Discrepancy between Discover Fico score and Fico Equifax monitoring

[ficoladder]

Hi, 

I recently got a rejection for my application on a DIscover Card. The explanation letter that I received over the mail states that I have a FICO score of 611 from Equifax. I have a Fico paid subscription (score watch) to monitor my Equifax FICO score and it shows the score as 677 at the exact same point in time on which the letter states they pulled my credit. It has been around that number for a few months nowI might be getting this wrong. But can someone here explain how these both are different. 

Thanks

[trumpet-205]

Simple, Discover uses a different FICO scoring model than the one Score Watch uses.

FYI there are approx. 300 FICO scoring models out there. FICO itself is a company that constantly invents and sells new scoring model to CRA and lenders.

[azguy13]

It could very well be the difference between EQ04 and EQ08 models. If the report is EXACTLY the same, then that is the only thing I can think of. 

MyFico is currently transitioning the EQ score they sell here from 04 to 08. However, the EQ website is still selling the 04 model. 

[ficoladder]

I guess I am just surprised by the huge difference in the scores shown. I am not even sure of which score  to trust anymore. Wondering who the beneficiary for all this confusion. 

[Anonymous]

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@ficoladder wrote:

I guess I am just surprised by the huge difference in the scores shown. I am not even sure of which score  to trust anymore. Wondering who the beneficiary for all this confusion. 

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There is not a single "right" score.

The lending industry is diverse, and uses a wide variety of scoring systems.

One reason that scores vary is due to differences in how report information is weighted.  For example, an "auto enhanced" score gives extra weight to your previous auto loan history.

[icloud2525]

Plus Discover fico is Transunion so it would of course differ from Equifax. 

[DaveSignal]

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@icloud2525 wrote:

Plus Discover fico is Transunion so it would of course differ from Equifax. 

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OP is not talking about the free TU FICO, but rather an Equifax credit pull by Discover for a new card application.  So your statement is irrelevant in this regard.

But, as was mentioned by Azguy, it must be a different FICO model.

[icloud2525]

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@DaveSignal wrote:

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@icloud2525 wrote:

Plus Discover fico is Transunion so it would of course differ from Equifax. 

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OP is not talking about the free TU FICO, but rather an Equifax credit pull by Discover for a new card application.  So your statement is irrelevant in this regard.

But, as was mentioned by Azguy, it must be a different FICO model.

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My bad. 

[bigjim1]

it amazes me how all of you so called contributors (facilitators) keep saying that the scores are this sight are valid and that I quote (90%) of the top lenders use these myfico model for mortgages, well i purposely had my credit pulled by 3 different top lenders in the industry 1.  Wells Fargo 2. Quicken Loans 3.  Lending tree amazing all of them came up with the same scores which were at least 50-60 points below myfico.  They ALL obviously use the same scoring module which is obviusly different than myfico. So you can keep telling people these are valid scores and that there are so many different scoring models etc......but the bottom line is as a consumer since there are over 300 different fico's and we can only see 2, and they are all "WEIGHTED" differently and this is one of the only 2 we can see then,  that this module is of NO VALUE to us as individuals consumers. 

[Kazuya]

He is right. Because we pay for this service in hopes of being on top of our credit when going out into the market. Sorry to say but if penders are coming up with a 20+ discrepancy, that is just inexcusable. What is the point of score watch or quarterly watch unless you are purely watching out for ID theft? We can get that service from other providers and not even care anymore between FICO and FAKO.