@taxi818 wrote:Which i can't beleive my credit union is using in every aspect . For credit cards loans etc. 50 points lower than 08. i don't know why either. a scam to get higher interest rates?
It's lender choice and until I started playing with installment loan utilization my FICO 04 scores were markedly higher than my FICO 8 ones, by nearly 30 points on TU.
Has nothing to do with trying to scam to get higher interest rates, as they can set their interest rate tiers at whatever FICO they wish: note that DCU offers best auto loan interest rates at something like 675, they could just as easily make it 740 under FICO 8 or anywhere in between.
@masscredit wrote:My EQ04 scores are always higher. DCU showed that to be 712 when they posted an update the end of last month. My EQ08 score viewed here was 686. I just picked up 4 points here so it's now 690. I've never kept track of the other versions of my EQ score. Maybe I'll start doing that. The rest of my Score 5s viewed here are -
Mortgage Score 5 - 703
Auto score 5 - 716
Bank card score 5 - 718
Which of these is a match to the 04 version? If I also gained 4 points on my EQ04 then I'm guessing the Auto score (712-716)? I'll be able to match them up when my next DCU score posts the end of this month.
FICO Consumer confused the naming convention.
What they present as Mortgage Score 5 is Equifax Beacon 5.0 which is a FICO 04 model and what has been referred to for years here as EQ 04. Not sure why FICO Consumer felt this nomenclature was good for anyone on their score reports, but that score will match DCU's identically assuming the usual caveats about reports changing and what not between pulls.