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Why do scores vary within the SAME company!??

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Contributor

Why do scores vary within the SAME company!??

So I pay to check my Experian credit score monthly. I have been rebuilding for the last year or so and my scores have went from around a 495 (unfortunately) to now a 640 per their website and app. Also, I know it doens't mean much, but credit karma has my scores as 649 and 662.

 

So today I apply for a Credit Card with PepBoys as I need to get new tires for my vehicle....Well I am DENIED!

 

I receive an email stating my Experian credit score is 580!!

 

So how the hell can it be a 580 when the service I pay for and on the Experian website says my score is 640???

Message 1 of 10
9 REPLIES 9
Frequent Contributor

Re: Why do scores vary within the SAME company!??

They likely are using a different FICO model.  My TU FICO 08 is 644 while my FICO 04 (mortgage model) is 569 for instance.  My Auto score is usually 30 points higher than my FICO 08 due to old, paid off vehicle loans.  A bunch of Charge offs from 5.5 years ago my derogs.  YMMV.


Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = Very Low 400's
8-1-18 -
12-24-18 -
9-6-19 -
Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, FuelMan .8K, Citi Tractor Supply Rev .8k, Builder Pro 5.4K, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG
Message 2 of 10
Regular Contributor

Re: Why do scores vary within the SAME company!??

There are many different scoring models for Experian - I count 10 on MyFico reports.

 

Experian:

FICO® Score 8 

FICO® Score 2 

FICO® Auto Score 8 

FICO® Auto Score 2 

FICO® Bankcard Score 8

FICO® Score 3 

FICO® Bankcard Score 2 

FICO® Score 9 

FICO® Auto Score 9 

FICO® Bankcard Score 9

 

  • 769FICO® Score 8Most widely used versionScore Range: 300–850Credit Rating: Very Good
COMMONLY USED IN MORTGAGE LENDING
  • 698FICO® Score 2Older version, most widely used for mortgage lendingScore Range: 300–850Credit Rating: Good
COMMONLY USED IN AUTO LENDING
  • 750FICO® Auto Score 8Version for auto lendingScore Range: 250–900Credit Rating: Very Good
  • 694FICO® Auto Score 2Older version for auto lendingScore Range: 250–900Credit Rating: Good
COMMONLY USED IN CREDIT CARD LENDING
  • 780FICO® Bankcard Score 8Version for credit card lendingScore Range: 250–900Credit Rating: Very Good
  • 715FICO® Score 3Older version predominantly used for credit card lendingScore Range: 300–850Credit Rating: Good
  • 724FICO® Bankcard Score 2Older version for credit card lendingScore Range: 250–900Credit Rating: Good
NEWLY RELEASED VERSION
  • 787FICO® Score 9Newest versionScore Range: 300–850Credit Rating: Very Good
  • 800FICO® Auto Score 9Newest version for auto lendingScore Range: 250–900Credit Rating: Exceptional
  • 795FICO® Bankcard Score 9Newest version for credit card lendingScore Range: 250–900Credit Rating: Very Good
769Very Good
 
FICO® Score 8 based onExperian data as of 08/23/2019
This is the FICO® Score version most widely used by lenders and that's why it is most prominently featured in your FICO® Score explanation
 
  • 769FICO® Score 8Most widely used versionScore Range: 300–850Credit Rating: Very Good
COMMONLY USED IN MORTGAGE LENDING
  • 698FICO® Score 2Older version, most widely used for mortgage lendingScore Range: 300–850Credit Rating: Good
COMMONLY USED IN AUTO LENDING
  • 750FICO® Auto Score 8Version for auto lendingScore Range: 250–900Credit Rating: Very Good
  • 694FICO® Auto Score 2Older version for auto lendingScore Range: 250–900Credit Rating: Good
COMMONLY USED IN CREDIT CARD LENDING
  • 780FICO® Bankcard Score 8Version for credit card lendingScore Range: 250–900Credit Rating: Very Good
  • 715FICO® Score 3Older version predominantly used for credit card lendingScore Range: 300–850Credit Rating: Good
  • 724FICO® Bankcard Score 2Older version for credit card lendingScore Range: 250–900Credit Rating: Good
NEWLY RELEASED VERSION
  • 787FICO® Score 9Newest versionScore Range: 300–850Credit Rating: Very Good
  • 800FICO® Auto Score 9Newest version for auto lendingScore Range: 250–900Credit Rating: Exceptional
  • 795FICO® Bankcard Score 9Newest version for credit card lendingScore Range: 250–900Credit Rating: Very Good
769Very Good
 
