Not happy! Myfico score way off!!!

[newstart13]

According to myfico equifax score was 678. Lender pulled for refinance and it was 628 on the same day!! What is going on?

[Whitneyy]

Lender probably wasn't using the new FICO 08 scoring. 

[Anonymous]

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@newstart13 wrote:
According to myfico equifax score was 678. Lender pulled for refinance and it was 628 on the same day!! What is going on?

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The scores available here are the FICO 08 series.

I'm not sure what the lender pulled, but if it's mortgage-related, it would be the FICO 04 series.

These are different scoring models (formulas), and won't match each other.

[newstart13]

So if I apply for a credit card will score be different?

[09Lexie]

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@newstart13 wrote:

So if I apply for a credit card will score be different?

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Your scores haven't changed; just the version that you see has changed.  For example, lets say you apped for a Citi card 5 mos ago.  You were approved and didn't receive your score because you received the best terms. However, if you were declined you might have seen a Fico 08 score and didnt understand why the score was so different. 

Lenders  have been using FICO08 for a year, myFICO is just offering it to you now. 

[newstart13]

I still don't really understand?  I' masking if the scoring models are different, would mortgage lenders and credit card companies use different scoring?  And then score is different?  And I still think a 50 pt wwing with all the same info is crazy!  I think this is a money making deal for reporting agencies.  Consumers have the right to the actual number and companies have people paying for FAKO and  FICO scores and none reflect what is real!  This is a scam if you ask me!

[Anonymous]

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@newstart13 wrote:

I still don't really understand?  I' masking if the scoring models are different, would mortgage lenders and credit card companies use different scoring?  And then score is different?  And I still think a 50 pt wwing with all the same info is crazy!  I think this is a money making deal for reporting agencies.  Consumers have the right to the actual number and companies have people paying for FAKO and  FICO scores and none reflect what is real!  This is a scam if you ask me!

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There is not a single "actual number" or "real score".

Lenders use a variety of scoring models, that weight various factors differently, and that were developed at different times based on consumer and legal trends applicable at that time.

[Gladius]

"I still don't really understand?  I' masking if the scoring models are different, would mortgage lenders and credit card companies use different scoring?  And then score is different?  And I still think a 50 pt wwing with all the same info is crazy!  I think this is a money making deal for reporting agencies.  Consumers have the right to the actual number and companies have people paying for FAKO and  FICO scores and none reflect what is real!  This is a scam if you ask me!"

This is true.  There was a 70 pt difference between what a lender pulled and what MyFico listed for me a couple of weeks ago.  I was not a happy camper.

[newstart13]

It's not a good thing to have such a large discrepancy! It's worse when I'm told how it's worth it to spend 60.00 because I will get the real score used by lender!

[bdhu2001]

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@newstart13 wrote:

I still don't really understand?  I' masking if the scoring models are different, would mortgage lenders and credit card companies use different scoring?  And then score is different?  And I still think a 50 pt wwing with all the same info is crazy!  I think this is a money making deal for reporting agencies.  Consumers have the right to the actual number and companies have people paying for FAKO and  FICO scores and none reflect what is real!  This is a scam if you ask me!

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Mortgage, car, & credit card companies all use different FICO score models that emphasize the types of credit or bills they utilize.  For instance an auto company would like to know that you walked away from your last car loan, even if it wa 4 years ago. A credit card company would not want the car weighted that heavily, because it was 4 years ago.  

On the other hand,  mortgage companies level of risk (over 80K.  In most places 150K+) is much higher.  Thus they want every baddie, that indicates late or non-payment to be listed forever until it falls off.  Thereby, reducing their risk as much as possible, and allowing them to charge higher rates for people that may be a greater risk to them.