FICO Scoring Differences

[tufa4311]

---

@Revelate wrote:

But realistically I may just spend the 20 bucks anyway for the report and score before I start applying for mortgages on March 1st presumably.

---

Well, when that happens update us to confirm if it is the same. 

[Revelate]

---

@tufa4311 wrote:

---

@Revelate wrote:

But realistically I may just spend the 20 bucks anyway for the report and score before I start applying for mortgages on March 1st presumably.

---

Well, when that happens update us to confirm if it is the same. 

---

Yeah but honestly, of all the people we've sent over to Equifax to pull their Score Power, someone would've been screamining bloody murder if the pull there didn't match their lender mortgage pull.

Until I get someone that calls foul, it's still FICO 04 as it has been for years.

[tufa4311]

@Revelate wrote:

Yeah but honestly, of all the people we've sent over to Equifax to pull their Score Power, someone would've been screamining bloody murder if the pull there didn't match their lender mortgage pull.

 Until I get someone that calls foul, it's still FICO 04 as it has been for years.

---

 Couldn't help it, I pulled EQ Score Power: 740

[HiLine]

---

@tufa4311 wrote:

@Revelate wrote:

Yeah but honestly, of all the people we've sent over to Equifax to pull their Score Power, someone would've been screamining bloody murder if the pull there didn't match their lender mortgage pull.

 Until I get someone that calls foul, it's still FICO 04 as it has been for years.

---

 Couldn't help it, I pulled EQ Score Power: 740

---

That's an excellent score! If you were to apply for a mortgage now, you'd qualify for the lowest rates with 740. Congrats!

[tufa4311]

@tufa4311 wrote:

 Couldn't help it, I pulled EQ Score Power: 740

---

@HiLine wrote:

That's an excellent score! If you were to apply for a mortgage now, you'd qualify for the lowest rates with 740. Congrats!

---

Seriously? Cool.

FICO Simulator Best Action:

Pay Down 90% - 100% of Your Credit Card Balances - Over the Next 24 Months

My current Util is 1%...great advice...

[tufa4311]

---

@tufa4311 wrote:

How do we actually know EQ Score Power is an 04? The website doesn't say anything about what version it is:

http://www.equifax.com/credit-score/

Heck, it says "The FICO Credit Score is intended solely for your own educational use"

---

After some research I feel confident that EQ Score Power is the true FICO 04. I believe these are the "real" names of FICO 04 for each of the 3 CRA:

Equifax Beacon 5.0
Experian/Fair Isaac Risk Model v2
TransUnion FICO Risk Score 04

[Revelate]

---

@tufa4311 wrote:

---

@tufa4311 wrote:

How do we actually know EQ Score Power is an 04? The website doesn't say anything about what version it is:

http://www.equifax.com/credit-score/

Heck, it says "The FICO Credit Score is intended solely for your own educational use"

---

After some research I feel confident that EQ Score Power is the true FICO 04. I believe these are the "real" names of FICO 04 for each of the 3 CRA:

Equifax Beacon 5.0
Experian/Fair Isaac Risk Model v2
TransUnion FICO Risk Score 04

---

IF you consider a mortgage app to be the "real" version then yes.

Otherwise they're good at smaller lenders (CU's) and that's about it.  Auto lenders are on entirely different set of scores which to date haven't been consumer available, and the overwhelming number of credit card issuers are on a FICO 8 model.

End of the day, the only score that is important is the one that the lender pulls.  The rest are irrelevant in the heat of the moment.

[tufa4311]

---

@Revelate wrote:

---

@tufa4311 wrote:

---

@tufa4311 wrote:

How do we actually know EQ Score Power is an 04? The website doesn't say anything about what version it is:

http://www.equifax.com/credit-score/

Heck, it says "The FICO Credit Score is intended solely for your own educational use"

---

After some research I feel confident that EQ Score Power is the true FICO 04. I believe these are the "real" names of FICO 04 for each of the 3 CRA:

Equifax Beacon 5.0
Experian/Fair Isaac Risk Model v2
TransUnion FICO Risk Score 04

---

IF you consider a mortgage app to be the "real" version then yes.

Otherwise they're good at smaller lenders (CU's) and that's about it.  Auto lenders are on entirely different set of scores which to date haven't been consumer available, and the overwhelming number of credit card issuers are on a FICO 8 model.