FICO® Score 8 based onExperian data as of 08/23/2019
This is the FICO® Score version most widely used by lenders and that's why it is most prominently featured in your FICO® Score explanation
 
 
 
 






Message 3 of 10
Contributor

Re: Why do scores vary within the SAME company!??

download (4).jpg

 

Message 4 of 10
Established Contributor

Re: Why do scores vary within the SAME company!??

Snide answer: so FICO has more inventory to sell lenders.

 

By the book answer: scores differ for two reasons:

- There are auto, bankcard, and mortgage versions to focus on those particular types of loans/risks

- FICO creates new versions over time, and some lenders have faith in old versions or don't want to pay for new versions, or for whatever reason, continue to use old versions

 

I suggest logging into Experian, navigating to Credit Scores, and then clicking the Other FICO Scores tab. Find the one most similar to the one they cited and that's most likely the one they used, for whatever reason. Experian does not show all FICO variants, so it may not be there.

 

FWIW, you may have dodged a bullet, in a way. Store cards are not really that desirable for credit-building, in general. They aren't weighed the same as bank credit cards, and don't tend to grow as much.


FICO 8 scores are deceptively high. My profile is very young with a lot of recently opened accounts and large number of inquiries. My AU card isn't on TransUnion, so I won't have a FICO score there until October. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 5 of 10
Regular Contributor

Re: Why do scores vary within the SAME company!??

Lol, I agree. It can get confusing. When I started building credit, I would try to research which score versions they used or were likely to pull for the card or CLI. It helped me a lot.







Message 6 of 10
Valued Contributor

Re: Why do scores vary within the SAME company!??

OP, while it’s likited only to one brand/store, you may we’ll have luck with the Firestone card. I looked into it last spring in preparation for getting tires on my car. I saw people getting approved for $1000 or more with a 610 score. I got $2000 with scores near yours. It’s an easy card to get, and although it’s only good at Firestone, there are lots of those stores around. Plus $149+ purchases get six months at 0%. It’d be well worth you looking at.


Rose Gold | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020




Message 7 of 10
Valued Contributor

Re: Why do scores vary within the SAME company!??


@KJinNC wrote:

Snide answer: so FICO has more inventory to sell lenders.


So one might say it could be simplified more?

 


@KJinNC wrote:

FWIW, you may have dodged a bullet, in a way. Store cards are not really that desirable for credit-building, in general. They aren't weighed the same as bank credit cards, and don't tend to grow as much.


This. I've never understood the mindset with people who app for thes types of accounts. When a perfectly good Bank Card is right around the corner with better APRs. Granted lowers scores won't always see the best rate, but there are so many CU's ou there that have much lower rates than the one carried by thse store cards. Even regular banks have credit products with lower rates. 

Message 8 of 10
Frequent Contributor

Re: Why do scores vary within the SAME company!??

I have MF and Experian. All of my mortgage scores are 40-50 points lower than FICO08. DW has 3 collections also but only two COs and her mortgage scores are 20-30 points higher than her 08s.

Also my EX 08s lag the others by 20 points but the Gap is narrowing. All three have same items, good and bad.

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = Very Low 400's
8-1-18 -
12-24-18 -
9-6-19 -
Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, FuelMan .8K, Citi Tractor Supply Rev .8k, Builder Pro 5.4K, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG
Message 9 of 10
Frequent Contributor

Re: Why do scores vary within the SAME company!??


@Janus wrote:
I've never understood the mindset with people who app for these types of accounts. 

 

I agree with you, but a lot of them offer deferred interest for 6-12 months, and people love that. 

    EQ=846       TU=834        EX=822      INQ=0/0/2     UTIL=1%        AZEO

Message 10 of 10
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