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MyFico vs. USAA, etc. - which one is most representative?

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mripguru
New Contributor

MyFico vs. USAA, etc. - which one is most representative?

Hello Smiley Happy

 

I may have asked this before so forgive me if I'm repeating myself - however:

 

Which consumer credit information company (MyFico, USAA via Experian, etc.) is most representative of the real score that is being looked at by various credit lenders, etc.? It seems that there's no real 'standard' to how these scores are computed - so, I'm just wondering which one best represents the 'real' financial picture vs. some approximation thereof (which may not even be correct.).

 

The reason I ask is because I'd like to standardize on 1 company/score calculation system vs. multiple.

 

Message 1 of 8
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DaBears
Senior Contributor

Re: MyFico vs. USAA, etc. - which one is most representative?

myFICO TU quarterly monitoring uses TU98. Most lenders use TU04. Score Watch uses Beacon 5.0 and soon myFICO will start using EX Fico scores

Message 2 of 8
mripguru
New Contributor

Re: MyFico vs. USAA, etc. - which one is most representative?

I guess you could say that MyFICO is about as close to reality as you can get (If I'm reading your response correctly - it's slightly cryptic)?

Message 3 of 8
DaBears
Senior Contributor

Re: MyFico vs. USAA, etc. - which one is most representative?

When I opened my CC back in Dec my credit score was 20 points higher than myFICO TU98. I believe there is nearly 50+ credit scores out there. It's a shame if you ask me. 

Message 4 of 8
mripguru
New Contributor

Re: MyFico vs. USAA, etc. - which one is most representative?

Which means the score is basically useless (from a customer point of view) since it's just a guess, basically?

Message 5 of 8
DaBears
Senior Contributor

Re: MyFico vs. USAA, etc. - which one is most representative?

Kinda. You can always ask the lender which version they use. Some actually have their own scoring model. But yes the credit scoring system along with the CRA's needs a major overhaulin. Most people don't realize there are 4 Credit Reporting Agencies.

Message 6 of 8
mripguru
New Contributor

Re: MyFico vs. USAA, etc. - which one is most representative?

Gotcha; will probably just stick with MyFico then.

Message 7 of 8
mauve
Valued Contributor

Re: MyFico vs. USAA, etc. - which one is most representative?

The Equifax FICO from here (and available from EQ's own ScoreWatch product) is probably the one you want. When I got my mortgage, I told my loan officer that I knew for sure my Equifax FICO and not the others. She seemed to believe that they all would be slightly different - used to people bringing her FAKOs, probably. My Equifax FICO was the exact same scoring model  (and score) as used on my mortgage.

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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