topic Re: Differences between scoring in Understanding FICO® Scoring

Differences between scoring

ktlynn_74 — Fri, 27 Jan 2012 17:10:22 GMT

I am trying to raise my score to qualify for a mortgage. My lender has told me they use three scores to score my TU report:

Beacon

Classic 2004 FICO

Fair Issac Score

What is the difference between these? I can't find much information on these?

Re: Differences between scoring

MarineVietVet — Fri, 27 Jan 2012 17:25:30 GMT

ktlynn_74 wrote:
I am trying to raise my score to qualify for a mortgage. My lender has told me they use three scores to score my TU report:
Beacon
Classic 2004 FICO
Fair Issac Score

What is the difference between these? I can't find much information on these?

A mortgage lender will very often pull all three scores and use the middle one to make a decision. Those look like scores from each of the three CRA's.

Beacon = Equifax

Classic 2004 FICO = Transunion

Fair Issac Score = Experian

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Differences between scoring

ktlynn_74 — Fri, 27 Jan 2012 17:28:45 GMT

Thank you thats very helpful. Do you if I can get this exact scoring anywhere? Is there something that is close to it if I can't? I know my fico and my vantage score and most FAKO's, but they run the gamate as being diffrent. Some I'm in the 570's some I'm in the 640's.

Re: Differences between scoring

MarineVietVet — Fri, 27 Jan 2012 17:35:00 GMT

ktlynn_74 wrote:
Thank you thats very helpful. Do you if I can get this exact scoring anywhere? Is there something that is close to it if I can't? I know my fico and my vantage score and most FAKO's, but they run the gamate as being diffrent. Some I'm in the 570's some I'm in the 640's.

So the lender did not actually pull your scores? I guess that confused me.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. You can get both your Transunion and Equifax scores here although the TU version sold here in an older TU98 version.

At one time you could also purchase your Transunion score at transunioncs.com but no more. Wal Mart now offers a TU08 score to those who have their store card and the Discover version.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/

The VantageScore is used by a few lenders but I wouldn't rely on that.

Re: Differences between scoring

ktlynn_74 — Fri, 27 Jan 2012 17:41:03 GMT

They only did a "prequalification" and only pulled my Transunion report. So the TU score bought here would not be the same as the Beacon score?

Re: Differences between scoring

GregB — Fri, 27 Jan 2012 17:53:40 GMT

ktlynn_74 wrote:
I am trying to raise my score to qualify for a mortgage. My lender has told me they use three scores to score my TU report:
Beacon
Classic 2004 FICO
Fair Issac Score

What is the difference between these? I can't find much information on these?

A bit lost in translation here:

"Beacon" = EQ Beacon 5.0 = The score sold here as your EQ FICO

"Classic 2004 FICO" = TU FICO Classic 04 = A later version than TU FICO Classic 98 sold here

"Fair Issac Score" = EX Fair Issac II = The one you used to be able to get here as your EX FICO

These are the normal 3 scores used for a mortgage and it would be very unusual for them to use anything else. If you are sure that your reports from each CRA (EQ, TU, EX) are similar then probably the best way to start is by pulling your EQ FICO from here. That will give you at least one score you can count on to be exactly correct and you can assume the others will be close.

Re: Differences between scoring

ktlynn_74 — Fri, 27 Jan 2012 18:00:29 GMT

Oddly enough, they all seem to have diffrent CA's, but the same general number of them so thats helpful. And my FICO here is only about 20 points to low to qualify, so that is helpful! Not quite so far to go then!!

Re: Differences between scoring

MarineVietVet — Fri, 27 Jan 2012 18:03:32 GMT

ktlynn_74 wrote:
They only did a "prequalification" and only pulled my Transunion report. So the TU score bought here would not be the same as the Beacon score?

No. All three CRA's use slightly different scoring formulas when looking at the same data. That explains why the scores can vary so much but all three are FICO scores.

The Beacon score belongs to Equifax.

Re: Differences between scoring

ktlynn_74 — Fri, 27 Jan 2012 18:11:41 GMT

Does anyone know how diffrent the TU score tends to be from here? If its close and I can get both scores here over 640 then at least I know they would go with the middle so it would be over 640...or is there anywhere I can buy the acual FICO 2004 classic score? Then I could at least have two of the three scores they would use.

Re: Differences between scoring

MarineVietVet — Fri, 27 Jan 2012 18:16:41 GMT

ktlynn_74 wrote:
Does anyone know how diffrent the TU score tends to be from here? If its close and I can get both scores here over 640 then at least I know they would go with the middle so it would be over 640...or is there anywhere I can buy the acual FICO 2004 classic score? Then I could at least have two of the three scores they would use.

There are only anecdotal stories as to the differences between TU98 (sold here) and the newer TU04 and the newest TU08. And even then there doesn't seem to be any kind of reliable pattern.

