Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Which Fico?????!?!?!?

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  • Which Fico?????!?!?!?

    There really is no consistency between the various companies is there regarding credit scores?

    My Credit Karma score is a 650

    I subscribed to and it says my three scores are;

    Equifax 590
    Transunion 527
    Experian 577

    Then I turned around and pulled my Equifax direct from them and it says my score is 615

    Which one is correct?
    Filed ch7 6/7/14 Discharged 9/16/14 Case closed 10/1/14

  • #2
    They are all correct, but they are different scoring systems.

    You can only get your FICO scores from FICO. Equifax is giving you their consumer score, not a FICO score. CreditKarma gives you your Transunion consumer score and one other score I can't remember the name of that is from a model created by all 3 credit bureaus.

    You have 3 different FICO scores because each bureau collects, stores and displays information in diffferent ways. It is also possible that one or more creditors have reported to one bureau but not another. But even if the same creditors have reported the same information to all 3 bureaus, your 3 FICO scores will usually differ a little.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      So the scores are the correct ones then?
      Filed ch7 6/7/14 Discharged 9/16/14 Case closed 10/1/14


      • #4
        To add to what LITR said It also depends on what type of credit your looking for. Auto scores are different than mortgage scores for example. They are weighted differently. Best source to obtain your "lending" scores is to go to whoever your looking for a loan from. If you are just monitoring to improve the score. Pick one and stick with it. The world of credit scores is quite a thick subject.


        • #5
          Yep, it really depends on the lender, but for the most part, my Equifax FICO score from lenders (NFCU, Road Loans, Chase) always matched the FICO score on MyFICO.

          It really does depend which score "model" is being used, but I have been pretty impressed with FICO from MyFICO.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.


          • #6
            FICO is a company that develops scoring models that lenders pay to use. There are a handful of models. Some models weigh installment loans more (such as for when you go car loan shopping) and some weigh revolving debt more (such as when you apply for a credit card). You need to know exactly which model the score you get is using. Then, you need to know what model the loan you are applying for is using. It can get confusing with so many scores.

            To make it worse, some companies (such as Credit Karma, Credit Sesame) have devised proprietary FAKO scores. No lender uses those. The only value they have is showing you an approximation of your true FICO score. If you FAKO goes up, it is likely but not guaranteed that your FICO did as well.

            To muddy it further, the CRAs (Equifax, TransUnion, and Experian) have developed scoring models such as VantageScore. This is most likely what you got from Equifax. I have heard of some lenders using VantageScore, but they are few and far between. Essentially, no one uses it and it's like another FAKO score.

            My advice: Stop paying for credit scores. Use Credit Karma and Credit Sesame (both free) as a barometer of sorts. You're not looking for absolute numbers but rather trends. Is it going up or down? Some credit unions and some credit cards offer free FICO scores monthly. You can get in on that if you wish since it's free as well. If you get turned down for credit, you'll get a letter int he mail with the CRA they used and your score. You can compare that to the FAKO you have and see how it matches, but still it's the FAKO you'd do best to examine.
            Chapter 7, above median, no asset. Discharged with no UST involvement.


            • #7
              ^exactly....a very thick subject. I can't agree more on paying for scores.


              • #8
                I don't mind paying for scores and score monitoring, I just want to be sure what I am paying for is accurate. Here is an update just for those curious;

                By the way, Credit Karma can show you 4 scores including the "Vantage Score"

                Credit Karma

                Transunion - 650
                Vantage - 717
                Auto - 814
                Home - 731


                Equifax - 590
                Transunion - 527
                Experian - 577

       - 615

                Credit Sesame - 599
                Filed ch7 6/7/14 Discharged 9/16/14 Case closed 10/1/14


                • #9
                  I just noticed on it is showing me all three scores as well, they are;

                  Equifax - 615
                  Transunion - 664
                  Experian - 637

                  A lot different than myfico, the aren't even the same ratios
                  Filed ch7 6/7/14 Discharged 9/16/14 Case closed 10/1/14


                  • #10
                    While you at it you can try which is Quicken Loans and They both allow you to pull your Experian credit report free. Credit Karma allows you to pull your Trans Union report now


                    • #11
                      At least in recent years, I've never seen offers better than 20% off FICO scores at MyFICO. They must make a killing off of this service... because usually you want all 3 scores.. and that still runs you almost $40. And that's pretty much the only way to get the true/standard scores used by "most" lenders.

                      I'd say use the free services (through some banks like Barclays, Merrick bank, etc).. CreditKarma.. and I think Home Depot is offering some free service ever since they were hacked. When you are about to actually apply for a mortgage loan or similar, only then pay for MyFICO.. but that's not even required. If you want to save that money, wherever you apply, ask them for your credit scores they received.. some pull from only 1.. some 2, and some all 3... If you are applying for something big like a mortgage, they pretty much always pull from all three.
                      Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months


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