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sdavis

How accurate is myfico?

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I just pulled my own myfico, and I had a 645, 640, and 640... My question is.. if a lender pulls my credit, will he get the same thing?

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If the lender uses FICO scores, maybe. There are different variations of FICO scores. Auto Enhanced FICO for example is prominently used by lenders for auto loan purposes. Auto Enhanced FICO's are not available to consumers.

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I have read somewhere (maybe here) that PSECU's Experian score is the same model used by lenders.

 

Figures, it's lower than AMEX's Credit Secure scores.... :(

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I posted this the other day in another thread. Hopefully this helps.

 

 

From
what I gather, most mortgage companies use FICO 04. However, there is a
mortgage enhanced version that consumers do not have access to... so if
they pull that, the score could still vary from your FICO 04.

 

For EQ, you can obtain this from myfico, join DCU, or Equifax directly.

 

For EX, you can only obtain this by joining PSECU or Visions CU.

 

There's no way to obtain the TU FICO 04 score that I'm aware.

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We had this done recently. My fico scores (pulled from myfico.com) matched the fico scores my lender pulled to the exact number. My husband's, on the other hand, were about 30 pts higher from myfico.com to the lender fico model.

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Mine were very off. Equifax was spot on but EX and TU were very different. My TU FICO was like 690 but the lender's score was 753 and my EX was 674 but the lender pulled 710. So, they aren't always spot on. Lenders typically use different scoring models for the EX and TU. I don't have my thread pulled up with the exact models but what Road said is pretty spot on.

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Mine were very off. Equifax was spot on but EX and TU were very different. My TU FICO was like 690 but the lender's score was 753 and my EX was 674 but the lender pulled 710. So, they aren't always spot on. Lenders typically use different scoring models for the EX and TU. I don't have my thread pulled up with the exact models but what Road said is pretty spot on.

 

Yep and this is why:

 

The EQ score you buy from myfico is FICO 04, which should match in most cases.

 

The TU score you buy from myfico is FICO 98, which I would expect to be off for most people.

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Mine were very off. Equifax was spot on but EX and TU were very different. My TU FICO was like 690 but the lender's score was 753 and my EX was 674 but the lender pulled 710. So, they aren't always spot on. Lenders typically use different scoring models for the EX and TU. I don't have my thread pulled up with the exact models but what Road said is pretty spot on.

 

Yep and this is why:

 

The EQ score you buy from myfico is FICO 04, which should match in most cases.

 

The TU score you buy from myfico is FICO 98, which I would expect to be off for most people.

 

Navy Federal and my actual lender used these for the mortgage:

 

EQ BEACON 5.0

Experian Fair Isaac V2

TU Risk Score Classic 04

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Mine were very off. Equifax was spot on but EX and TU were very different. My TU FICO was like 690 but the lender's score was 753 and my EX was 674 but the lender pulled 710. So, they aren't always spot on. Lenders typically use different scoring models for the EX and TU. I don't have my thread pulled up with the exact models but what Road said is pretty spot on.

 

Yep and this is why:

 

The EQ score you buy from myfico is FICO 04, which should match in most cases.

 

The TU score you buy from myfico is FICO 98, which I would expect to be off for most people.

 

Navy Federal and my actual lender used these for the mortgage:

 

EQ BEACON 5.0

Experian Fair Isaac V2

TU Risk Score Classic 04

 

 

Those are all FICO 04 models.

 

Interesting tidbit that I didn't realize... after a 4 year hiatus you can buy EX FICOs on myfico again, but they are FICO 08 it seems.

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Every time I've applied they always used the same EQ model. But there TU has always been 20-25 points higher than myfico. I think it's safe to say your midscore is 640 or better.

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I always thought the TU08 model was the most used for TU... As in Walmart TU is more accurate for application considerations than myfico....

Maybe I'm wrong.

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And idk why... But TU08 seems to not be as biased if you do not have a mortgage (more realistic to me, for one ill probably never have a mortgage, I have no need for one as my housing is paid for, so why should I be punished for not having a mortgage) therefore they are usually higher than others in some cases....

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I always thought the TU08 model was the most used for TU... As in Walmart TU is more accurate for application considerations than myfico....

Maybe I'm wrong.

 

Maybe for consumer loans and credit cards, but mortgages seem to lean on the 04 models in most cases.

 

And idk why... But TU08 seems to not be as biased if you do not have a mortgage (more realistic to me, for one ill probably never have a mortgage, I have no need for one as my housing is paid for, so why should I be punished for not having a mortgage) therefore they are usually higher than others in some cases....

 

This link has some information on the models and how newer versions differ from the past.

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My EQ was spot on 722. With TU the Myfico score was 689 and the lender pull was 720 which was a nice surprise for me since I didn't expect my mid-score to be so high. No clue about EX.

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