Question about the other type of Fico scores

Anonymous · ‎09-17-2019

Hi Folks.

Am I correct to assume that credit card companies use our fico 8 scores?

When do credit card companies, mortgage lenders and car loan comapnies use the "Score versions by loan type" that we have access to on myFico? And within that there are fico 8, fico 5, fico 4, fico 2 etc? Whats the most recent?

omgitsMatt · ‎09-17-2019

@Anonymous wrote:
Hi Folks.

Am I correct to assume that credit card companies use our fico 8 scores?

When do credit card companies, mortgage lenders and car loan comapnies use the "Score versions by loan type" that we have access to on myFico? And within that there are fico 8, fico 5, fico 4, fico 2 etc? Whats the most recent?

The definitive answer to that is simple , vague and moderately unhelpful. Which is, it varies widely from one lender to another lender and there’s never a pattern for what one lender does versus what another lender does. What I mean is you can't attritubte what Capital One does and use that to draw a conclusion on what Chase will possibly do.

Below are some examples of what I mean,

A local regional credit union that is in my county, it isn’t even state wide, pulled my Fico 8 Transunion score on March, 15th 2019 and used my Fico 8 TU score to open a credit card AND refinance an auto loan. They didn’t use my Fico 8 Bankcard score, my auto lending score or my other scores. They used my simple Fico 8 TU score.

Navy Federal Credit Union uses all three bureaus. They HP EQ FICO 9 when evaluating auto and lines of credit, HP TU FICO 9 for credit card apps, and they SP EX as well.

When my wife let Amerifirst hard pull her credit for a mortgage quote they used the traditional 5, 4 & 2 Fico mortgage scores.

When applying for a mortgage you’re going to usually get your mortgage scores pulled.
When applying for a CC you’ll get your Fico 8 or 9 scores pulled or bankcard scores pulled.
When applying for an auto loan you’ll get those scores pulled.

But that’s not always true though, don’t fall into that trap thinking that’s always the case. Remember how they refinanced my auto loan on a Fico 8 score? That’s why I mentioned that one earlier.

Here’s what you can do, because your question is a good one and I can see exactly what you’re driving at and why you want the information and my answer is essentially a non-answer above. Below is what I do.

Always ask the lender what they pull and which score they use before you allow them to do it. It’s not a strange question, it’s traditional and it’d be weird if they balk answering it. They’ve always told me every time I ask. The person you ask may not know all the details though, that has happened to me. I make them go find them though when they don't really know. YMMV
If you’re preparing for something long term, I’ve found the myFICO forums the best tool for figuring out the pattern of a lender when it comes to their credit pulling methods. You can get a lot of data from this specific forum.
I open up Google(.com), then type "Who does NFCU HP for a CC application myFICO" and it leads me to 20+ threads all from the myFICO forums and I pick the threads I see that are less than 6 months old and have my answers in less than 2 mins. I prefer Google's algorithm when finding relevant myFICO threads versus the forum search function. I just tack on ''myFICO'' onto the end of all my credit related searches and it leads me to a thread in this forum like I wanted

Anonymous · ‎09-17-2019

Wow. This is extremely helpful. Thank you for this. My mortgage lender actually used my fico 8 score a couple of months ago. Not my mortgage fico 5,4,2 scores.

My fico 8 scores have all updated in the past week. I’m waiting for the rest of the scores to update when my next credit report is released on 9-30-19 and reflects the changes I made on my portfolio. All those scores should increase just like my fico 8 has.

Trudy · ‎09-17-2019

Fico 9 is the most recent score but has less use than FICO 8. MTG lenders will use you MTG scores and take the middle score for lending purposes. CC and Auto lenders may use the industry specific scores but find that they can choose to you anything they want. Some use the basic Fico 8. WF CC uses FICO 9 and you'll find other lenders that may use older models.

You can ask here if you plan to app which score is used. It is likely someone has had experience with that lender. Also note that some will pull one or two of the bureaus and some pull all 3. Some are absolutel use one of the specific bureaus whereas some are determine by where you live.

There are many posts about "which score does ?? use?"

FICO - 8: 05/05/23

Anonymous · ‎09-17-2019

Understood. Thanks so much for your info.

Very helpful.

Anonymous · ‎09-17-2019

@Anonymous wrote:
I’m waiting for the rest of the scores to update when my next credit report is released on 9-30-19 and reflects the changes I made on my portfolio.

While you may be waiting to see the changes to your scores at that time, know that a lender can pull your report at any given time and thus get your score at that moment. Credit reports are ever changing and can vary from day to day. Any time the report data changes, the input data for the algorithm changes, which can produce a different score. I just wanted to clarify that, because from your post above it like you may believe that your scores only update once a month or at a certain time, when in fact they can change all the time and you just don't see it due to limited access.

Anonymous · ‎09-17-2019

Understood.

But for me to see the other scores then my actually credit report has to refresh as it has the last day of every month. But I can see my fico 8 scores gets refreshed all the time.

Anonymous · ‎09-17-2019

Gee, from that long winded post, It appears to me that this system really needs to be more simplified.

I'll never undserstand the need to over complicate such matters.

omgitsMatt · ‎09-17-2019

@Anonymous wrote:
Gee, from that long winded post, It appears to me that this system really needs to be more simplified.

I'll never undserstand the need to over complicate such matters.

The need comes from the lender, not the consumer.

The more complicated it is the harder it is for us, the consumer, to game it. That's why the lenders are always changing how they gather their data and scores from you.

Once you "get" how they do little things like that, even convoluted as it seems, you got a really good advantage. It's definately need to know on the consumer side IMO, it makes a real difference when applying for credit.

Anonymous · ‎09-17-2019

@omgitsMatt wrote:
I open up Google(.com), then type "Who does NFCU HP for a CC application myFICO" and it leads me to 20+ threads all from the myFICO forums and I pick the threads I see that are less than 6 months old and have my answers in less than 2 mins. I prefer Google's algorithm when finding relevant myFICO threads versus the forum search function. I just tack on ''myFICO'' onto the end of all my credit related searches and it leads me to a thread in this forum like I wanted

Great reply above on the use of different scores.

Here is an even better way to use Google for searching these forums:

site:ficoforums.myfico.com after:2019-09-16 nfcu hp

That will find all posts since midnight September 16 that reference nfcu hp.

To find all posts in the past 6 months just adjust the date: after:2019-03-17