I don't understand the score difference - ideas please?

[Anonymous]

DH and I have been talking about joining a CU for a long time.  I finally made some time in my schedule to head over to open our accts.  I knew that they pulled EQ, so I purchased our scores and reports before heading over, as I do NOT like to be surprised.  My score was 686, DH 668 - not too bad I thought for having a CH7 BK discharged 12/10! 

Imagine my surprise when they pull my report and say my score is 652!  WTH?  DH is exactly the same.  What gives?  I do not have a copy of what they pulled, but I did look it over - it said Beacon 9 at the top.  I have a new Inq dated 9/8, but that showed up on the myFICO report I purchased.  Please help me understand!

Thanks!

[MarineVietVet]

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@Anonymous wrote:

DH and I have been talking about joining a CU for a long time.  I finally made some time in my schedule to head over to open our accts.  I knew that they pulled EQ, so I purchased our scores and reports before heading over, as I do NOT like to be surprised.  My score was 686, DH 668 - not too bad I thought for having a CH7 BK discharged 12/10! 

Imagine my surprise when they pull my report and say my score is 652!  WTH?  DH is exactly the same.  What gives?  I do not have a copy of what they pulled, but I did look it over - it said Beacon 9 at the top.  I have a new Inq dated 9/8, but that showed up on the myFICO report I purchased.  Please help me understand!

Thanks!

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Beacon 9.0 is the newest version of Equifax. The version sold here is Beacon 5.0. You are the first person I've seen post anything about a lender pulling Beacon 9.0.

I would suspect (but could be wrong of course) that is the reason for the difference in the scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[guydiver]

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@MarineVietVet wrote:

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@Anonymous wrote:

DH and I have been talking about joining a CU for a long time.  I finally made some time in my schedule to head over to open our accts.  I knew that they pulled EQ, so I purchased our scores and reports before heading over, as I do NOT like to be surprised.  My score was 686, DH 668 - not too bad I thought for having a CH7 BK discharged 12/10! 

Imagine my surprise when they pull my report and say my score is 652!  WTH?  DH is exactly the same.  What gives?  I do not have a copy of what they pulled, but I did look it over - it said Beacon 9 at the top.  I have a new Inq dated 9/8, but that showed up on the myFICO report I purchased.  Please help me understand!

Thanks!

---

Beacon 9.0 is the newest version of Equifax. The version sold here is Beacon 5.0. You are the first person I've seen post anything about a lender pulling Beacon 9.0.

I would suspect (but could be wrong of course) that is the reason for the difference in the scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Great.  Another Fico score we can't buy.  First EX, then TU04, now EQ 9

[llecs]

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@guydiver wrote:

Great.  Another Fico score we can't buy.  First EX, then TU04, now EQ 9

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Oh there's more...a lot more.

[Anonymous]

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@MarineVietVet wrote:

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@Anonymous wrote:

DH and I have been talking about joining a CU for a long time.  I finally made some time in my schedule to head over to open our accts.  I knew that they pulled EQ, so I purchased our scores and reports before heading over, as I do NOT like to be surprised.  My score was 686, DH 668 - not too bad I thought for having a CH7 BK discharged 12/10! 

Imagine my surprise when they pull my report and say my score is 652!  WTH?  DH is exactly the same.  What gives?  I do not have a copy of what they pulled, but I did look it over - it said Beacon 9 at the top.  I have a new Inq dated 9/8, but that showed up on the myFICO report I purchased.  Please help me understand!

Thanks!

---

Beacon 9.0 is the newest version of Equifax. The version sold here is Beacon 5.0. You are the first person I've seen post anything about a lender pulling Beacon 9.0.

I would suspect (but could be wrong of course) that is the reason for the difference in the scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Thanks for the info, Marine, but that totally sucks!!!  I am a notorious cheapskate, and with no discount codes lately, I paid full price to feel like I was "in the know" before I went in.  Guess Beacon 9.0 takes inq much more seriously???  That is the only difference btw mine and DH reports, that one extra inq.  Bummer.

[MarineVietVet]

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@Anonymous wrote:

 

Thanks for the info, Marine, but that totally sucks!!!  I am a notorious cheapskate, and with no discount codes lately, I paid full price to feel like I was "in the know" before I went in.  Guess Beacon 9.0 takes inq much more seriously???  That is the only difference btw mine and DH reports, that one extra inq.  Bummer.

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To be honest I'm not sure what the differences are between the 2 versions although now that someone has had Beacon 9 pulled I need to do that very thing.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Mn_Vikes]

FICO / FAKO
If it's not what your creditor uses than it might as well be a FAKO.

[GregB]

Beacon 9 is very similar to Beacon 5.0. Beacon 9 is EQ's version of FICO 08. Beacon 5.0 is EQ's version of FICO 04.

The various FAKO scores are quite different from the various FICO scores and each other.

Each "generation" of FICO algorithm tries to improve the identification of risk.

Beacon 9 has stated improvements:

1. Considers the degree of “bad” behavior (90+ days past due) over the span of 24 months relative to “good behavior.”

2. Considers Authorized User (AU) tradeline information to support lenders' need to comply with federal regulations for spousal use, as well as to mitigate against AU abuse.

3. Small amount collection and public record items (under $100) are no longer evaluated. This ensures consumers are not negatively impacted by relatively minor occurrences of these items.

I would imagine some people will be happy about the improvements such as people with a small collection that was killing them under previous versions. I would imagine the large number of people that were scamming the system with non-spousal AU accounts will not be happy.