Myfico vs TU

[Phelix]

TU has my score at 555 Myfico has it at 632 from TU. =/ they were pulled a few days apart only difference is 1 new TL shows on the report from TU. CC unsecured for 1200

which one should i consider more reliable?

waiting for the results from a dispute then will repull Myfico.

[Ahntara]

They are both reliable. These scores are different because they were calculated using different scoring software programs. You can obtain scores from 100 different scoring programs and get 100 different scores, using the same core data. Any of these would be valid.

There is no ONE score. Most experts say that you can rely on your basic FICO score as a reliable indication. But if your goal is to obtain auto financing, most auto lenders will pull their "auto-enhanced" version of scores (skewed to automotive accounts). A mortgage lender would pull with software skewed toward their viewpoint. CC companies do the same. All of these three examples would yield different scores. Just like with all credit issues, your answer depends upon your goals.

[Phelix]

ahh makes sense thanks for the info

[CreditSuperstar]

Phelix,

IMO, use only FICO's. While there are varient Fico systems slanted toward installment and revolving accounts, FICO is the industry standard used by the vast majority of lenders.

They don't call the other scores "FAKO'S" for nothing.

FCS

[mommywads]

Is FICO the score used for obtaining mortgage?

and is myfico.com the best place to get that one?

[Ahntara]

"Is FICO the score used for obtaining mortgage?"

*points at her previous answer*

Each mortgage broker/lender has their own credit report vendor. That vendor has sold the broker their services, which include single bureaus, RMCRs and tri-merge infiles with leased scoring software. The information that gets merged and scored is whatever that vendor has leased and is using.

The SOP for the mortgage industry is to use a tri-merge of Equifax BEACON, Experian FICO and TransUnion EMPIRICA. This varies from business to business and without calling and specifically asking, there would be no way to project which programs would be used. There are different versions of this software. These programs are skewed to the mortgage industry.

You can have your credit pulled by a mortgage person using BEACON 5.0, which is mortgage driven, and go to a car dealership the same day who uses BEACON Auto-Enhanced and get two totally different scores. BEACON typically is calculated using raw Equifax data, but you can get an Equifax FICO score too. ALL of these scores would be different, even if they use the same raw data, because the scoring programs are different. NONE of them are the same as the score you would get from myfico.com, because THAT SCORE is calculated using non-industry-skewed software. I'm not sure whiich bureau files are used to calcuate a myfico score. But granted, since your raw data varies from bureau to bureau, a score calculated based on different bureaus would yield different numbers, even if calculated by the same scoring program. So, your FICO calculated from Equifax is gonna be a different number than a FICO calculated from Experian data.

*takes a breath*

This is why it is so pointless to be fixated on scores. There is no ONE NUMBER that is all-encompassing. Experts recommend working on an overall strategy to improve your scores, and then get specific when you have a specific goal.

[CreditSuperstar]

Explained perfectly.....kudos!