Please explain the term "Classic Fico"

[Anonymous]

I was recently turned down for a loan because I was told my Classic Fico is 682.  With that mentioned, before I applied for the loan I checked MyFICO.com and received the score of 742.  Needless to say, I'm confused.  What's the difference between the info MyFICO supplies and a Classic FICO?   Thank you in advance for your time and assistance.

[llecs]

To get a better understanding, where did you get the 682 score? Was it from a lender and what kind of loan were you applying for?

Which credit report was the 682 based on? Which CR was the 742 from?

How far apart, time-wise, were the pulls between the 682 and 742?

[Anonymous]

I got the 682 from the lender.  I was attempting to refinance an existing loan with First Community Credit Union (my bank.)  Two years a go I took out a 10,000 signature loan, which is almost paid off.  I had hoped to refinance this loan and use the monies to pay off 3 credit cards and a medical bill.  I'm not certain which credit report was used to pull the 682?  When the gentlemen explained I was denied, I asked why my FICO was and he stated it was a 682.  I responded that I had just pulled my FICO from myfico.com and the website stated that my Equifax FICO is 742. Regarding the time distance between his report and the report I pulled, 10 minutes.  Thank you.

[llecs]

If I was facing that, then I'd probably call him back and ask which CR they pulled. If they said EQ, then I would ask them which version of FICO score they are using. Most CUs pull EQ. There are also several versions of FICO scores out there, all classic. Most of the EQ FICO scores (well, a super-vast majority) are a Beacon 5.0 score, including from this website. If the lender says Beacon 5.0 or even EQ, then there's certainly a discrepency there. One way to check which report they pulled is to start pulling all 3. The inquiry for the loan app would be on one of your reports right now.

I suspect that your CU isn't using EQ. EX would be the next logical choice and your EX and EQ FICO scores could certianly vary depending on the info on the reports. 

Post back if you find out anything. I'm curious.

[Anonymous]

According to the loan rep, they pulled Ex.'s Classic Score.  When I asked him to explain what classic means, he stated that he wasn't certain.  As you suggested, I pulled TU PICO as well.  It's a bit lower than Ex.'s 742, TU reported 715.  Also, as you suggested, I noticed that the inquiry was on TU report, not EQs. 

The reports did vary in one area.  Ex.'s stated my payment history is perfect over a 14 year period.  TU states that I was 30 days late on one account in  2006, which I was not!  I made an online payment, received a confirmation from the company that the payment was accepted and processed.  On my  next statement I was shocked to read that my payment was not received.  I contacted the company immediately, provided the confirmation code, etc.   Unfortunately, they wouldn't budge. I've submitted several rebuttals, which are always denied.  Any suggestions?

[haulingthescoreup]

You might want to ask your lender what the actual report names are. See if they're something like Beacon 5.0, Empirica Score (ask whether it's 98 or 04), and/or Fair Isaac Risk Version 2. These are the actual names of the EQ, TU, and EX scores that can be pulled here (or used to be pulled here in the case of EX.)

These are the most basic versions of FICO scores that are in use, but there are all sorts of variations out there. Your lender might be using FICO 08 scores, or the nearly unused NextGen scores, or something else entirely.

As for the late, you'll have to start disputing, which is never, ever fun. Did the lender admit that your paperwork was correct, and still refuse to change the report? If so, what reason did they give?

[Anonymous]

Thank you.  Yes, they did indicate via a phone conversation that my information was correct and requested that I fax them a copy of the receipt I received.  Once received, they stated that they would correct the wrong.  As requested, I sent them the information in 2006.  I never heard back from them again.  Of course, I contact them on several occasions to follow up on their intentions.   My calls were unsuccessful.