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Different Equifax FICO Scores : Lender vs MyFico

Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

I have never used MyFico for pulling my reports as I’ve never seen the need to get anything other then FICO 8 and it’s quite expensive.

But I just looked at the two options they have available. Both the monthly credit monitoring service for 39.99 and the one time purchase of a 3B for $59.99 includes FICO 8 and 20+ additional FICO scores.

Being as MyFICO is owned by fair Issac who created and owns the rights to FICO scoring. These scores are definitely real and accurate.

You pulled your credit on July 2nd and applied on July 3rd. Did any new items report ? Any negative items ?
This could potentially be a reason for the difference in scoring

You would want to login to myFICO
Then select Equifax and then find the additional scores listed. You want Equifax FICO score 5 which is the mortgage based FICO score for Equifax. This is what I would guess US bank pulled for your loan app if they did in fact use Equifax instead of Transunion. As USB uses mortgage scores for their credit risk reviews

The letter from US bank should include the date, bureau they used, FICO scoring version, score and reasons for denial.

You can always signup for credit karma. It’s a free monitoring service that monitors Transunion and Equifax. While the scores they provide are VantageScores (Not used by lenders) and are not comparable to FICO scores and should be taken for education only. It will allow you to see copies of your credit report. It would allow you to confirm right now which bureau US bank did pull.

I think you are putting to much stock in just your FICO score. Plenty of people get denied on this forum with excellent FICO scores for other reasons. The score alone does not mean approval. It’s only part of the risk based analysis. They look at length of history, total debt, DTI, total credit lines, new accounts and loads of other stuff. You can have an 800 FICO and still get denied for lots of reasons.



FICO 8 scores 10/2018
EX-776
TU-708
EQ-703
Message 21 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

See this link:  FICO Score Versions

 

I'm curious to know what version U.S. Bank is using for loan applications.






Message 22 of 35

Re: Different Equifax FICO Scores : Lender vs MyFico

Me too!!! Out of curiosity, the images of credit cards beneath your credit score on your profile ....do they mean anything? I’m new. Wanted to know if this are ones you’ve qualified for. I will post same if that’s the case. Ironically one of them is a US Bank card. Lol.
Message 23 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

The images in my signature are for credit cards I currently have (if you mouseover each image you will see the current credit limit).  I have two U.S. Bank cards - the Platinum Visa and Cash+ Visa- and also have 3 deposit accounts with them so this topic caught my attention.

 


@ScoreSistah2 wrote:
Me too!!! Out of curiosity, the images of credit cards beneath your credit score on your profile ....do they mean anything? I’m new. Wanted to know if this are ones you’ve qualified for. I will post same if that’s the case. Ironically one of them is a US Bank card. Lol.

 






Message 24 of 35

Re: Different Equifax FICO Scores : Lender vs MyFico

Thank you!!
Message 25 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

This topic caught my attention as USB is my primary bank.

The pictures in my signature are al the current cards I have.
I have two US bank credit cards. The Altitude Reserve and FlexPerks Visa Sig.
I have around 7 deposit accounts with them including investments.
They are normally my go to bank for anything credit related so I’m very curious on the outcome of this topic



FICO 8 scores 10/2018
EX-776
TU-708
EQ-703
Message 26 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

Every time I've gone in-branch they've offered me the Altitude Reserve and the Reserve LOC which I've always declined because of the additional TU pull.  But of course after the last time I turned them down in April, I went out and got 5 new cards so my reason to decline their offer no longer applies.   I'm gardening for the next 6 months or so after which I'll get the Altitude and the Premier LOC (the Reserve isn't a true LOC...more like checking overdraft).

 


@Shadowfactor wrote:
This topic caught my attention as USB is my primary bank.

The pictures in my signature are al the current cards I have.
I have two US bank credit cards. The Altitude Reserve and FlexPerks Visa Sig.
I have around 7 deposit accounts with them including investments.
They are normally my go to bank for anything credit related so I’m very curious on the outcome of this topic

 






Message 27 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

The Altitude really is a good card for me.

The mobile pay 3X is awesome with a Samsung phone. I can almost literally use it everywhere. The only time that it hasn’t worked was at some small store that I don’t shop at frequently.

In just 6 months I’ve accumulated over 100K in points for just normal spend. Things no other card would have given me extra points for. Insurance, car repairs etc.
Plus I have other credit cards I use as well. So it didn’t even get all my spend.

While the points don’t have transfer options. This card is entirely more valueable to me then a CSR would be. I do spend a lot of dining which is why I have the CSP but there’s some many more opportunities to get 3X points with the AR over CSR.



FICO 8 scores 10/2018
EX-776
TU-708
EQ-703
Message 28 of 35

Re: Different Equifax FICO Scores : Lender vs MyFico

SHADOW FACTOR - THANK YOU!! 

 

I did exactly as you instructed. You were right! The score for the Equifax Mortgage calulator was EXACTLY the score the CSR told me I had, which matches exactly to the scoring model you cited in your reply. I am the first to admit when I am wrong but I do have to be given proof beyond "hey maybe you heard wrong". LBVS. Thank you and thank you again. At least I now know for sure that there are different models at play and that they used the mortgage model. Perhaps my 711 generic score is good somewhere but not with US Bank. 

 

Equ Fico 8 711

Equ Fico 5 640

 

  • 711FICO® Score 8Most widely used versionScore Range: 300–850Credit Rating: Good
COMMONLY USED IN MORTGAGE LENDING
  • 640FICO® Score 5Older version, most widely used for mortgage lendingScore Range: 300–850Credit Rating: Fair
    • 711FICO® Score 8Most widely used versionScore Range: 300–850Credit Rating: Good
    COMMONLY USED IN MORTGAGE LENDING
    • 640FICO® Score 5Older version, most widely used for mortgage lendingScore Range: 300–850Credit Rating: Fair
Message 29 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

You’re welcome.

The same thing happened to my fiancé with her mortgage scores. She has high amounts of student loans and at that point a 6 month old car loan. So her mortgage score was almost a 100 points less then her FIcO 8.

I’m the opposite where I have no mortgage and no installment loan debt. So my mortgage scores are higher then my FICO 8 scores.

US Bank is a very conservative lender and very much a relationship bank. I was able to get some first card with low scores most likely based on my banking relationship with them. I have been a banking customer for 5+ years.

Most Banks use FIcO 8 scores for loans and credit cards. So always google the banks name scoring model and MyFico at the end. You will find tons of posts from this forum with infomation about that bank, which model they use, which bureau and people’s application infomation with approvals and denials



FICO 8 scores 10/2018
EX-776
TU-708
EQ-703
Message 30 of 35