big difference in scores

Anonymous · ‎03-31-2015

My FICO 8 scores are Equifax 706 TU 685 and Experian 703 I just appled for a loan for a camper and was denied because they said my credit score (Equifax) was a 595. Can there really be that much of a discrepancy with scores?

Thanks

Anonymous · ‎03-31-2015

@Anonymous wrote:
My FICO 8 scores are Equifax 706 TU 685 and Experian 703 I just appled for a loan for a camper and was denied because they said my credit score (Equifax) was a 595. Can there really be that much of a discrepancy with scores?

Thanks

Yep, there sure can. Do you have collections in your files? If they pulled Fico 04 it places a lot more emphasis on collections than Fico 08.

Anonymous · ‎03-31-2015

No collections. One late payment (30 days) from 2008. No other derogatories. Do have high credit debt but all bills paid on time.

MarineVietVet · ‎03-31-2015

@Anonymous wrote:
My FICO 8 scores are Equifax 706 TU 685 and Experian 703 I just appled for a loan for a camper and was denied because they said my credit score (Equifax) was a 595. Can there really be that much of a discrepancy with scores?

Thanks

Hi and welcome to myFICO.

I deleted the duplicate thread you posted in Understanding FICO Scoring. Posting across multiple boards tends to lead to confusion.

Thanks for your understanding.

Anonymous · ‎04-01-2015

Many lenders use specialized industry scoring models, such as for a car loan or mortgage, or even their own proprietary ones. What scoring model did they use?

takeshi74 · ‎04-01-2015

@Anonymous wrote:
My FICO 8 scores are Equifax 706 TU 685 and Experian 703 I just appled for a loan for a camper and was denied because they said my credit score (Equifax) was a 595. Can there really be that much of a discrepancy with scores?

Yes. There are many scoring models out there used by creditors so don't assume that all scores are equivalent. Different models evaluate data differently. Depending on the models you're comparing there can be drastic differences. See also the Understanding FICO Scoring subforum and its stickies as well as prior discussions on scores as they are a very common topic.

Verify the scoring model used by the creditor for the loan versus relying on only the CRA.

Anonymous · ‎04-01-2015

There's definitely some lag, and I'm starting to wonder if it's worth it to be paying a monthly fee. I even got an "all clear" alert on my Experian, which I KNOW had changed and been updated by Experian.