Fico 8 scores .. thoughts

[Anonymous]

I'm curious if anyone can tell me how accurate the FICO 8 scoring model is on Experian.com?  Any input would be great.  Is it the same scoring model that they would use to get a car loan or home mortgage? 

[Anonymous]

No

As a matter of fact, there are FICO scores for mortgages, and auto loans

You can view all of them, across all 3 bureaus, with a subscription to myFICO

[RadioRob]

Lenders each use different versions. So you would need to know what specific model they use such as the auto enhanced version, the normal FICO 8, etc. But yes in general as long as that is the model used the scores will match.

[DaveInAZ]

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@Anonymous wrote:

I'm curious if anyone can tell me how accurate the FICO 8 scoring model is on Experian.com?  Any input would be great.  Is it the same scoring model that they would use to get a car loan or home mortgage? 

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Well, the Fico 8 score is accurate, but lenders use different Fico score for different products, particularly car loans and mortgages. If you have an Experian.com service you can see different Fico 8 versions. Click on "Fico Scores" and it will show you Fico scores for  Mortgage/Auto/Credit Cards. For example my Experian Fico 8 score is 756. My Mortgage Fico 8 is 740, Auto Fico 8 762 and Credit Cards 762. My Mortgage score is lower because while I don't have a mortgage I do have a Home Equity Line of Credit but Experian lumps that in with credit cards as revolving credit.

[Anonymous]

Wow very confusing lol.  I was thinking the free version on Experian model 8.0 is not very accurate. 

[KLEXH25]

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@Anonymous wrote:

Wow very confusing lol.  I was thinking the free version on Experian model 8.0 is not very accurate. 

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Why would you think that? You're getting their score straight from the source. 

[Anonymous]

I dunno when I think free I don't think it's accurate .... maybe I'm wrong. 

[SouthJamaica]

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@Anonymous wrote:

I'm curious if anyone can tell me how accurate the FICO 8 scoring model is on Experian.com?  Any input would be great.  Is it the same scoring model that they would use to get a car loan or home mortgage? 

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It's completely accurate.

It might or might not be used for a car loan; probably not. More likely one of the Auto models would be used.

It definitely would not be  used for a home mortgage. Definitely EX FICO 2 would be the scoring model from EX.

[KLEXH25]

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@Anonymous wrote:

I dunno when I think free I don't think it's accurate .... maybe I'm wrong. 

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Ok, I see. Yeah, I guess I can't blame you for thinking that lol. The Basic (free) score they offer is their Fico 8 score, once a month (it's not useless like a Vantage score). The thing is, that is only one score among many others available, and you need to pay for those. I guess it's their way of enticing people to pay for the other scores. The EX Fico8 is pretty handy though, because a lot of creditors seem to use that one for their credit cards (like AMEX, Chase, Citi, Discover, etc.).

[Anonymous]

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@Anonymous wrote:

I dunno when I think free I don't think it's accurate .... maybe I'm wrong. 

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It's extremely accurate but that doesn't mean it's the version that will be used for your product.