Discover's FICO Score accuracy

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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GoCreditGo!
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Discover's FICO Score accuracy

Postby GoCreditGo! » Mon Apr 07, 2014 11:39 am

I'm wondering about Discover's FICO Score accuracy. I check creditKarma and Barclays as well and they are all about 30 points apart.

Anyone have insight to share?


darkguy2
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Postby darkguy2 » Mon Apr 07, 2014 1:36 pm

It is your true score from TU. I do not think Barclays uses TU so it will most likely be different.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

MemberSince99
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Postby MemberSince99 » Mon Apr 07, 2014 4:49 pm

Barclays does use TU on my Arrival card.


CK is a FAKO and worthless for comparison purposes.

GoCreditGo!
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Postby GoCreditGo! » Mon Apr 07, 2014 9:58 pm

So, the Discover score is a good score to follow?


MemberSince99 wrote:Barclays does use TU on my Arrival card.


CK is a FAKO and worthless for comparison purposes.

flan
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Postby flan » Mon Apr 07, 2014 10:27 pm

GoCreditGo! wrote:So, the Discover score is a good score to follow?


Discover is using the '08 fico. I don't know if that's the version barclay's gives or not. the 08 score isn't terribly widely used, yet, so it might not be what any given lender uses. (It's not, for instance, the only thing Discover uses). But the point of all these scores, whether they be a fico score or something else, isn't to see the actual score, but to watch the trend over time, and make sure nothing bad is happening. (and, if there is, to understand why.) (Very few lenders outside of mortgages base soely on fico score and income (or debt to income ratio), they're out to make money and fico isn't a revenue tracking score.)

MemberSince99
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Postby MemberSince99 » Tue Apr 08, 2014 6:47 am

flan wrote:Discover is using the '08 fico. I don't know if that's the version barclay's gives or not. the 08 score isn't terribly widely used, yet, so it might not be what any given lender uses. (It's not, for instance, the only thing Discover uses). But the point of all these scores, whether they be a fico score or something else, isn't to see the actual score, but to watch the trend over time, and make sure nothing bad is happening. (and, if there is, to understand why.) (Very few lenders outside of mortgages base soely on fico score and income (or debt to income ratio), they're out to make money and fico isn't a revenue tracking score.)




Yep there are different versions of FICO which will not agree with each other. In a way it's little better than a FAKO as you will never know which exact model a lender is going to use and then they may use their own internal scoring on top of that.


I would just not worry much about it. A FICO is going to be a better guide than a FAKO but beyond that, why sweat it.

takeshi
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Postby takeshi » Tue Apr 08, 2014 8:23 am

GoCreditGo! wrote:I'm wondering about Discover's FICO Score accuracy. I check creditKarma and Barclays as well and they are all about 30 points apart.

Anyone have insight to share?

All the scores are accurate. However, the specific model in use and the differences in data when the scores were generated both have an impact and you can't rely on a FAKO to accurately model a FICO. Even FICO has a number of different models in use as indicated above.

Make sure you consider all this when comparing scores.

GoCreditGo! wrote:So, the Discover score is a good score to follow?

Define "good". It's useful if a creditor uses that model as a basis for approval. It doesn't really have any relevance if the creditor uses a different model and/or a different CRA. Don't just fixate on scores or relying on one single score. Keep an eye on the specific data in your reports. Your scores are all based on what's in your reports.

GoCreditGo!
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Postby GoCreditGo! » Tue Apr 08, 2014 11:11 am

What kind of stuff should I be on the look out for? Is the myFICO website a good site to pay to get my score, they seem legitimate.

takeshi wrote:All the scores are accurate. However, the specific model in use and the differences in data when the scores were generated both have an impact and you can't rely on a FAKO to accurately model a FICO. Even FICO has a number of different models in use as indicated above.

Make sure you consider all this when comparing scores.


Define "good". It's useful if a creditor uses that model as a basis for approval. It doesn't really have any relevance if the creditor uses a different model and/or a different CRA. Don't just fixate on scores or relying on one single score. Keep an eye on the specific data in your reports. Your scores are all based on what's in your reports.

thom02099
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Postby thom02099 » Tue Apr 08, 2014 1:05 pm

GoCreditGo! wrote:What kind of stuff should I be on the look out for? [color="red"]Is the myFICO website a good site to pay to get my score, they seem legitimate[/color].


They ARE legitimate, in that they are true FICO scores...from the FICO website. The models used there are:

Experian = 08 model. Anecdotally, most lenders use the EX 04 model, but that will likely change in the future as the 08 model becomes more popular.

Equifax = ?? This is an interesting situation. In the past and for a long time, EQ has used the Beacon 5.0 model. However, posts at the MyFICO board indicate that FICO is planning a news release about going to the Beacon 9.0 model, and indeed some posters over there seem to think the FICO has already gone to the Beacon 9.0 model. In any event, that's becoming a more popular model and many lenders have moved to or are moving to the Beacon 9.0 model.

Transunion= 98 model. This is an old model that practically no major lender uses. The 04 model is the most popular right now, but the 08 model is what one gets from Discover and WalMart; Barclays IIRC, uses the 04 model. I would not waste my time in buying a 98 model report for the score alone; only if you want to look at the actual report for accuracy, and there are other places you can do that for free.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

beef.stu
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Postby beef.stu » Thu Apr 17, 2014 2:27 am

fwiw, my fico scores from Barclays and Discover are within 2 points of each other.
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature



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