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Confused - 5+ points increase for a name change?

alienfico
Frequent Contributor

Confused - 5+ points increase for a name change?

Maybe I really don't understand how myFICO works, but how do I get +5 points for unhyphenating my name?  

 

But yet I get no points on myFico for my new card....wierd.

 

On Transunion, I have the 3 credit bureau pulls ability, and my score is so very different from myFico perhaps by 15-20 points.  Whne CCs and banks pull they

 

pull from TU, EX or EQ....I'm confused.  So which score is correct?  

Starting: TU:515, EX:521, EQ:528
Current: TU:700 EX:706 EQ:674
FICO Goal: 725
Cap1 Venture $11,000AU, First Progress $500, Cap1 QS $1750, FH$600, Open Sky $300, Cap1 $500, BestBuy $1500 Target $1800
Message 1 of 6
5 REPLIES 5
myjourney
Super Contributor

Re: Confused - 5+ points increase for a name change?

I assure you name change was not responsible 

Maybe a payment posted lowering UTL anything other than a name change 

myFICO scores are correct not the FAKO from TU

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 6
alienfico
Frequent Contributor

Re: Confused - 5+ points increase for a name change?

Thanks for the response.  So here then lies the question, when I apply and/or get granted or denied credit often the creditor will send the TU/EQ/EX score from whichever place they pulled, but it doesn't say FiCO score it will say TU score, EQ score....or whomever.  When I asked TU what they use....she said Vantage score....so confusing.  

 

Someone point me to some links so I can understand what the difference is.....

Starting: TU:515, EX:521, EQ:528
Current: TU:700 EX:706 EQ:674
FICO Goal: 725
Cap1 Venture $11,000AU, First Progress $500, Cap1 QS $1750, FH$600, Open Sky $300, Cap1 $500, BestBuy $1500 Target $1800
Message 3 of 6
Revelate
Moderator Emeritus

Re: Confused - 5+ points increase for a name change?

Updating a creditor's database via a name or address change can trigger an out-of-cycle report which likely triggered the monitoring either with a non-trivial balance change on on that tradeline, or potentially on a non-alerted change which was rolled up into this one.

 

Address as myjourney suggests does not factor into the algorithm.




        
Message 4 of 6
Revelate
Moderator Emeritus

Re: Confused - 5+ points increase for a name change?


@alienfico wrote:

Thanks for the response.  So here then lies the question, when I apply and/or get granted or denied credit often the creditor will send the TU/EQ/EX score from whichever place they pulled, but it doesn't say FiCO score it will say TU score, EQ score....or whomever.  When I asked TU what they use....she said Vantage score....so confusing.  

 

Someone point me to some links so I can understand what the difference is.....


Vantage score (2.0 and 3.0) is a set of algorithms designed by the CRA's that compete with the FICO algorithms.

 

If it doesn't say FICO, it's some other scoring algorithm, either internal, or VS as in this case.  Different algorithms run against the same data on the report.  VS is reportedly cheaper and has maybe 10% market penetration.




        
Message 5 of 6
takeshi74
Senior Contributor

Re: Confused - 5+ points increase for a name change?


@alienfico wrote:

Maybe I really don't understand how myFICO works, but how do I get +5 points for unhyphenating my name? 


You don't.  It's mistaken causaility.  You've overlooking something else (or several something elses) that did have an impact.  The name change is just coincidental to the score change.

 


@alienfico wrote:

But yet I get no points on myFico for my new card....wierd.


Confirm that the new card is reporting.  It takes time for new cards to show up on your reports.  Depending on your specific situation you could lose or gain points (or see little to no change even).  It really just depends on the overall impact of all the usual factors:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 


@alienfico wrote:

Someone point me to some links so I can understand what the difference is.....


What difference are you referring to?  If it's scores the Understanding FICO Scoring subforum has stickies and threads (as well as this subforum) but it's simply a matter of different scoring models producing different numbers.  You can't expect one model to produce the same number as a different model whether you're comparing FAKO to FICO or even FICO to a different FICO or FAKO to a different FAKO.

 

The letter should indicate if a FICO was used.  If not mentioned then assume that it's not a FICO.  Different creditors can and do use different scoring models.

 


@alienfico wrote:

I'm confused.  So which score is correct?  


There's no such thing as one correct score.  Not only does the scoring model affect the number generated but the CRA used as a source can also affect the score since reports among the CRA's may not be identical for a given person and date.  Data also changes over time which is yet another variable that can affect scoring.  The closest thing to "correct" is whatever scoring model and CRA the creditor you're applying to happens to use.  You won't have access to every score using every model out there.

 

That's why I don't find the numbers all that useful.  An understanding of how the various factors tend to impact your scores and focusing on the data in the reports is much more useful IMO.

Message 6 of 6
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