Sooo many different credit scores...

[masscredit]

I was reading an article earlier about all of the credit scores that are out there. Part of the article - 

The credit score you get isn't always the same score a lender looks at when deciding whether to give you a mortgage, credit card or auto loan.

In fact, the lender could be looking at one of 49 different scores issued by credit scoring company FICO in order to determine how risky you are, according to a new info graphic created by Credit Sesame and John Ulzheimer, president of consumer education at SmartCredit.com and a former manager at FICO.

While you receive only one type of FICO score, lenders can choose from a variety of scores based on the kind of loan you're applying for. So if you want an auto loan, the lender can look up your FICO auto score. Apply for a credit card and there's a specific FICO bankcard score lenders can use, said Ulzheimer.

There's also a FICO mortgage score, an installment loan score and a personal finance score that specifically focuses on your history of using financing companies -- for example, if you've signed up for store-branded credit cards. Then there's the generic FICO score, which is the most widely used score and is calculated based on your history with all forms of credit.

Even though newer versions of FICO's scoring software are being used, many credit reporting agencies continue to make older versions of the software available to lenders -- adding to the overall number of FICO scores for each consumer, said Ulzheimer.

FICO did not immediately respond to a request for comment.

"The lender is going to choose the [scoring] model they think is most appropriate for what the consumer is applying for," said Ulzheimer. "[FICO is] trying to further differentiate the risk of doing business with a consumer generically versus for a specific product. For example, I care how you pay your auto loans for any decision, but I really care about how you paid your auto loan if you're applying for an auto loan."

These scores are for lenders' eyes only, said Ulzheimer. When you request your FICO score, you receive the generic version. And the score you get may be about 15 or 20 points higher or lower than the score the lender is using to screen you, said Ulzheimer.

And though consumers are being kept in the dark about many of the scores lenders are using to evaluate them, in most cases that 15- to 20-point difference in the score is not going to hold much sway when it comes to being approved or denied for credit, said Ulzheimer.

"If someone is a high risk, they're going to be a high risk for any product, and if you have a great [generic] score, you're going to have a great score for any product," he said.

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With so many scores available, I think the statement that I have in bold really sums it up very well. 

[MrFlower]

I also wonder when they say 49 if they are considering the 3 different cras.

If they are saying FICO can generate 49 different scores based on 1 report then you are talking about having 147 (cheap math; 49 * 3) possible scores.

(EX, EQ, and TU all appear to have the same info yet I have an 809, 756, 776 respectivley.)

So saying it shouldn't affect you too much, I don't buy it. Base on a +/- 20 point my FICO a specific leander pulls could vary from 829 to 736. I'm not sure if I buy it that it wouldn't affect me in a lending sutition (unless they pulled it accross all three and averaged.)

[Anonymous]

There are 49 different FICO version/models across the 3 CRAs. 

Are all your scores from myFICO?  If so, this is a good example of 3 of the different models/versions.

Even if you have identical CR across the CRAs, and they used the same version/model (which they don't), all of your scores would still be different due to requirements of each CRA.

[AndySoCal]

I would make sure that all the information on your credit report is accurate. If so,, the socre will be what ever it is. Pay your bills on time , keep your level of indebtedness low. and only apply for the creidt you need not want.