@MissExcellentCredit wrote:
Hi everyone.
After experiencing a bit of frustration in learning that lenders don't always pull scores from myfico, I've come to the understanding that there are different formulas for calculating the FICO score, but in essence, they are all still FICO scores. Is this right? Sometimes I wish all the confusion could be avoided and there just be ONE formula and 3 solid Scores, but alas, such is the way of CRA's industry who want you to buy their credit monitoring products.
Right. There's a different formula used by each CRA. In turn, each lender can decide and choose which FICO version they want to pull. Using TU as an example, some lenders prefer TU98 (yes, heard from a great source that millions of TU98 FICO scores were pulled in the past year) which is the same version of TU FICO on here, though most still use TU04, which is not available on here (or anywhere as far as that goes). And to confuse things, a couple of years ago FICO came out with FICO08 which is a different FICO version entirely, though I have yet to see a single post of a lender using it.
There are so many Classic versions out there like TU98, TU04, and TU08 for TU. EQ primarily has Beacon 5.0 (same as on here and virtually all lenders use it) and there's aso Beacon 9.0 (FICO08 for EQ). Then EX has the Risk Model v2 (most lenders use this and it was on here when we could pull EX...it comes from 1999), Risk Model v3 (from 2005), and Risk Model v8 (FICO08 version). Lenders can pick and choose between each CRA and each FICO version. It's my understanding that FICO will work with them to run models to see which scores worked best/least using older report data. Whatever model was a better predictor of risk is the model the lender will run with.
Oh, and not to confuse things further, there are industry-specific FICO scores. Auto lenders, for example, will sometimes choose to use an auto-enhanced FICO that weighs more on the borrower's past car loan borrowing and payment experience. There are mortgage-enhanced FICO scores for all 3 that weigh past mortgage experience, though I haven't seen any poster post saying their lender use this. There are also bankcard-enhanced FICO scores that weigh past CC experience. In looking up the model numbers, I just learned that there's an installment-enhanced FICO that weighs your loan experience. Lastly, there are non-Classic FICOs like NextGen and I assume others that lenders can use, though it isn't too common. I think PNC uses one in mortgage lending and I believe USAA uses a non-Classic for EX in mortgage lending.
In short, know that virtually all use the same EQ FICO as on here and I'd guess you have a one in four shot at finding a lender that uses the same TU FICO as on here.
Remember there is no credit monitoring product anywhere (in the universe) that offers all 3 FICO scores together. They are all FAKOs. The only monitoring product, aside from TUQM which doesn't monitor, that offers any sort of FICO is SW, and there are places you can get one FICO score monthly for free or at a reduced price like PSECU, M&T, etc.