I don't know anyplace you can buy the TU04. Perhaps someone else does.

Re: Differences between scoring

ktlynn_74 — Fri, 27 Jan 2012 21:37:15 GMT

If I were to say apply for a mortgage, even though I know I'm not going to get approved would they have to give me my scores. I already have alot of inquiries, so that isn't going to hurt it anymore, but then maybe I could at least know if it's higher or lower and have some idea of where to go. I feel like I'm blindfolded and have no clue if its 620 or 550.

Re: Differences between scoring

GregB — Fri, 27 Jan 2012 21:41:09 GMT

ktlynn_74 wrote:
Does anyone know how diffrent the TU score tends to be from here? If its close and I can get both scores here over 640 then at least I know they would go with the middle so it would be over 640...or is there anywhere I can buy the acual FICO 2004 classic score? Then I could at least have two of the three scores they would use.

A number of us have been considering using mycreditplan.org, which supposedly gives you all three scores that you want. Their site has just gone from beta version to live and still clearly has numerous issues that concern people. The entry price is a bit steep so it isn't going to be the "solution" for most people. I think I'm going to try it but am going to wait until the period when all three of my reports will have the same data, which occurs between the 3rd-11th of each month. If I go ahead, I will post my experiences.

For just the basic score there is a $24.95 sign up fee and $249.95 for one year of all three scores each month. You can sign up for less scores per year but it still is not cheap. If you need those scores, perhaps it is worth it.

I'm sure there are many on this site that are waiting for when myFICO offers a similar service. I would much prefer sticking with myFICO, particularly since it wouldn't really replace ScoreWatch. Also, we owe a huge debt to myFICO for providing this forum.

Re: Differences between scoring

MarineVietVet — Fri, 27 Jan 2012 22:10:42 GMT

ktlynn_74 wrote:
If I were to say apply for a mortgage, even though I know I'm not going to get approved would they have to give me my scores. I already have alot of inquiries, so that isn't going to hurt it anymore, but then maybe I could at least know if it's higher or lower and have some idea of where to go. I feel like I'm blindfolded and have no clue if its 620 or 550.

Yes this is one way to get all of your scores. At least you would know exactly where you stand. If it was me I'd wait a year or so and work on my scores and that way I'd be more confident that I would pass this part of the process with no problem.

Plus the better your scores the less you'll probably pay in interest and that could save lots of money over the life of the loan.

Re: Differences between scoring

ktlynn_74 — Fri, 27 Jan 2012 22:25:23 GMT

With a USDA direct loan the intrest rate is actually decided by your income, not your score. You just need a min of 640 to qualify, so the mid range score would have to be 640 or higher. Buying through them would actually significantly reduce my monthly housing payment vs renting. That is why I'd like to apply as soon as I qualify. I am hoping I can be up that high w/in 6 months or so. my current FICO EQ is 620 so that is one score they would use. I need to get that up 20 points.

Re: Differences between scoring

ktlynn_74 — Sat, 28 Jan 2012 00:55:17 GMT

I looked at mycreditplan.org. I am thinking of trying that, it doesn't seem to expensive. I couldn't find any info on what score model they were using if its the FICO 2004 or 98...

Re: Differences between scoring

llecs — Sat, 28 Jan 2012 00:56:36 GMT

ktlynn_74 wrote:
I looked at mycreditplan.org. I am thinking of trying that, it doesn't seem to expensive. I couldn't find any info on what score model they were using if its the FICO 2004 or 98...

04 for TU.

Re: Differences between scoring

ktlynn_74 — Sat, 28 Jan 2012 01:01:38 GMT

Perfect. Thank you!

Re: Differences between scoring

GregB — Sat, 28 Jan 2012 01:27:53 GMT

ktlynn_74 wrote:
I looked at mycreditplan.org. I am thinking of trying that, it doesn't seem to expensive. I couldn't find any info on what score model they were using if its the FICO 2004 or 98...

It is EXACTLY the scores you need for virtually any mortgage:

EQ Beacon 5.0

TU FICO Classic 04

EX Fair Issac II

Re: Differences between scoring

ktlynn_74 — Sat, 28 Jan 2012 01:33:18 GMT

Yay! Def worth it then. I just had a collection account taken off my TU today, and I know the others should soon follow (the CA requested the removal b/c they could not VA). I'll wait until sometime next week when they are off and pull it. I'm just glad to have finally found someplace to get the info!

Re: Differences between scoring

ktlynn_74 — Mon, 30 Jan 2012 19:53:34 GMT

I tried that website, but I couldn't get my order to go through. I couldn't find any contact information on the website either;( I bought my updated TU FICO, and it is saying 644 (which oddly is very close to my vantage score of 647). The lender is saying it is under 640 with the formula they use though:( I might not have any choice but to apply through a company that will give me their score:(