Differences between Credit Card scores

[takeshi74]

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@Delta22 wrote:

Hope everyone had a wonderful week.  I am looking for some help understanding why my credit scores are showing different numbers when I check my score.  I currently Capital One, Citi, Discover and Chase.... On all of my credit trackers on the sites says I'm over 700.  But I believe two of my cards use Transunion, but both show a different score.  One shows 702 and the other shows 721.... 

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Different scoring models.  Don't overlook the Understanding FICO Scoring & Mortgage subfora and their stickies.  IIRC the stickies in the subforum cover that as well as many prior discussions.  You always need to consider the specific scoring model when referencing scores and not just the number itself and the CRA.

Different scoring models use different algorithms that evaluate report data differently and can have different scoring ranges.  You cannot use a score generated by one model to determine a score generated by a different model.  If you want to know what your score is for a given model/CRA then you need to pull that specific score.

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@Delta22 wrote:

We are in the process of selling out house, and trying to see if the scores on the credit card companies are a good number to get a feel for what a lender would see?  

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A mortgage lender isn't going to use FICO 8 or most of the other models commonly used for credit cards. They will use one of the older models commonly used for mortgage decisions. I don't have these models memorized but they are covered in the stickies in the Understanding FICO Scoring subforum.

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@iheartwings wrote:

Capital One provides a VantageScore 3.0 (not a FICO)

Citi is a FICO8 Bankcard Enhanced

Discover is a FICO8 TU

Chase is a FICO8 EX 

So, your Discover and CapOne credit scores will not be the same because while they are credit scores, they aren't from the same scoring model.  

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Citi is also not the same scoring model as Discover or Chase.  FICO 8 and FICO 8 Bankcard are not the same model.  Bankcard scores are on a different point scale.

[Anonymous]

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@takeshi74 wrote:

A mortgage lender isn't going to use FICO 8 or most of the other models commonly used for credit cards. They will use one of the older models commonly used for mortgage decisions. I don't have these models memorized but they are covered in the stickies in the Understanding FICO Scoring subforum.

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Honestly, mortgage lenders are going to use whichever FICO version they please. Some FICO versions may be more commonly used for mortgages, but that does not mean that version will be used for anyone's specific mortgage. 

As an example, Capital One likes to make their credit card decisions based on the "commonly used for mortgages" FICO score. In a similar way, mortgage lenders are not limited to using the FICO version they're "supposed" to use.

[Anonymous]

Someone above suggested that mortgage lenders often use a FICO 4 score.  I would assume that model verses a FICO 8 for example would give more weight to past installment loans rather than CC accounts since that data would probably be a little more meaningful to them?

[iv]

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@Anonymous wrote:

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@takeshi74 wrote:

A mortgage lender isn't going to use FICO 8 or most of the other models commonly used for credit cards. They will use one of the older models commonly used for mortgage decisions. I don't have these models memorized but they are covered in the stickies in the Understanding FICO Scoring subforum.

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Honestly, mortgage lenders are going to use whichever FICO version they please. Some FICO versions may be more commonly used for mortgages, but that does not mean that version will be used for anyone's specific mortgage. 

As an example, Capital One likes to make their credit card decisions based on the "commonly used for mortgages" FICO score. In a similar way, mortgage lenders are not limited to using the FICO version they're "supposed" to use.

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Er.. no, not really.

In practice, due to Freddie/Fannie/etc requirements, effectively all standard owner-occupied mortgages today use EQ5/EX2/TU4.

It's required for selling them to the GSEs, and in practice even bank-held portfolio loans almost always use the same scoring.

Unless you are talking commerical/rental/hard money loans... EQ5/EX2/TU4 are THE scores for mortgage lending today.

[Revelate]

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@Anonymous wrote:

Someone above suggested that mortgage lenders often use a FICO 4 score.  I would assume that model verses a FICO 8 for example would give more weight to past installment loans rather than CC accounts since that data would probably be a little more meaningful to them?

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Nope.  FICO 04 installment loans are just credit mix and payment history.  

People confuse mortgage scores with "mortgage-enhanced industry option" which no one we've ever heard of ever uses.  iv's correct in this case, 99.999+% of the mortgages underwritten in the United States use one scoring standard:

http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-them/td-p/3817869

and these are all Classic scores: no strange weighting to them unlike the industry options.  The only exceptions to this are portfolio lenders (which are very very rare these days with current interest rates), as generally even all the jumbo lenders just use their typical mortgage process and since it's all the same tiers anyway, you guessed it, same scores.  Lot of the portfolio lenders use the same scores too, we've had one report of a portfolio lender using a non-traditional score set.  One.

[Anonymous]

Is the TU score from bank of america a fico 8?