fico vs equifax score numbers

[Anonymous]

I just got a peek at my credit score through equifax. Equifax claims that my current equifax score is at 660. Myfico gave my equifax score as being 704 only a month ago when I bought the 3 score report. To my knowledge, nothing materially has changed in my credit situation with the exception of a single hard pull that I was denied for. What gives here?? I would not think that my scores from the same bureau would show that much of a discrepancy. And I would think that lenders would get their scoring straight from the credit bureaus themselves when a hard pull is initiated. I was really hoping that the myfico scores were correct but according to equifax as of tonight I am still in mid 600 purgatory. UGH!!!

[Anonymous]

Here's my understanding of how this stuff works. I'm still new to this so I may be flawed.

When you get a score from a CB or a third party like CK, they could be using a scoring model different than that of Fair Issac Corporation (FICO).  Because of this, the scores will be different.  Although FICO is a third party (separate and apart from the CB) it is the industry standard for lenders. Also, keep in mind there are different versions of FICO scores. I think the latest one I pulled (December) was FICO 08. I see now that when you get the 3 reports, you get the older versions too!

I hope I helped rather than muddied the water even more.

[Anonymous]

What he said... Different scoring models... But here is the deal... 99+% of the time banks use one of the fico scoring models so those are all that really matter.

It is silly how many scoring versions are availible but for the time being this is the way it is.

[Anonymous]

I get the different scoring model thing. This does, however muddy up the picture when both scores were bought (not free) from reputable sources and are from the exact same credit bureau. Maybe I am just a little bummed out finding out that my actual standing may not be as solid as I had thought. And wondering at the same time exactly where I do stand due to the wildly different numbers. Most credit experts would agree that pulling copies of your current credit reports is a good idea to see where you are at before applying for credit to get the best rates. Kinda seems pointless when nobody is on the same page and the goalposts are moving wherever you go to apply for credit. One scoring model could vary enough to put a person in an entirely different credit bucket than the model that you view when you pull your own credit information, even when a reputable source is employed. 40 points is enough to make a huge difference in interest paid on a note and could even be the difference between being accepted and denied. In reality when you apply for credit you have no idea of exactly where you stand because of the differences in scoring models in my mind. Clear as mud.

[racer-x]

If you got the EQ score directly from their site, it is the 04 (Beacon 5) model.  Which the only known way to get it is through Equifax, a lender pull that is pulling that model, or if you have a DCU (DIgital Federal Credit Union)product, of which I do have.

My DCU EQ 04 (or Beacon 5) score is 40 pts lower than myFico EQ 08 as well.  

Depending on what type of credit you're applying for, generally determines what model will be used. 

Mortgage

Auto loan

Credit card (bankcard)

P.S.  You're not getting many responses because these types of questions/concerns have been beat to death and a quick use of the search function should keep you busy for days. 

[Anonymous]

I did a Google search after posting and found a bunch of info from both this site and other sources and found that others have had the same concern. Maybe I am overthinking this one a bit. I just found this when I got that alert the other day from equifax themselves about an old credit card that has been closed showing activity. I do buy multiple products in an attempt to get an accurate picture of whether my credit rebuilding strategies are working. Like I said maybe I am overthinking this whole thing. Sorry for the redundancy.

[racer-x]

Use the search function here instead of google.

It's all about money for the credit score/report sites.   Even the actual 3 big sites,  will sell you scores other than FICO scores.

[Anonymous]

---

@racer-x wrote:

If you got the EQ score directly from their site, it is the 04 (Beacon 5) model.  Which the only known way to get it is through Equifax, a lender pull that is pulling that model, or if you have a DCU (DIgital Federal Credit Union)product, of which I do have.

My DCU EQ 04 (or Beacon 5) score is 40 pts lower than myFico EQ 08 as well.  

Depending on what type of credit you're applying for, generally determines what model will be used. 

Mortgage

Auto loan

Credit card (bankcard)

P.S.  You're not getting many responses because these types of questions/concerns have been beat to death and a quick use of the search function should keep you busy for days. 

---

This is not exactly correct.

1). You can now also get the EQ 04 score from this site

2) Without knowing exactly which product the OP purchased it's impossible to know which score model he obtained.  Equifax also sells their own scoring model besides the 04 score and is a complete FAKO

[racer-x]

---

@Anonymous wrote:

---

@racer-x wrote:

If you got the EQ score directly from their site, it is the 04 (Beacon 5) model.  Which the only known way to get it is through Equifax, a lender pull that is pulling that model, or if you have a DCU (DIgital Federal Credit Union)product, of which I do have.

My DCU EQ 04 (or Beacon 5) score is 40 pts lower than myFico EQ 08 as well.  

Depending on what type of credit you're applying for, generally determines what model will be used. 

Mortgage

Auto loan

Credit card (bankcard)

P.S.  You're not getting many responses because these types of questions/concerns have been beat to death and a quick use of the search function should keep you busy for days. 

---

This is not exactly correct.

1). You can now also get the EQ 04 score from this site

2) Without knowing exactly which product the OP purchased it's impossible to know which score model he obtained.  Equifax also sells their own scoring model besides the 04 score and is a complete FAKO

---

Where's the EQ 04?  I've  had the 3 B, and bought it again just yesterday for $47.98.

Ya know I spend  about $200 month in credit monitoring services. lol.

I see:

EQ Fico 8 -widely used version,

EQ Fico 5 - previous mortgage lending

EQ auto score 8 - current auto lending

EQ auto score 5 - previous auto lending

EQ Bankcard score 8 - current credit card lending

EQ Bankcard score 5 - previous credit card lending

Let me guess, the 04 is a separate myFico product that you have to buy?

[Anonymous]

---

@racer-x wrote:

---

@Anonymous wrote:

---

@racer-x wrote:

If you got the EQ score directly from their site, it is the 04 (Beacon 5) model.  Which the only known way to get it is through Equifax, a lender pull that is pulling that model, or if you have a DCU (DIgital Federal Credit Union)product, of which I do have.

My DCU EQ 04 (or Beacon 5) score is 40 pts lower than myFico EQ 08 as well.  

Depending on what type of credit you're applying for, generally determines what model will be used. 

Mortgage

Auto loan

Credit card (bankcard)

P.S.  You're not getting many responses because these types of questions/concerns have been beat to death and a quick use of the search function should keep you busy for days. 

---

This is not exactly correct.

1). You can now also get the EQ 04 score from this site

2) Without knowing exactly which product the OP purchased it's impossible to know which score model he obtained.  Equifax also sells their own scoring model besides the 04 score and is a complete FAKO

---

Where's the EQ 04?  I've  had the 3 B, and bought it again just yesterday for $47.98.

Ya know I spend  about $200 month in credit monitoring services. lol.

I see:

EQ Fico 8 -widely used version,

EQ Fico 5 - previous mortgage lending <------------------ This is the EQ 04 Score

EQ auto score 8 - current auto lending

EQ auto score 5 - previous auto lending

EQ Bankcard score 8 - current credit card lending

EQ Bankcard score 5 - previous credit card lending

Let me guess, the 04 is a separate myFico product that you have to buy?

---