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1/22/2020 12:12:56 PM
Posted: 4/21/2016 8:58:13 AM EST
I had a credit monitoring account with Experian, my score was moving up well, got to an impressive 839. My income is good, so I decided to make an offer on a new house. When I went to the bank and did the pre-qual, my Experian score came up at 800. WTH? How can Experian tell me I have an 839 and tell the bank I have an 800? I dropped my Experian account last night I was so POd. They pulled all 3 bureaus on a hard hit, one was around 790 and the other 812, so I had a lower and higher score that gave me confidence the 800 is right. Any explanation?
Link Posted: 4/21/2016 9:02:02 AM EST
scores are weighted differently for different types of loans. the raw FICO will be slightly different from one weighted for auto loans or one weighted for a mortgage
Link Posted: 4/21/2016 9:02:59 AM EST
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Originally Posted By mcantu:
scores are weighted differently for different types of loans. the raw FICO will be slightly different from one weighted for auto loans or one weighted for a mortgage
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This. Those credit monitoring numbers don't mean anything.
Link Posted: 4/21/2016 9:07:49 AM EST
The score they report to a lender is not the same one they report to you. Experian has a proprietary scoring system that goes up to 900. That is where your 839 came from.

The gold standard that all three major agencies report to banks is called the FICO (for Fair Isaac COrporation, the keepers of the forumula.) The maximum FICO score is 850.

An 800 FICO score is good enough to put you at the top of the heap as a borrower.
Link Posted: 4/21/2016 9:10:17 AM EST
I wouldn't worry about it, as 800 is in the top tier.
Link Posted: 4/21/2016 9:10:49 AM EST
There are about 19 different fico scoring models that could be used by different lending institutions. It's impossible to know which one they use before they pull your credit. With that said, your rate should be the same with an 800 score as with the 839.
Link Posted: 4/21/2016 9:21:36 AM EST
I guess I had no clue. The loan officer said my rate would be good. So Experian is just making money off you with a credit mnitoring service and their scores are worthless to me. I'll consider this another free finance lesson courtesy of GD.
Link Posted: 4/21/2016 9:40:05 AM EST
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Originally Posted By mgcook:
I wouldn't worry about it, as 800 is in the top tier.
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So OP is tier 1?
Link Posted: 4/21/2016 9:53:49 AM EST
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Originally Posted By RINO_Hunter:

So OP is tier 1?
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By RINO_Hunter:
Originally Posted By mgcook:
I wouldn't worry about it, as 800 is in the top tier.

So OP is tier 1?


Only if he has driveway scars.
Link Posted: 4/21/2016 9:56:42 AM EST
Most credit cards will give you your FICO score for free on your statement each month. I know i get it on my discover card, chase freedom card and barclays card.
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