End of the day, the only score that is important is the one that the lender pulls.  The rest are irrelevant in the heat of the moment.

---

Well, by "real" I just meant these are the names each of the CRA's call them by.

But, you make a very important point. It's all about what your goal is.

My goal? A house, so my yard stick is going to be FICO 4.

My auto loans is 3.44%, not too bad so I'm not too concerned about what my auto-enhanced FICO would be. And I get my FICO 8 from two credit cards so I'm covered there.

[jamie123]

---

@tufa4311 wrote:

---

@Revelate wrote:

---

@tufa4311 wrote:

---

@tufa4311 wrote:

How do we actually know EQ Score Power is an 04? The website doesn't say anything about what version it is:

http://www.equifax.com/credit-score/

Heck, it says "The FICO Credit Score is intended solely for your own educational use"

---

After some research I feel confident that EQ Score Power is the true FICO 04. I believe these are the "real" names of FICO 04 for each of the 3 CRA:

Equifax Beacon 5.0
Experian/Fair Isaac Risk Model v2
TransUnion FICO Risk Score 04

---

IF you consider a mortgage app to be the "real" version then yes.

Otherwise they're good at smaller lenders (CU's) and that's about it.  Auto lenders are on entirely different set of scores which to date haven't been consumer available, and the overwhelming number of credit card issuers are on a FICO 8 model.

End of the day, the only score that is important is the one that the lender pulls.  The rest are irrelevant in the heat of the moment.

---

Well, by "real" I just meant these are the names each of the CRA's call them by.

But, you make a very important point. It's all about what your goal is.

My goal? A house, so my yard stick is going to be FICO 4.

My auto loans is 3.44%, not too bad so I'm not too concerned about what my auto-enhanced FICO would be. And I get my FICO 8 from two credit cards so I'm covered there.

---

Yeah, it's really bad that us as consumers only have easy access to our FICO 08 scores. A good FICO 08 score will only get you a better credit card so you can spend more money.

When it comes to an auto enhanced score or the FICO 04 score for mortgages, scores that could REALLY save you money and give you negotiating power with a lender, those scores are hard/impossible to come by. I mean think about how much better the buying experience for an auto or house would be if you knew your actual scores BEFORE you started the process.

[tufa4311]

---

@jamie123 wrote:

---

@tufa4311 wrote:

---

@Revelate wrote:

---

@tufa4311 wrote:

---

@tufa4311 wrote:

How do we actually know EQ Score Power is an 04? The website doesn't say anything about what version it is:

http://www.equifax.com/credit-score/

Heck, it says "The FICO Credit Score is intended solely for your own educational use"

---

After some research I feel confident that EQ Score Power is the true FICO 04. I believe these are the "real" names of FICO 04 for each of the 3 CRA:

Equifax Beacon 5.0
Experian/Fair Isaac Risk Model v2
TransUnion FICO Risk Score 04

---

IF you consider a mortgage app to be the "real" version then yes.

Otherwise they're good at smaller lenders (CU's) and that's about it.  Auto lenders are on entirely different set of scores which to date haven't been consumer available, and the overwhelming number of credit card issuers are on a FICO 8 model.

End of the day, the only score that is important is the one that the lender pulls.  The rest are irrelevant in the heat of the moment.

---

Well, by "real" I just meant these are the names each of the CRA's call them by.

But, you make a very important point. It's all about what your goal is.

My goal? A house, so my yard stick is going to be FICO 4.

My auto loans is 3.44%, not too bad so I'm not too concerned about what my auto-enhanced FICO would be. And I get my FICO 8 from two credit cards so I'm covered there.

---

Yeah, it's really bad that us as consumers only have easy access to our FICO 08 scores. A good FICO 08 score will only get you a better credit card so you can spend more money.

When it comes to an auto enhanced score or the FICO 04 score for mortgages, scores that could REALLY save you money and give you negotiating power with a lender, those scores are hard/impossible to come by. I mean think about how much better the buying experience for an auto or house would be if you knew your actual scores BEFORE you started the process.

---

Well, actually, we can get the FICO 04 - EQ "Score Power" is a product that provides your FICO 04 score based on your EQ credit report.