@Red1Blue wrote:What is the difference between myFICO report and Bank issued FICO report ?
Langley is giving EQ based FICO <- No comment on this, don't have Langley CU
BOA is giving TU based FICO <- FICO® Score 8 same as myFico on the day
Discover Credit is giving EX based FICO <- FICO® Score 8 same as myFico on the day
Is there any difference in scores between what we get from myFICO report and these FICO reports given by Banks ?
I have seen some delays and back dating on myFICO but the changes do reflect the same score.
@Red1Blue wrote:
@CYBERSAM wrote:
I have seen some delays and back dating on myFICO but the changes do reflect the same score.Hi @CYBERSAM, Thanks for your message. I am paying off lot CAs and COs and I expect lot of changes on my report. I do not want to keep spending money buying reports when I can get rough scores for free from Banks. For now I'll stick with 3 reports I am getting from Banks and may be I'll buy the acutal reports once every 3 or 6 months.
You can get the actual report from www.annualcreditreport.com every week now! So the score is the only best thing myFICO has to offer.
@Red1Blue wrote:What is the difference between myFICO report and Bank issued FICO report ?
Langley is giving EQ based FICO
BOA is giving TU based FICO
Discover Credit is giving EX based FICO
Is there any difference in scores between what we get from myFICO report and these FICO reports given by Banks ?
No those are the same scores, although usually the timing is wildly different.
Discover provides a TU score. My score on the Discover apps is lagging behind the score that I pay for by 2 months. I don't know if it's because of the current pandemic or what the situation is.
Goal Scores: 700 across all three
What I've noticed about MyFICO's score timing, is that the realtime credit monitoring is quite slow sometimes - in fact, it doesn't change at all unless a certain "event" happens, such as a large payment, new account, inquiry, etc. If the score just changes because of the passage of time (accounts getting older, etc.) the realtime moitoring usually doesn't update the scores. Even when it does get updated, it's sometimes 2-3 days after other credit monitoring services have already updated your score.
But, when you buy a report (or if you get a monthly/quarterly report included with your subscription) the scores are very accurate and very current.
Sometimes my FICO's on the dashboard will be static for days or weeks, and then when I get my monthly report update, the scores suddenly all get updated immediately, and reflect the same scores as everyone else.
A couple things to note about FICO scores provided by banks - They typically only update on a schedule (once per week, 2 weeks, month, or in some cases, only quarterly). In other words, it's only a snapshot of your score for that moment in time, but does not get updated in realtime. Additionally, it isn't always a FICO 8 score they provide... you'll have to read the fine print to see which FICO they're giving you. Citi, for example, provides the FICO 8 Bankcard score, which is different from the normal FICO 8 score. Whereas, Discover provides the regular FICO 8.
In some cases, banks will pull your FICOs on a specific date, but don't post them until days or weeks later. Citi is an example of this - they pull my FICO score around the 24th, but don't post it to my account until around the 10th of the next month (by which point, the score is probably different).
I have the $39 monthly credit monitoring service with MyFICO, and it's immensely valuable and I can highly recommend it, if even only for the monthly report/score updates. The realtime FICO 8 updates are nice, but as noted above, often doesn't work as well as the realtime monitoring by other services like Experian (which updates instantly in most cases). That's why I use a combo:
- MyFICO for accurate monthly scores of every relevant FICO scoring model
- Experian for realtime EX FICO 8
- Citi for monthly (lagged) FICO 8 Bankcard (I forget which bureau, EQ I think)
- CreditKarma (updates EQ/TU weekly) and Nav (updates EX monthly) for vantage scores, which are only marginally helpful but nice to know if you want to have "the whole picture"
Only this first one on the list costs money, but it's well worth it, IMO. Especially if you're interested in your FICO 9, FICO 8 Bankcard or Auto, or FICO 2-4-5 (mortgage) scores, all of which you'll have an extremely difficult time trying to find anywhere else.
Total Loan Balance: $43k / $65k
Total SL: $78k
If the version and CRA reporting are the same, then the scores will match. I keep a myfico subscription, I just keep it paused most of the time. ITs about to come out at the end of this month and I'll grab a copy then put it back on pause for another 6 months.
The thing I like about myfico is that they give you all the versions for each bureau so you get a good idea of where you stand. None of the other ones that I'm aware of giving you as much. So for me paying the 40 bucks once every 3-6 months is worth it.
I use the other free ones for Fico 8 to just monitor in between my myfico 3b pulls.
