Why is my fico score different when the banks run it

[bennen]

I wanted to know why is my fico score different when the banks run it. I applied for a credit rebuilder loan and my my experian fico score was 569 but when I look on here it says 655 I am confused. Please help!

[Anonymous]

Myfico uses fico 08 most Lenders use 04 or becon 5 thats why your score was different. Only credit Card companys use fico 08 at this time.

I hope this helps. 

[bennen]

Thanks Frank98284!
This helps a lot.

[kj1989]

I just had the same situation. We are trying to purchase a home and I been working on our credit for over an year. I finally get a 620 credit score only to be told my score is way lower than that according to the banks. What's the use of paying the money to watch my score each month if it's not the one banks use?

[Anonymous]

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@kj1989 wrote:
I just had the same situation. We are trying to purchase a home and I been working on our credit for over an year. I finally get a 620 credit score only to be told my score is way lower than that according to the banks. What's the use of paying the money to watch my score each month if it's not the one banks use?

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It is used by banks for credit cards.  Mortgage companies happen to use a different version.  They like auto finance companies use scores geared towards their type of loans.  It doesn't mean these scores are useless, they like any score should be used as a guide.  It's far more important though to find out what's actually in your reports so you won't be surprised when applying for any kind of loan or credit card.

[Anonymous]

If you are applying for a HOME LOAN THEN THE SCORES HERE ARE USELESS. you can say all you want about how you can watch your credit reports but if you want to buy a home and you need a certain score then this service is USELESS.