MyFico different than bank??

[Anonymous]

Ok - so recently i went for it just to make sure and pulled 3 scores and report for 60 bucks to check myfico.  Looks like i was pretty solid in my scoring so i have been working with my bank where i am re-financing and wanted them to wait for me to pull it first so i saved on the hard inquiry.  Once i confirmed my scores, I notified them to move forward.

So the lender pulled the scores, and the scores between all 3 credit agencieswere down by around 30 points!! I trust the lender as it is a well established local bank and they confirmed they are pulling my fico score, and not any other type of score like vantage, or anything else.

Can someone explain this? I thought myFico WAS my accurate score?  How can the bank come under by around 30 points for each agency?

[user5387]

There are many threads around here that explain that there are a large number of FICO scoring models, and your bank is likely using different ones from the ones available here.

There is not a single "right" FICO score, and many of the scoring models used by lenders are customized, for example to place extra weight on certain factors.

[Anonymous]

This should really be clear when purchasing, especially when spending $60 on this product. 

[JLK93]

The mortgage industry is standardized on the FICO 04 scoring algorithm. At this time, you can still purchase EQ 04 on the Equifax website. However, be careful what you pay for. They also sell FAKO scores. You can also get EQ 04 free as a member of DCU.

[Prettybg]

I have similiar feelings about this also. MyFico is 50 points different from my DCU score, but they are both supposed to be EQ 04. DCU score is lower.

[user5387]

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@Prettybg wrote:

I have similiar feelings about this also. MyFico is 50 points different from my DCU score, but they are both supposed to be EQ 04. DCU score is lower.

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MyFico is now EQ 08.

[Prettybg]

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@user5387 wrote:

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@Prettybg wrote:

I have similiar feelings about this also. MyFico is 50 points different from my DCU score, but they are both supposed to be EQ 04. DCU score is lower.

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MyFico is now EQ 08.

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hmmmm!!! good to know, forgive me as I'm not too familiar with 04 vs 08. What score should I trust to be the most accurate?

Thanks!! 

[Anonymous]

none.  dont trust any.  unfortunetly

[user5387]

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@Prettybg wrote:

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@user5387 wrote:

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@Prettybg wrote:

I have similiar feelings about this also. MyFico is 50 points different from my DCU score, but they are both supposed to be EQ 04. DCU score is lower.

---

MyFico is now EQ 08.

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hmmmm!!! good to know, forgive me as I'm not too familiar with 04 vs 08. What score should I trust to be the most accurate?

Thanks!! 

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04 is the standard in the mortgage industry, and 08 is the most up to date.

I'd go with 08 unless you're thinking about mortgages.

There are a wide variety of FICO and proprietary scores used in the lending industry, and the term "most accurate" is extremely elusive for a bunch of reasons.

One of those reasons is simply due to the fact that lenders have a variety of factors that they consider important in scoring, and these factors will not be the same across lenders.

[mtrsprt]

I guess I am lucky.  We are closing on a home next month, and the scores my bank showed were all about 9-16 points higher than my current FICO scores.  I do have a good standing mortgage from 9 years ago on my reports, so maybe banks do an enchanced calculation like auto lenders???