Help Understanding Various models – I am so confused

QuestionsHelp Understanding Various models – I am so confused
asked 4 years ago

Hello, can some one please help.   I am completely lost in this credit score maze. Any help would be greatly appreciated… I applied for equity loan with Navy Federal Credit Union (NFCU) a couple of days ago and to my shock they told me my credit score was:

EQ: 586       EX:  582        TU621

 

I knew I had challenges due to high utilization, number of inquires but not to this extend.  I have been receiving my free scores through Discover, Capital One etc. and the picture was never this bad.  Loan officer further mentioned there is a charge off account that I was unaware of.  I activated myFICO membership and saw a following puzling scoes.  

 

If anyone can help with the following and guide to improve would be greatly appreciated.  I am totally lost in this maze. 

 

How does a common person knows who is using what in terms of score models, this is just beyond my understanding.  If no one is using Score 8 why even have it.  I don’t under stand it

 

Before we (anyone) apply for any credit card, loan (car, mortage, personal etc) how does one know what financial institution is using?   I am just so confused and looking for a bright side :smileyhappy:  please help. thanks. 

EQUIFAX

652 FICO® Score 8

Commonly used in mortgage lending

598 FICO® Score 5Previous version

Commonly used in auto lending

673 FICO® Auto Score 8Version for auto                                                                                                                 

614 FICO® Auto Score 5Previous version

 

Commonly used in credit card lending

659 FICO® Bankcard Score 8Version for credit card                                                                                         

592 FICO® Bankcard Score 5Previous version for credit card

 

Transunion

679 FICO® Score 8Most widely used

Commonly used in mortgage lending

636 FICO® Score 4Previous version, most widely used for mortgage lending Score Commonly used in auto lending

FICO® Auto Score 8Version for auto lending Score                                                                                           

 645 FICO® Auto Score 4Previous version for auto lending ScoreCommonly used in credit card lending

676 FICO® Bankcard Score 8 Version for credit card                                                                                                

622 FICO® Bankcard Score 4Previous version for credit card lending Score

 

 

Experian

671 FICO® Score 8 Most widely used version

Commonly used in mortgage lending

601 FICO® Score 2Previous version, most widely used for mortgage

Commonly used in auto lending

696 FICO® Auto Score 8Version for auto

611 FICO® Auto Score 2Previous version for auto

Commonly used in credit card lending

673 FICO® Bankcard Score 8Version for credit card lending Score

635 FICO® Score 3Previous version predominantly used for credit card

567 FICO® Bankcard Score 2 Previous version for credit card lending Score

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