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I have several banks and credit cards that offer free scores. My issue is I feel like I was bait and switched with my local credit union. They offer my fico score for free and I look at it monthly as it changes. I applied for a loan and they say my score is 50 points lower than what the tool they offer shows. Why show me a score they have no intention of using?
Just because an institution shows you a monthly scores doesn't mean that they use that score. This is true of essentially anyone that provides monthly VS 3.0 score. A couple examples of that would be Capital One and Chase.
Monthly FICO scores are of course more relevant, but again different banks use different scoring models based on the situation and product. If you applied for a loan, they very well may have used a scoring model tailored to loans. For example, if it was an auto loan they may have used one of the FICO Auto Score models. Just ask what FICO score version they used for the loan and on the screen where you're seeing you monthly FICO score provided by them it should say the scoring model (and bureau data) used to generate that score. No doubt the two models are different. I don't feel they pulled a bait and switch at all. It's definitely up to you to make sure you do your homework and always know what type (version) of a FICO score is getting pulled.
I am just saying if you are going to show me a score on your website make it the score you use or don't bother showing me at all. Hey here is what is in your bank account $100. Cool can I would like to withdraw the $100 dollars. Oh, you want to withdraw it well it's really only $50 because you want to use it for something other than keeping it in your account.
Edit: I have done my homework and I know how this racket really works I am just complaining .
Penfed, for one, does show you the same score that they use - Equifax FICO 9.
@BundiFan wrote:I have several banks and credit cards that offer free scores. My issue is I feel like I was bait and switched with my local credit union. They offer my fico score for free and I look at it monthly as it changes. I applied for a loan and they say my score is 50 points lower than what the tool they offer shows. Why show me a score they have no intention of using?
Like BBS says the score they use can be different based upon what to of you are trying to get. A credit card from the bank might use FICO 8, or the FICO 8 credit card enhanced score, an auto loan might use the FICO 8 auto loan enhanced, for a mortgage they might use a different FICO all together, and then even within each of those types of scores they might pull from more than one CRA. So maybe they did look at the score they provided you but also another score as well, and that other score might be lower or higher than the one you see.
@BundiFanI am just saying if you are going to show me a score on your website make it the score you use or don't bother showing me at all.
It may be a score they use at times, but not or all products. There are many banks out there that issue credit cards, mortgages and auto loans (among other loan types). 3 different scores generally speaking would be used for those types of accounts. If the bank provides a free monthly FICO score, naturally it can only be 1 of the 3, meaning that 2/3 of the time their provided score likely woudn't be used in lending decision. Just something to consider here when looking at the big picture.
@BundiFan wrote:Hey here is what is in your bank account $100. Cool can I would like to withdraw the $100 dollars.
Sorry, those aren't US Dollars, those are Zimbabwean Dollars. You only have $0.26 USD in the account.
@BundiFan wrote:I am just saying if you are going to show me a score on your website make it the score you use or don't bother showing me at all. Hey here is what is in your bank account $100. Cool can I would like to withdraw the $100 dollars. Oh, you want to withdraw it well it's really only $50 because you want to use it for something other than keeping it in your account.
Edit: I have done my homework and I know how this racket really works I am just complaining .
Maybe they have their own internal scoring system as well. Many people dont realize that the FICO is not the end all be all when it comes to credit. While it is a standard, banks like Chase have an internal scoring system and I was denied a Southwest card due to it years ago despite having a FICO in range of what they normally would approve.
In addition, did you maybe apply after the monthly score was pulled, and also after some accounts were reported? I just paid all of my balances down and got a CLI. Unfortunately, the reporting on half of them are after the last score was pulled, so I won't see what my true score is until the 14th of next month unless I pay for a new one.
@BundiFan wrote:I have several banks and credit cards that offer free scores. My issue is I feel like I was bait and switched with my local credit union. They offer my fico score for free and I look at it monthly as it changes. I applied for a loan and they say my score is 50 points lower than what the tool they offer shows. Why show me a score they have no intention of using?
Agreed. It would be much more meaningful, and less misleading, to display the score they actually use.
Fico 8 scores are the most used scores, but many credit cards use the fico bankcard for approvals. I personally prefer to recieve the fico 08 score. Citi DC card for 1 does use the same score they supply, the bankcard 08.