Score mismatch between myFICO and actual score...

[Anonymous]

So, the short version of this story is that I recently added a new account, which the creditor checked TU. in the letter they sent (one of them), they confirmed TU score on 11/3/2014 was 680. myFICO says my TU score is 632. So, that's way off-what am I missing? My EQ and EX scores are seem to be correct, as I've gotten other confirmation for both recently from pulls/new accounts. EQ currently stands at 703, and EX at 671. Not that I'm necessarily blaming myFICO, as maybe TU just simply doesn't share something, so myFICO is effectively, de facto, a FAKO score? A little disappointing.

[Anonymous]

Simply put, there so may flavors of FICO - You need to know which version the lender pulled. Mortage lenders pull 98/04- Credit card lenders pull 08 (this version) Auto lenders pulls some enhanced version... Can't compare apples to apples unless you are sure you have apples

[Anonymous]

Well that's the odd part, this was for a credit card. I figured it would have something to do with using a different model, but if you say credit cards companies use the same model as myFICO uses, then I guess that's perplexing as well. All in all, it's not THAT big of a deal-at least right now. Really the main reason I've been keeping on top of scores is that I need a second family vehicle, and just got approved and check in hand. And in the next year, likely we'll buy a house. Otherwise, a few points this way or that way doesn't mean all that much.

[ojefferyo]

myfico offers the real fico score, most including TU offers their version of it and they say it for educational purpose only

[Anonymous]

Now...keep in mind that some CC issuers use a FICO NextGen Enhanced Risk score, which goes up to 950.

An example would be some Credit Unions, like PenFed.

Then, it would be a matter of knowing what agency they are pulling from. In the PenFed example, they pull from EQ.

If you look at my Signature you can see the point difference between my original FICO 08 score, and my FICO NextGen Enhanced Risk score. Both are FICO, both are EQ but just different algorithms. That could account for the score difference your seeing. The point spread in your case seems about right.

767 vs 822 (FICO 08 vs NextGen)

[ojefferyo]

Yes the NextGen seems to be a bit higher but it also goes up to 950 so in reality it's the same 

[Anonymous]

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@Anonymous wrote:

Now...keep in mind that some CC issuers use a FICO NextGen Enhanced Risk score, which goes up to 950.

An example would be some Credit Unions, like PenFed.

Then, it would be a matter of knowing what agency they are pulling from. In the PenFed example, they pull from EQ.

If you look at my Signature you can see the point difference between my original FICO 08 score, and my FICO NextGen Enhanced Risk score. Both are FICO, both are EQ but just different algorithms. That could account for the score difference your seeing. The point spread in your case seems about right.

767 vs 822 (FICO 08 vs NextGen)

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Very interesting. Somewhere in the last two weeks I read there were more than 42 versions of FICO Scores. Not sure of this number myself since each lender may incorporate some outside scoring system with their own internal Risk Analysis like Chase does. So ... it seems the mystery is that. Thanks for the learning.

[Anonymous]

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@ojefferyo wrote:

Yes the NextGen seems to be a bit higher but it also goes up to 950 so in reality it's the same 

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Well, it is, but it isn't.

The different scores are based upon the same information, yes... but because they are different algorithms, they weigh the information they see in different ways.

To say that a FICO 08 score of 767 always will equal a FICO NextGen score of 822 would be incorrect. That would only apply to my credit report, and only to my EQ credit report.

Generally, the NextGen score should be higher,but only because the scale is longer.

[ojefferyo]

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@Anonymous wrote:

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@ojefferyo wrote:

Yes the NextGen seems to be a bit higher but it also goes up to 950 so in reality it's the same 

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Well, it is, but it isn't.

The different scores are based upon the same information, yes... but because they are different algorithms, they weigh the information they see in different ways.

To say that a FICO 08 score of 767 always will equal a FICO NextGen score of 822 would be incorrect. That would only apply to my credit report, and only to my EQ credit report.

Generally, the NextGen score should be higher,but only because the scale is longer.

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Right, different factors could generate the same score but are weighed diffently in each model. 

[NRB525]

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@ojefferyo wrote:

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@Anonymous wrote:

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@ojefferyo wrote:

Yes the NextGen seems to be a bit higher but it also goes up to 950 so in reality it's the same 

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Well, it is, but it isn't.

The different scores are based upon the same information, yes... but because they are different algorithms, they weigh the information they see in different ways.

To say that a FICO 08 score of 767 always will equal a FICO NextGen score of 822 would be incorrect. That would only apply to my credit report, and only to my EQ credit report.

Generally, the NextGen score should be higher,but only because the scale is longer.

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Right, different factors could generate the same score but are weighed diffently in each model. 

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Thanks, CGDefender for your explanation of your signature, and comparison of the different timing / measures of some of the FICO scores.

Reading some of these threads about "understanding FICO scores", it seems people are looking for the "one number", their golden number, and the FICO scores are really calculated differently.

In my opinion, from what I've read and keeping in mind that MyFICO uses a specific algorithm, the MyFICO scores are accurate. They may be different at a point in time from other measures which other lenders use, but if you track them over time, MyFICO should be directionally accurate. The purpose of the MyFICO scores is to allow you to track changes in your score, to see if you are making progress improving your score, or what is causing score declines. There is a lot of noise in this process, so please don't panic every day

Also, I have to wonder at some of the wide ranges of scores which individuals find: Do these posters have negatives in their past credit profile? Perhaps something TU picks up, EQ doesn't, EX handles differently? I have no negatives, I've compared all three reports and they have the same information, and my scores are consistently within close ranges. FICO is complicated, and I could be wrong, but the information posted may not be everything that FICO sees in each report.