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Mysunsai t1_iuewjpg wrote

You do not have one definitive “credit score,” you have dozens of credit scores, which use dozens of different credit scoring models to take the information on your credit report and turn it into a number.

Credit karma gives you a vantagescore. They do that because nobody uses vantagescore, and so it’s very cheap to provide it to you. So the score credit karma gave you is 100% accurate, it’s just that nobody really cares about that particular score.

Your mortgage lender would have most likely used some combination of FICO 2, 4 and/or 5.

Credit cards usually use FICO 8, which is also somewhat commonly provided by credit monitoring services (though not credit karma). Auto loans usually use FICO Auto. There are a variety of other FICO scores that lenders might choose to use in different situations.

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bludgeonedcurmudgeon t1_iug40cw wrote

>used some combination of FICO 2, 4 and/or 5.

curious what these all are and how they differ and why the need for so many variants?

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DaMan619 t1_iug5v2v wrote

Looks like each credit bureau got their own version.
>Once you get older than FICO 8, the naming of the FICO scores becomes a little inconsistent across credit bureaus. There is no FICO 7 or FICO 6, but there are FICO 5 and FICO 4 scores at Equifax, FICO 4 and FICO 98 scores at TransUnion, and FICO 3 and FICO 2 scores at Experian. And yes, all of those scores include the bankcard and auto loan variants.

Only difference I know if how charge cards are treated. FICO8 doesn't count them for utilization while older models use the highest reported balance as the credit limit. FICO9 made some derogatory remarks lose less points and going by OP's 80pt difference that's probably the case here.

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bepr20 t1_iugqm4t wrote

No, its not different by bereau.

FICO is an independent company that creates credit scores algorithms, FICO 1,2,3,4 etc. Beureau's provide credit reports, and then sell the scores using their credit reports and the FICO algorithm. The algorithm used is determined by the lender when they purchase a score.

There are different score versions for two reasons.

(1) Different scores are better for different purposes. Some are used primarily for auto, others mortgages, other credit cards, etc. So lenders select what they want.

(2) Older scores are sunsetted, new ones are created that do a better job then older ones.

Vantage is an alternative algorithm developed by a consortium of beaureus because they are tired of paying FICO.

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bruinhoo t1_iugsocg wrote

In the case of mortgages, each of the 3 bureaus actually get run through different FICO models, FICO 2, 4, and 5

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chickenlittle53 t1_iuibyc5 wrote

Different models are supposed to predict different types of loan risk. Taking out q loan for an auto payment is viewed differently than say a credit card as the terms are a lot different, collateral, etc.

Here's what you and the other guy may not know, FICO isn't the in all be all either and many banks will even use their own model. Chase for example does this. VantageScore is still useful as it gives details about your overall credit make up. Missed payments, crediting utilization, age of credit, etc. It's all there.

You are allowed to pull your actual credit reports at least once a year completely free. As for scores with how many models it will just sort of depend. You can go on the FICO website and get a free estimate with proper info and/or Experian is free to check I believe at least once a week.

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bepr20 t1_iugpmgq wrote

Vantage score is petty commonly used by lenders and credit card companies nowadays.

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whisky_in_your_water t1_iuh1ntm wrote

Source? Every application I've made has been FICO. I have literally never heard of anyone using VantageScore for lending decisions. I'm sure someone does, I just have actually seen an example.

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overzealous_llama t1_iuih41c wrote

In the US, this is untrue. CC companies do provide vantage scores on your statements though because it's cheap to do so. But in terms of credit decisions, FICO is used the majority of the time (there may be a handful of lenders that use vantage scores in credit decisions. MyFico forums would have this information).

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bepr20 t1_iuii33q wrote

Majority yes use FICO, but a large number of lenders use Vantage, especially in near prime lending, though not for everything.

Capone, Chase, Upstart all use it to an extent for example.

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