MYFICO IS PROVIDING FACKOS

[Anonymous]

so i checked my credit score cuz i was going to apply for a loan ....my fico showed my score at 718 at TU  but when the loan officer run my credit from TU it came up at 666 and this is the 3rd time this happend to me that myfico would show higher scores but every time loan officer or dealership runs my credit it comes up less .... have this happen to any one else

[llecs]

Are you certain the dealer provided a FICO score? If certain that it was a FICO score, which version is it? In other words, could it be auto-enhanced?

[Anonymous]

i didnt apply at dealer today ..it was at citifinancial .. but in past i always had lower scores at dealer too

[llecs]

Out of curiosity I called Citifinancial Auto using the main phone line listed on their website. I pressed option 5 and then 2 and then got transferred to another number. The call rep said that a credit score is used in addition to other stuff like DTI, income, etc. However, the CSR did say that they stopped taking loan info directly and that the dealer uses software to calculate the score in-house. So, you'd have to talk to the dealer. Many lenders will use an Automobile-enhanced score, and sometimes not even a FICO score, to figure out a scoring basis for their lending. YMMV. I bet if you talked to them they'll tell you what score it is.

[chartley3]

TU scores can be different depending on which scoring formula the creditor is using. I know of 3 different TU scoring formulas that are all legit. I would ask the lender which formula they are using. If I remember correctly there is Empirica98 and 04 and the newest one that came out in 08.

[RobertEG]

A common misconception is that a consumer has "a"  FICO score.

Fair Isaac does not calculate FICO scores.  Rather. they license their dozens of scoring algorithms to each client.

Take a single CRA, for example.  FICO reaches an agreement with each CRA as to what they consider important in the scoring of data in their credit files.

Each CRA has a different overall emphasis, and thus produces different true FICO scoring with even identical data with that of another CRA.

Within each FICO scoring based on each CRAs requirements, FICO then provides them wiith approx. a dozen different scoring algoritms that depend upon the scoring "bucket" tjhat each consumer falls within.  So now,. on even the generic scoring algoriitms that you get from myFico, the different scoring runs into the dozens.

Then,enter tne "market specific" algoritms provided to various specialty lendors, such as auto and mortgage lendors.  They want to emphasise different risk factors more specific to their industry.  .To which Fair Isaac meets customer needs by licensing to them a whole different set of algorithms (e.g., auto-enhanced, mortgage enhanced).  Consumers cant purchase these specialty scores through the myFICO consumer site. so may feel that the discrepancy between the score they have received from myFICO and what a prospective lendor quotes to them is somehow incorrect. 

[Anonymous]

thanks for all the replys