FICO/Credit Score on myFICO vs Transunion

[takeshi74]

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@Anonymous wrote:

So does myFICO provide a more accurate indication? 

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Neither is more accurate.

You need to look at it in terms of relevance and this will apply to FICO as well.

You mention one TU FICO but FICO has many more than just one model used by creditors.  I'm going to assume that you're referring to a TU FICO 8 since FICO 8 is the most commonly used model.  However, not all creditors use FICO 8 (or TU).  You need to consider both the specific scoring model and CRA for each creditor.  Creditor A may use a TU FICO 8 but the next creditor may use a different model and/or CRA.

See also the Understanding FICO Scoring subforum and its stickies for info on the various FICO models used by creditors.

To go back to the score you got form TU -- VantageScores are used by some creditors.  If you have a creditor that uses that VantageScore provided by TU then it can be relevant.

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@Anonymous wrote:

Bottom line, 718 or 731, I trust doesn't make a whole lot of difference where the rubber meets the road, so to speak. For example I walked into a BMW dealer and drove off in a new 2015 car with no down, no stips and a 1.2 financing package.

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You can't just look at the numbers.  Any score is generated based on the data in a report.  If the two scores used the same data (i.e. the TU report didn't change in the time between the generation of the scores) then they're just different interpretations of the same report data.  That's why some of us advice focusing on report data instead of fixating on numbers.  While you aren't going to be able to determine score by looking at a report, good reports will lead to good scores.

Different scoring models use different algorithms that evaulate report data differently.  They can also have different ranges of points.  You cannot use a score generated by one model to determine a score generated by a different model.  All this applies whether you're comparing FAKO to FICO, FICO to FICO or FAKO to FAKO.

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@Anonymous wrote:

One more question (famous last words) I am wondering if it is advisable to keep an open account with all 3 credit  bureau's ? I am paying about 50.00 a month for the 3 combined. Or, if myFICO would be sufficient to keep from worrying about some rascals messing with my identity and or my credit score.

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There are any number of services available for monitoring credit.  If you want to monitor FICO's that narrows down the options but, again, you need to consider the specific FICO's that you want to monitor.  IIRC most services that offer FICO's only offer FICO 8.  If you want other models then you may need to stick with myFICO.

Just be aware that myFICO monitoring is trigger based and that not all activity with a scoring impact is a trigger.  If you're relying on myFICO monitoring then make sure you understand the triggers.

http://myfico.custhelp.com/app/answers/detail/a_id/463/~/understanding-what-triggers-fico%C2%AE-3-bureau-credit-monitoring-and-fico%C2%AE-identity

I don't worry over my FICO's and purchase them as needed.  However, I do get a TU FICO 8 from Discover & Barclaycard, an EX FICO 8 from American Express, an EX FICO 8 BankCard from FNBO and an EQ FICO NextGen from PenFed.  For monitoring I just keep an eye on my TU and EQ report data using Crediit Karma.  They offer free access to report data from those 2 CRA's with weekly updates.  Haven't sorted out a solution for EX but I pull reports for all 3 as needed.

[Anonymous]

CCT also has the same alerts.

[Anonymous]

Thanks Takeshi74! That was a thorough and helpful post.

[Anonymous]

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@Anonymous wrote:
Three words. Credit. Check. Total.

Its through Experian, but they will provide all three reports AND true FICO 8 scores. You can pull your EX report daily, and TU/EQ reports once a month. They have a seven day trial for a dollar - but when you call to cancel, they will offer you the service for 50% off, $14.95 per month. Best deal hands down for FICO scores.

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While CCT is great the service provided by the product offered here giving you your auto enhanced, bank card enhanced and mortgage scores is a big plus over CCT.  This is the only place you can get those score variants 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Three words. Credit. Check. Total.

Its through Experian, but they will provide all three reports AND true FICO 8 scores. You can pull your EX report daily, and TU/EQ reports once a month. They have a seven day trial for a dollar - but when you call to cancel, they will offer you the service for 50% off, $14.95 per month. Best deal hands down for FICO scores.

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While CCT is great the service provided by the product offered here giving you your auto enhanced, bank card enhanced and mortgage scores is a big plus over CCT.  This is the only place you can get those score variants 

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I don't entirely disagree with you there - the multiple FICO versions is a great feature. CCT = Better report access, MyFICO = Better access to score variants. 

@BUT - a comment on those score variants. They do NOT update with your FICO 8 score updates. So if you are doing the 3B monitoring, you only get those scores with your initial reports, and your quarterly reports. If you want to see those scores in the interim, you have to purchase a full report - or set of reports, if you want all of them. To me that really kind of negates the advantage of having them. Makes more sense to me to just use CCT for report monitoring and FICO 8 scores, then just do the 3B Monitoring for one month whenever you want/need to see your other score variants. CCT @ $15 a month plus 3B Monitoring @ $30 four times a year = $300 vs the 3B Monitoring @ $30 a month $360. Same score access, but much more report access for $60 less per year.

I personally don't see any advantage to going from CCT back to the 3B Monitoring until MyFICO starts updating the score variants along with your FICO 8 scores and/or increasing report access. IMO they are going to bleed customers, losing them to CCT until they start to become more competitive, both price-wise and feature-wise.