Correct Credit Score?

[072376]

Hello,

I checked my Fico Transunion report and I have a score of 702. (major progress for me!).

However, I noticed that all of my credit cards are now offering free credit monitoring services and the score they report is a lot lower than what my fico says. Which one is the more accurate one?

Thanks in advance for any insight.

[CreditRepairMission]

Pretty sure the scores that Capital One and Credit Karma for example provide are what they call FAKO scores are are not your true score. The FICO score is what lenders use for approvals, rates ect.

[Anonymous]

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@072376 wrote:

Hello,

I checked my Fico Transunion report and I have a score of 702. (major progress for me!).

However, I noticed that all of my credit cards are now offering free credit monitoring services and the score they report is a lot lower than what my fico says. Which one is the more accurate one?

Thanks in advance for any insight.

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I wouldn't go with any of the FAKO scores you mention, and the TU score is the TU 98 model, which is pretty old.

I'd suggest looking at EX 08 or EQ 08, available here, or TU 08, available from Barclays, Discover, and Walmart.

[takeshi74]

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@072376 wrote:

Which one is the more accurate one?

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All scores are accurate but only for their own model.  In other words, you can't rely on one model to determine what a score would be using a different model -- or different CRA or different data in a report as those also affect scoring.

It sounds like you're asking which score creditors use and even with that question there isn't just one model that they all use.  There are not only the various FAKO's but a number of different FICO models as well (this sticky is in the Understanding FICO Scoring subforum):

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Difference-in-Scores/td-p/2384297

Which model a given creditor uses depends on the creditor.  They don't all use the exact same score/model.  Even if they did, they don't all use the same CRA's (for any model you have a score with each CRA).  Additionally, creditors have varying underwriting critieria so a score of X with a creditor could lead to an approval while the same score could lead to a denial with another creditor even if both use the exact same score/model.

The FICO you have is about as good as it gets but keep the caveats above in mind as a given creditor may pull a different number than what you get from FICO.