@Anonymous wrote:Just a general question.
How accurate are MYFICO Scores compared to what an actual financial institution would pull? I know there are several models of credit scoring, however is this pretty accurate to a financial pull?
If pulled at the same time, they are the same FICO scores as pulled by your lender. There should be no deviation unless something has changed in between pulls.
Fico is the true king of scoring however, depending on what you are going for such as mortgage; car etc, each institution uses more than just your Fico 8, 9, and now 10. Their are different scoring models attached like a Fico 3 or 4 for instance which are all accurate scores. Now comes Vantage with their own scoring differences which some institutions, financial bodies use. They are strangely off mark always although strangely their is where I have read in this forum from people that their Vantage was on mark with their Fico (I guess it could happen by chance}. Maybe someone else can help with this.
Starting Score: 544
@tricie17 wrote:Fico is the true king of scoring however, depending on what you are going for such as mortgage; car etc, each institution uses more than just your Fico 8, 9, and now 10. Their are different scoring models attached like a Fico 3 or 4 for instance which are all accurate scores. Now comes Vantage with their own scoring differences which some institutions, financial bodies use. They are strangely off mark always although strangely their is where I have read in this forum from people that their Vantage was on mark with their Fico (I guess it could happen by chance}. Maybe someone else can help with this.
VantageScore is more volatile because it updates more frequently for more, or different reasons. For example, since they've been trending data for years, they know I will run up my utilization during oct-dec, but I pay everything off by February. I wouldn't take as large a scoring hit as someone who never carries a balance, but all of a sudden does during that time. As for when they're similar, the reasons for having excellent credit are the same. Low to no inquiries, low utilization, few new accounts (if any), always pay on time, length of credit history, and credit mix. If someone was to have 5% utilization, AAoA 10yrs, and no new accounts or inquiries in the last 2 years, the scores would be close to each other. But, with the way both weigh everything, a single inquiry could cost you 50 points on VantageScore while only dinging someone 5 on FICO8.
I can somewhat understand with my Fico (Transunion) being 10pts lower than my (Transunion) Vantage. However, my age of accounts is 1yr 8mths on Vantage and 9 plus years on Fico. I really do not look at the optics all that much but this is unbelievable.