Variation in Experian scores and a question

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Callmedory
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Variation in Experian scores and a question

Postby Callmedory » Wed May 11, 2016 11:32 am

I know that card issuers, etc use variations in credit scores, different categories, etc, but I have three sites supposedly using Experian and three numbers. Don’t get me wrong, they’re all great, but it IS weird.

USAA says 835. CreditKarma says 837. Well, those are close (and really good), so no big deal. But Amex? They say 850. Now, that just seems odd.

Also, will paying off a mortgage cause a score to drop?

Oh, how did we get it so high? We’re in our mid-50s, so we’ve had cards 30 years, and we pretty much pay them in full every month. Never a late payment. We’ve had student loans, car loans, and a mortgage (that’ll finish the end of this year). I monitor the statements/receipts to ensure everything checks out (having a bit of OCD helps with that).


Elijahmex
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Re: Variation in Experian scores and a question

Postby Elijahmex » Wed May 11, 2016 1:22 pm

Those are some great scores :lift:

I am also very curious about all the different scores that are reported to me. In February I was at 750 and after opening 4 new accounts they now vary between 699 (creditkarma) and 734 from my Discover statement. Creditwise from my CapitalOne score tracker says TU 703.

I want to apply for an auto loan next month and dont know which information to rely on.
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Kevin86475391
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Re: Variation in Experian scores and a question

Postby Kevin86475391 » Wed May 11, 2016 2:49 pm

The differences in scores can be attributed to different scoring models. Credit Karma uses the VantageScore, which is a completely different model from the traditional FICO. So your Experian VantageScore naturally wouldn't be the same as your Experian FICO 8. However, you'll note that I said "FICO 8." That's because FICO also has several different scoring models that they use. FICO 8 is the most common model today used by credit card lenders. However, car loans and mortgages use a different FICO score, and FICO recently released a new model called FICO 9, which obviously also has different scores.

Each scoring model weights things slightly differently, so your Experian score will almost certainly vary somewhat from model to model. That's completely normal.

I believe Amex does give an Experian FICO 8, but as I said Credit Karma gives a VantageScore (whole different model, unrelated to FICO). I have no idea what USAA gives, but it may be a different FICO score. Bottom line: you (and everyone) have quite a few different Experian scores and they'll vary depending on the model. Before applying for something you'll need to determine what scoring model and bureau your lender will be using to evaluate your credit.

Regardless, congrats on the great scores! :cheers:
Last edited by Kevin86475391 on Wed May 11, 2016 4:03 pm, edited 1 time in total.

Callmedory
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Re: Variation in Experian scores and a question

Postby Callmedory » Wed May 11, 2016 3:57 pm

Thanks for explaining the specific differences. I knew that different places calculate using different factors, but didn't know the names.

Yeah, I'm kinda pleased with our scores. A lot of doing things right AND being lucky.

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Vattené
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Re: Variation in Experian scores and a question

Postby Vattené » Wed May 11, 2016 8:32 pm

I believe paying off the mortgage should cause a slight drop, but it sounds like it shouldn't be cause for alarm given where you are sitting now. If my understanding is correct, paid off installment loans of any type are forgotten about pretty quickly (at least for FICO). You'll still have all the history reported and contributing to your score, but you'll have one fewer open account in good standing factoring into things.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

takeshi
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Re: Variation in Experian scores and a question

Postby takeshi » Thu May 12, 2016 9:23 am

Callmedory wrote:Don’t get me wrong, they’re all great, but it IS weird.

USAA says 835. CreditKarma says 837. Well, those are close (and really good), so no big deal. But Amex? They say 850. Now, that just seems odd.

Not weird at all. Different scoring models evaluate report data differently and can even have different score ranges. Don't assume that all models should produce the same or similar results, have fixed offsets from each other, trend the same way in all cases, etc. Be aware of the specific model when referring to any score. Also be aware which score/model combo your creditors/products use. The score that is used in the decision for a creditor/product is what matters and other models and CRA's will not be relevant to that decision.

Two different models can produce similar or even the same number but that's coincidental. Remember that coincidental and causal are not the same thing.

CK does not provide EX scores or data.

Kevin86475391 wrote:USAA gives, but it may be a different FICO score.

It's VantageScore 3.0 but Experian. Credit Karma's scores are TransUnion and Equifax VantageScore 3.0's.

Callmedory
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Re: Variation in Experian scores and a question

Postby Callmedory » Thu May 12, 2016 1:21 pm

I understood the differences in factors for evaluation, though I did not know their names. What was weird to me was the 850. They must be a bit more lax in their factors.



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