I'v been reading that allot of lenders are pulling diff. scores then on myfico.com. It scares me to know that what Im seeing is not what the lender is going to see. They say its like 30 points lower then whats on my myfico.com is this true ???? But I did read on hear that some people's scores are acutally allot higher then my fico reports. Can I get some reasurance. Im going to be buying a house real soon and just want to be prepared.
Myfico.com scores eq 579 TU 600 Ex: ?
Fako scores eq 602 TU 650 Ex 640
***Out of debt*** yay this is the year to get up to the 700's.
Beth99 wrote:I'v been reading that allot of lenders are pulling diff. scores then on myfico.com. It scares me to know that what Im seeing is not what the lender is going to see. They say its like 30 points lower then whats on my myfico.com is this true ???? But I did read on hear that some people's scores are acutally allot higher then my fico reports. Can I get some reasurance. Im going to be buying a house real soon and just want to be prepared.
Myfico.com scores eq 579 TU 600 Ex: ?
Fako scores eq 602 TU 650 Ex 640
Each lender has purchased or has rights to their own version(s) of FICO scores and the formula used to calculate the FICO score varies between each report. The only way to know what version a lender will offer and pull is to either ask beforehand or look after the pull on the report they give you.
MyFICO sells EQ and TU FICO scores. Specifically, myFICO sells Beacon 5.0 for EQ and TU98 for TU. Virtually all lenders out there pull also Beacon 5.0. In fact, looking in these forums I have yet to find a single lender mentioned that pulls anything different. There are two other EQ FICO versions that lenders have access to and that is Beacon 9.0 and their mortgage-enhanced FICO score. Both of these were introduced to the marketplace this year and probably won't be used on a widespread level for another few years. In short, don't sweat EQ.
MyFICO also sells TU98. Unfortunately, most lenders now are not using TU98, but are using TU04. That for some have been higher or lower. YMMV. There's a couple of webinars on FICO's website that talk about the scoring differences between TU04 and TU98, but I have yet to figure it out myself. To befuddle things, lenders are now offered TU08 (FICO08 version that everyone talks about) and haven't seen anyone pull that yet.
MyFICO used to sell EX. That version I believe is a Fair Isaac Risk v. 2 score. Most lenders used that score and there have since been a new version released incorporating FICO08. However, this new score was introduced about a month ago and I wouldn't believe that any lenders are using it this soon.
Here's the good news: If you get your myFICO scores at the place where you'd like them, then begin rate shopping. If you find a lender that isn't pulling Beacon 5.0 and TU98, then go to the next if those scores offered by that lender aren't what you were hoping. All inquiries if pulled within a 14 or 30 day period, depending on the CRA and version of score used, count as one single inquiry per your score. So, if you go to 10 different lenders in a 2 week period, your score only takes a hit for one of those 10 inquiries.