question about fico score 8

[Zombie13]

Hey everyone!
So Experian reports my FICO Score 8 is 810+, as of today Jan. 08 2024. Barbisi reported the same. There are a few different credit scores; FICO 8, Vantage 3.0, etc. But we believe FICO 8 is of more importance, somehow, though we are not clear about why. The bankruptcy has cleared our public records. Phew. Thoughts? Thanks!

[shipo]

There are 28 FICO basic scores plus the four new "10" scores; all of the scores serve a different purpose and it is up to each different financial institution to determine which of those 32 scores to use for underwriting. Regarding the Vantage 3.0 scores, they are virtually useless as they are not used for underwriting, by well, anybody. That said, I have heard anecdotally some real estate agencies use Vantage 3.0 scores to determine if they have a potential buyer capable of being approved for a mortgage, so while not underwriting per-se, the agencies use it just to qualify a buyer.

[justbroke]

From my general tracking of some banks, most credit unions seem to use Equifax FICO 8, but NFCU and PenFed use FICO 9 from Equifax. Some banks use TU FICO 9 (such as US Bank), but my credit union uses TU Autoscore 8 for personal loans and FICO Score 9 for credit cards! My daily bank with my demand deposit accounts, uses TU Fico Score 5 (the mortgage score) for lending! There are also "Bankcard" versions of the FICO scoring models (e.g., FICO Bankcard 8"), and don't forget the FICO "Auto" scores uses by many vehicle lenders.

As shipo mentions, there are just too many different FICO scores and treatments.

However, I will say that generally, FICO Score 8 and FICO Score 9 are the most widely used. However, the lender may pull it from TU, EQ, and/or EX.

[Zombie13]

Oh man. shipo : 38 FIC scores and counting? Wow. justbroke: that is confusing. How do you find this information, about which banks use which FICO scores? It's interesting, but also overwhelming.

[justbroke]

Zombie13 most of that is from my personal experience over the years. There are also boards the purportedly try to track which bank pulls which score at which bureau, but it's all so confusing. There are creditors that pull from 2 credit bureaus and some that may pull all three bureau scores. Many, these days, will also pull Clarity (Experian) and/or a Lexis report. There is so much data out there tracking our property ownership (over time), to our addresses, and even employment in some cases. Crazy what they collect.