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Ollo rewards Mastercard provided me with my Experian fico 9. I also use the Experian credit works. I'm able to get an EX fico 8 score and report daily. That score is 648. Ollo fico is 719. Which one is correct? Both? Which is my actual credit score? Is it normal to be such a difference?
@JcT21 wrote:Ollo rewards Mastercard provided me with my Experian fico 9. I also use the Experian credit works. I'm able to get an EX fico 8 score and report daily. That score is 648. Ollo fico is 719. Which one is correct? Both? Which is my actual credit score? Is it normal to be such a difference?
Both or neither, it really depends. There is no one "right" score unless it is context to a lender then the score model used by that lender is the "right one".
Both scores are correct -- as are your other 26 scores that exist in the land of FICO. FICO 8 Classic is, currently, the most commonly used version; FICO 9 is the newest (FICO version 10 is on the horizon). Each score version weighs various aspects of your credit a little differently so it is perfectly normal to see variations between all of them. Every lender decides which version of FICO they will utilize to make credit decisions so while one may evaluate you on FICO 8 Classic score from a specific bureau, another may choose to utilize your FICO 8 Bankcard score from another bureau - or your FICO 9 for that matter. Mortgage lenders will typically use one of your three mortgage scores while auto loan lenders may utilize one of your Auto scores. Each of your 28 scores will differ - some only slightly and others by a greater margin. The myFICO scoring app provides all 28 of your FICO scores if you're interested in seeing where they stand.
All 28 fico scores currently available, are used somewhere. Some are most often used. Fico 08, and 09, being used by most who may pull a score. They may however pull a bankcard score, which is even on a different scale up to 900. FHA house loans must use the earlier versions of fico, by law, to set the rates. In order for that to change congress would have to change the law, which is unlikely in the near future. Mortgage Underwriters do not really use scores for mortgage approvals. They do a 3B pull and go over every line in a report. The scores come into play after an approval, and the middle mortgage score is used to set the interest rate. Many of the variations on scores are tailored for the type of credit sought. The Auto fico scores likely give added weight to how the borrower has paid installment loans. A bankcard score would likely give added weight to revolving credit. In most cases I have seen, the much earlier fico versions used for mortgages tend to be lower than fico 08 scores for most.
@JcT21 wrote:Ollo rewards Mastercard provided me with my Experian fico 9. I also use the Experian credit works. I'm able to get an EX fico 8 score and report daily. That score is 648. Ollo fico is 719. Which one is correct? Both? Which is my actual credit score? Is it normal to be such a difference?
Both are right. One is EX FICO 8 Classic. The other is EX FICO 9 Bankcard.