Question:
I’ve heard that everybody has more than one FICO score, is this true? If so how many are there? Which ones should I pay attention to? Â – Alex, Ohio
Answer:
Great question, Alex. We’re going to break down your question into parts. So you fully understand the different types of FICO scores and which ones matter.
Yes, everybody has more than one FICO score.In total there are 49 FICO scores available to lenders. Only 9 of these scores (often referred to as classic or generic scores) are available to individuals. It’s easy to get overwhelmed with all of these scores, but it’s important not to worry as there is only a small amount of difference between each of these scores.
Between each of these models there is only very slight differences in the changes made, so if you compare two chances are they’ll be within a range which isn’t unlikely to change a loan from being approved to being denied or an interest rate going from 9% to 12%.
Below is a full list of all 49 of the FICO scores, we’ve included the key below to help you make sense of it.
Key:
 Bold text: Generic/Classic FICO scoring models
Italtic text: Industry specific FICO scoring models
* Currently available to consumers
^ Was once available to consumers
Contents
 Experian FICO Scores
- Experian, FICO Risk Model V2^
- Experian FICO Risk Model V2 – Installment Loan
- Experian, FICO Risk Model V2 – Bankcard
- Experian, FICO Risk Model V2 – Auto
- Experian, FICO Risk Model V2 – Â Personal Finance
- Experian, FICO Risk Model V3*
- Experian, FICO Risk Model V3 – Auto
- Experian, FICO Risk Model V3 – Personal Finance
- Experian, FICO Risk Model V3 – Installment Loan
- Experian, FICO Risk Model V3 – Bankcard
- Experian, FICO Risk Model 08^
- Experian, FICO Risk Model 08 – Auto
- Experian, FICO Risk Model 08 – Bankcard
- Experian, FICO Risk Model 08 –Â Mortgage
Experian NextGen Scores
- Experian/FICO Advanced Risk Score 1.0
- Experian/FICO Advanced Risk Score 2.0
TransUnion FICO Scores
- FICO Risk Score, Classic 98*
- FICO Risk Score, Classic 98 Auto
- FICO Risk Score, Classic 98 Personal Finance
- FICO Risk Score, Classic 98 Installment Loan
- FICO Risk Score, Classic 98 Bankcard
- FICO Risk Score, Classic 04^
- FICO Risk Score, Classic 04 – Auto
- FICO Risk Score, Classic 04 – Bankcard
- FICO Risk Score, Classic 04 – Installment
- FICO Risk Score, Classic 04 – Personal Finance
- FICO Risk Score, Classic 08*
- FICO Risk Score, Classic 08 Auto
- FICO Risk Score, Classic 08 Bankcard
- FICO Risk Score, Classic 08 Mortgage
TransUnion NextGen FICO Scores
- FICO Risk Score NextGen
- FICO Risk Score NextGen 03
Equifax FICO Scores
- BEACON 96 – (phased out by Equifax in 2005)
- BEACON 96 – Auto (phased out by Equifax in 2005)
- BEACON 96 – Bankcard (phased out by Equifax in 2005)
- BEACON 96 – Personal Finance (phased out by Equifax in 2005)
- BEACON 96 – Installment (phased out by Equifax in 2005)
- BEACON 5.0*
- BEACON 5.0 – Mortgage
- BEACON 5.0 – Auto
- BEACON 5.0 – Bankcard
- BEACON 5.0 – Installment
- BEACON 5.0 – Personal Finance
- BEACON 09*
- BEACON 09 Mortgage
- BEACON 09 Bankcard
- BEACON 09 Auto
Equifax NextGen FICO Scores
- Pinnacle 1.0
- Pinnacle 2.0
Which FICO Score(s) Should You Pay Attention To?
Obviously the FICO scores you should be most concerned with are the ones lenders are looking at. It’s rarely often you’ll know which model they are planning on using, but in most cases the most commonly used model is the ’04 model, this is known as also BEACON 5.0 (Equifax), FICO Risk Score, Classic 04 (TransUnion, formerly known as Empirica Risk Score, Classic 04), Experian, FICO Risk Model V3 (Experian).
Most mortgage lenders will use the classic/generic scores 2004 which we’ve listed above, but if you are applying for a credit card or auto loan they’ll often use the industry specific scoring 2004 models which are not available to consumers. The main difference in industry specific scores is more weighting is added to that particular credit type.
For example, if you are applying for a credit card the bankcard FICO scoring module would be used. Â You’re FICO score would be more heavily based on your history of credit card repayments, rather than your mortgage repayment history. Because most people only ever have one mortgage the mortgage scoring module (previously called installment loan / personal finance) is rarely used as it’ll bring back the same score as the generic / classic score would.
That being said there is usually only a small difference between an individuals generic score and their industry specific scores so it’s still extremely useful to find out your generic scores and track them to ensure you’re score is on the improve.
Some creditors have begun to use the 2008 scoring models (Beacon 09, (FICO Risk Score, Classic 08)Â and Experian, FICO Risk Model 08)Â with American Express and Citibank both stating they’ve moved onto the 2008 model. Adoption of the newer models is usually slow, which is why even in late 2013 (5 years after the introduction of the ’08 model) the vast majority of creditors are still using the ’04 model.
Thanks again for the question, Alex. If something isn’t clear (even if you’re not Alex) feel free to ask us in the comments. If you have another question you’d like answered by the team at doctor of credit, then contact us.
