MyFico scores not accurate?

[tehdrizzle]

Hi everyone,

We just purchased a new vehicle for my Wife last week and checked our credit here on MyFico beforehand which was 820-830 across the board. We were approved and have the vehicle which is the good news. Our Credit Union always provides a copy of the report and score they get from TransUnion. The report they received showed a score of 730 which was 100 point less than what showed on MyFico.

Can anyone advise on this? It seems like MyFico is far from accurate if those numbers are not what lenders are actually seeing.

[FicoMike0]

On need to specify which score. Fico8, fico9, fico8 auto...

[tehdrizzle]

I'm not sure which one my credit union uses. Looking at all of them on myrick the largest discrepancy is only 30 points with the lowest being 800 for trans union so it still doesn't make sense.

[MissLiz]

I bet they pulled TU98. It's an older scoring model and myFICO no longer provides your score for it. TU98 also tends to have much lower scores. This is the model NFCU pulls for auto loans. 

[tehdrizzle]

That would make sense. Thank you!

[keekers]

Same thing happened to me with my NFCU auto loan, the scores used were much lower than my FICO 8, although not 100 points lower.

[SouthJamaica]

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@tehdrizzle wrote:

Hi everyone,

We just purchased a new vehicle for my Wife last week and checked our credit here on MyFico beforehand which was 820-830 across the board. We were approved and have the vehicle which is the good news. Our Credit Union always provides a copy of the report and score they get from TransUnion. The report they received showed a score of 730 which was 100 point less than what showed on MyFico.

Can anyone advise on this? It seems like MyFico is far from accurate if those numbers are not what lenders are actually seeing.

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MyFICO is very accurate.

You need to know which scoring model is being used and the date of the pull.

[Thomas_Thumb]

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@MissLiz wrote:

I bet they pulled TU98. It's an older scoring model and myFICO no longer provides your score for it. TU98 also tends to have much lower scores. This is the model NFCU pulls for auto loans. 

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I had an older Fico score pulled for a CLI request. It was TU Fico 04 (commonly referred to as TU score 4).

The older Fico model scores are often substantially lower than Fico 8.

As an example, on one of my 3B reports, I had a EQ Fico 8 850 and EQ Fico 9 850 but my corresponding EQ Fico 04 (EQ score 5) was 764.

Older versions of Fico score are often pulled as part of Auto loan applications. The report should specify what version of Fico was used for the score.