Transunion Fico Score

[Schmoopy]

On credit Karma my TU credit score is 747 and on my BofA account my score is 696 (I assume it to be a TU score?) - which one is more accurate?

Thanks

[Anonymous]

---

@Schmoopy wrote:

On credit Karma my TU credit score is 747 and on my BofA account my score is 696 (I assume it to be a TU score?) - which one is more accurate?

Thanks

---

Credit Karma does not give a FICO score. It uses a totally different model (Vantage Score 3.0) and is used by basically no one for lending purposes. I don't have a BoA account, so I don't know what score version or bureau they pull, but it is probably a true FICO 08 if I had to guess. So, the BoA score is closer to one that a lender may use to extend you credit. 

[Schmoopy]

Ok got you, thank you.

So here's what I don't get - if Credit Karma doesn't use FICO but Vantage why do they have two scores on their app and they call one TU and the other is Equifax? Even though it has nothing to do with the models TU and EQ use? Kind of misleading..

Maybe they think they created models which are very similar to what TU and EQ using (apparenlty not if I got a 50 points gap?)?

[Anonymous]

---

@Schmoopy wrote:

Ok got you, thank you.

So here's what I don't get - if Credit Karma doesn't use FICO but Vantage why do they have two scores on their app and they call one TU and the other is Equifax? Even though it has nothing to do with the models TU and EQ use? Kind of misleading..

Maybe they think they created models which are very similar to what TU and EQ using (apparenlty not if I got a 50 points gap?)?

---

You have a fundamental misunderstanding of how the process works.

The three credit bureaus - Experian, Equifax, and TransUnion - collect data from creditors/lenders.

That data is analyzed using models created either by Fair Issac Corporation (FICO) or Vantage Score 3.0.  Because there are three sources of data, there are also three scores calculated based on where the underlying data came from.

When Vantage Score 3.0, as used by Credit Karma, mentions Equifax and TransUnion they are simply saying that the scores they are showing are calculated based on data provided by Equifax and TransUnion.  They are definitely not saying that their scores are FICO.  The FICO scoring models use the same data, but the score results are not the same because they weigh certain factors differently.  The key thing to note is that FICO is a trademark and FICO scores always have that trademark mentioned in the score.

[Schmoopy]

Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.

On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.

On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

[Anonymous]

If you're interested in a credit card app, only look at FICO scores and disregard VS 3.0 scores all together.  No CC lender is going to care what your VS 3.0's are.  You should be aware of what all 3 of your FICO 8 scores are, not just 1.  If that 696 is a TU FICO 8 score, you're going to want your EX and EQ scores (FICO 8) as well.  You can get your EX FICO 8 score for free at creditscore.com or creditscorecard.com.  EQ FICO 8 isn't easy to come by for free, but for $1 at Creditchecktotal you can get all 3 FICO 8's. 

I think it's important to get your other 2 FICO 8 scores because there can often be a 15-30 point variance between your top and bottom scores with the same or very similar CR data.  That being said, if your 696 happens to be higher than the other 2 (say, 15-30 points) it means that your other scores are in a so-so place in terms of approval odds depending on the credit product(s) you are considering.  Conversely, perhaps your other 2 scores are 15-30 points higher than the one you have, which would be a better look should a potential lender pull either of them.

[Anonymous]

---

@Schmoopy wrote:

Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.

On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.

On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

---

The simple solution is that you need to get your FICO 8 scores from the three credit bureaus; commonly referred to in these forums as your 3B scores.  You currently have a monthly-old TransUnion FICO Score 8 from Bank of America but things could have changed since then.  The least costly way to get your 3B scores is through CreditCheckTotal.com.  You pay $1 for a trial subscription which allows you to obtain your scores twice in the 10-day trial; just be sure to cancel the trial subscription before the 10 day period expires.

The reason you need your FICO 8 scores is because the Vantage Scores provided by websites like Credit Karma are not used by lenders to make credit decisions.  So having your FICO 8 scores will allow you to decide if you're in a position to apply.

[Schmoopy]

---

@Anonymous wrote:

If you're interested in a credit card app, only look at FICO scores and disregard VS 3.0 scores all together.  No CC lender is going to care what your VS 3.0's are.  You should be aware of what all 3 of your FICO 8 scores are, not just 1.  If that 696 is a TU FICO 8 score, you're going to want your EX and EQ scores (FICO 8) as well.  You can get your EX FICO 8 score for free at creditscore.com or creditscorecard.com.  EQ FICO 8 isn't easy to come by for free, but for $1 at Creditchecktotal you can get all 3 FICO 8's. 

I think it's important to get your other 2 FICO 8 scores because there can often be a 15-30 point variance between your top and bottom scores with the same or very similar CR data.  That being said, if your 696 happens to be higher than the other 2 (say, 15-30 points) it means that your other scores are in a so-so place in terms of approval odds depending on the credit product(s) you are considering.  Conversely, perhaps your other 2 scores are 15-30 points higher than the one you have, which would be a better look should a potential lender pull either of them.

---

Thanks.

I can actually see my Experian Fico score on Amex website. It says it's a Fico score 8 based on Experian. It is 784.

I guess the only Fico score I can't see is EQ.

[Schmoopy]

---

@Anonymous wrote:

---

@Schmoopy wrote:

Got you, thanks. Thanks for explaining.

On chase Credit Journey (Vantage score powered by TU) I have 746 updated 10/18.

On Credit Karma my TU says 747 updated 10/22. On sep it was 733 and then 657.

On BofA website it is fico score based on TU and it's 696 but it was updated 9/19.

The reason I'm asking this, is that I want to apply for a credit card that most likely pulls a TU fico score and I'm trying to figure out if *now* is a good time to do that since on the looks of it, it has just improved (I paid off debt and my CL increased).

Thanks

---

The simple solution is that you need to get your FICO 8 scores from the three credit bureaus; commonly referred to in these forums as your 3B scores.  You currently have a monthly-old TransUnion FICO Score 8 from Bank of America but things could have changed since then.  The least costly way to get your 3B scores is through CreditCheckTotal.com.  You pay $1 for a trial subscription which allows you to obtain your scores twice in the 10-day trial; just be sure to cancel the trial subscription before the 10 day period expires.

The reason you need your FICO 8 scores is because the Vantage Scores provided by websites like Credit Karma are not used by lenders to make credit decisions.  So having your FICO 8 scores will allow you to decide if you're in a position to apply.

---

Ok, got you. Perfect, I'll do the Creditchecktotal.com and see what it says!

Thank you very much.

[Anonymous]

I'd also add that a FICO 8 score of 696 suggests the presence of either negative information present on your CR or high utilization.  If whichever one it is can be rectified, doing so prior to apping would yield much more favorable results.