TU-671 and EQ-691. My question is how accurate is myfico.com? Today I applied for an auto loan, they gave me a rate of 5.74 over 72mo and was approved up to $50,000.00. They mentioned I was tier "A" and that I was well over 700 on my experian which is my lowest score on myfico.com (I was very pleased). They use the standard scoring system and not the auto score..Over a 40 point difference???

What do you guys think..?

Thanks 

Message Edited by SERGE on 08-19-2008 06:45 PM

[llecs]

Your lender could have used an auto-enhanced score which puts more weight and emphasis on your past auto loan experience. Do you have other car loans, open or closed?

I see your mention about it not being an auto score. Are you certain?

Much can happen in two weeks. I'd pull again to see EX.

Message Edited by llecs on 08-19-2008 11:17 PM

[Anonymous]

The might have used the auto-enhanced score - and they didn't even know they were using it.

---

llecs wrote:

Your lender could have used an auto-enhanced score which puts more weight and emphasis on your past auto loan experience. Do you have other car loans, open or closed?

---

[Anonymous]

Thanks for the response, I specifically asked them if they used auto beacon score, auto-enhanced score etc. They mentioned they use to but not anymore. I have two open auto loans and two closed ones as well..

Thanks

[Anonymous]

Dealer told you you're a tier A, and gave you a rate of 5.74?  Tier A is much lower than that. If your EX really is well over 700, try a CU. You can do muuuuuch better than 5.74.

[Anonymous]

It's accurate...I bought my scores through MyFico on Friday 8/8, and had my LO run my credit that following Monday.  The scores he got were exactly the same as the ones I had just recently purchased. 

MyFico (scorewatch) even notified me a day later that I had an inquiry, which was my LO, of course!  I guess I should be seeing a drop in next months score 

[Anonymous]

Thanks Cobra, this was not through a dealer, it was through a Credit union, I have not visited a dealer yet..

[Anonymous]

You say they use the "standard scoring system", which scoring system is that?

Ask the the particular name of what scoring model they subscribe to.

Believe it or not, even LO are not 100% educated about credit and credit scoring.

If you read enough on these boards, you will find peope who have been given bad advice by a LO.

Just recently, I had a lender tell me that it takes 30-45 days for my score to adjust after changes are reported. I said, you mean it takes that long for the creditors to update with the CRA and then the CRA to update my reports.

Thier reply was "Yes, it will take that long for your reports to actually get updated and once that happens it will take another 30-45 days for your score to reflect the change".

So wrong. However, I was just a "consumer" who doesn't deal with this everyday and didn't know what I was talking about.

[Anonymous]

What I meant by "standard score" etc. is they mentioned it was the same credit check they do for mortgage loans. This credit union only uses experian.

Thanks

[Anonymous]

Serge - might you qualify for NFCU? You will get a much better rate. BTW, NFCU pulls EQ, exclusively.