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StreamDweeler

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Why are TU scores different?
I just checked my TU score through my Merrick Bank CC account and it was 747. Then I checked it through my Capital One CC and it was 713. Why are they not the same?

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What score lender uses?

Question for johnnyrain127

"The relevant score is the one your lender/creditor uses, if that lender use FICO? Then VantageScore is irrelevant, vice versa. Since FICO have 58 different versions, even when lender do use FICO? You need to find out which one, is it..."

Would you explain how to find out which scoRe a lender uses?

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UPDATE

I called TU and asked them this question. They told me that Capital One uses FICO scoring model and Merrick Bank uses Advantage scoring model and this is why the scores are different. So... how am I suppose to know what my ACTUAL credit score with TU is? Is FICO the one to believe or Advantage? Or neither and is their a better way to get the actual score?

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JohnnyRain127

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Think you might got them backwards, if you are talking about the score they provide. CapOne' credit wise is from TU's VantageScore 3, same as provided by CK here, however if you read the fine print? You will see that CapOne dose NOT use it for their credit descisions... I don't know exactly what version of Merrick provides but its from FIOC score model.

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Unfortunately, there is no "actual" or "real" credit scores, to me there only is "relevant" and "irrelevant" scores. The relevant score is the one your lender/creditor uses, if that lender use FICO? Then VantageScore is irrelevant, vice versa. Since FICO have 58 different versions, even when lender do use FICO? You need to find out which one, is it FICO4, FICO8, FICO9? Is it FICO8 TU or FICO8 EQ? its FICO8 EQ or its FICO8 EQ "bankcard rate"... On and on and on.

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There is no one particular score that is absolutely correct.  Every bank and business uses a different method of calculation so there are numerous credit scores. Many businesses use FICO which has a whole different method of calculation.  Credit scoring is well explained in the articles on this site.

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Why can't there be just one scoring model? Why does there really need to be so many different ones? It just causes confusion and mistrust. I think the reason that people do not trust the credit reporting agencies and all of these scoring models is the lack of transparency. It's OUR credit so why all the clandestine secrecy in how the different scoring models work and why so many different ones are needed.

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JohnnyRain127

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It's just me rambling...

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Simply put, it's business. Credit scores are created for lenders, not for consumers, different lenders have different lending requirements, even same lender might wish to have different models for different products they offer. Lending requirements do change from time to time to reflect the financial climate of its time (or whenever a new CEO come on board). Since credit scoring companies, mainly FICO want/need to catering to its bread and butter the lenders, so they come up with "updated" or brand new score models every so often to keep their scores current, and of course, their revenues up, and here we are with virtually 100s score models.

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Believe it or not, credit score do help us consumers, it's how we can get a credit decisions in seconds rather than week(s), and the end result are bit more uniformed, comparing to the older days of somebody in some dark smokey basement manually reviewing your application, some still do lol. However, with anything that is created for the general masses? Some will fall thru the cracks. Credit scores aren't meant to be end all be all, what's in your credit report are just as important as your scores, it only gives lender some ways to gauge your risk uniformly with others, since we don't all arrive at same/similar scores with same fashion? they will always factors in how you arrived to that score, therefore, you will see many times, some with lower scores gets approved while others with higher score gets declined for the exact same product. That's when and where the distrust, confusions comes in.

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As a consumer, we need to inform ourselves, read, research, Google, bat signal, massage in a bottle, whatever else we can do to learn about credit, like anything else, knowledge is the key, tho we might never actually understood how or why the way it works ( I know I sure don't)? but we are less likely to be taken vantage of when we are informed.

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