topic Re: MyFICO TU98 vs Lender Pull TU in Understanding FICO® Scoring

MyFICO TU98 vs Lender Pull TU

frugalQ — Mon, 18 Jun 2012 14:26:37 GMT

Good morning Forum,

I got the myfico TU98 score today, and it is listed at 655. I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump. I am sooo thankful that the mortgage company does not use the same scoring model that myfico does. My middle score would have been in the 650's if they had used TU98 (either TU or Equifax). However, at it stands, my middle score is 678 (Experian).

This goes to prove how important utilization is when calculating your FICO score. With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

Re: MyFICO TU98 vs Lender Pull TU

pizzadude — Mon, 18 Jun 2012 14:42:30 GMT

frugalQ wrote:
Good morning Forum,

I got the myfico TU98 score today, and it is listed at 655. I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump. I am sooo thankful that the mortgage company does not use the same scoring model that myfico does. My middle score would have been in the 650's if they had used TU98 (either TU or Equifax). However, at it stands, my middle score is 678 (Experian).

This goes to prove how important utilization is when calculating your FICO score. With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

A lot of people have reported large variances with TU98 and TU04, I'm glad that this one worked out in your favor :)

Good luck with your refi - what interest rate are you looking at ?

Re: MyFICO TU98 vs Lender Pull TU

BoysMumx2 — Mon, 18 Jun 2012 15:01:44 GMT

frugalQ wrote:
Good morning Forum,

I got the myfico TU98 score today, and it is listed at 655. I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump. I am sooo thankful that the mortgage company does not use the same scoring model that myfico does. My middle score would have been in the 650's if they had used TU98 (either TU or Equifax). However, at it stands, my middle score is 678 (Experian).

This goes to prove how important utilization is when calculating your FICO score. With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

I experienced the same thing! On 6/7 my TU98 was 698 but the mortgage lender pull was 731. It made a 1% difference on my down payment assistance product.

Re: MyFICO TU98 vs Lender Pull TU

frugalQ — Mon, 18 Jun 2012 20:28:20 GMT

pizzadude wrote:
frugalQ wrote:
Good morning Forum,

I got the myfico TU98 score today, and it is listed at 655. I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump. I am sooo thankful that the mortgage company does not use the same scoring model that myfico does. My middle score would have been in the 650's if they had used TU98 (either TU or Equifax). However, at it stands, my middle score is 678 (Experian).

This goes to prove how important utilization is when calculating your FICO score. With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

A lot of people have reported large variances with TU98 and TU04, I'm glad that this one worked out in your favor :)

Good luck with your refi - what interest rate are you looking at ?

3.875% with the lender paying 1 point....i guess i'm saying that correctly. I have an FHA mortgage, and i'm taking advantage of the new FHA streamline refi program that just went into effect last week.

Re: MyFICO TU98 vs Lender Pull TU

BigDaddy18 — Thu, 21 Jun 2012 03:09:37 GMT

I'm glad to hear that his program is helping someone out. It's the first posative thing I've hear from it!

Re: MyFICO TU98 vs Lender Pull TU

frugalQ — Fri, 22 Jun 2012 05:47:08 GMT

Before the rules changed on 6/11, it would not have benefited me to do the streamine refi because the additional MI cost would have taken away over half of P&I savings. But the reduction in the MI rates has turned out to be huge for me. The reduction in the upfront MI cost alone dropped my closing costs by nearly $2k. And my monthly MI is staying the same which will allow me to see the full P&I savings. On top of that, my property tax is decreasing (again), so im hoping my escrow payment will also reduce.

I anticipate that I'll recoup my closing cost in about 3 months.

Since I'm underwater on my loan and won't be able to sell anytime soon, I may as well take advantage of the new insurance rules.

What's interesting is that for FHA streamine refi, FHA doesn't require a credit score or income...but the banks rules override.

Re: MyFICO TU98 vs Lender Pull TU

tuckandroll — Fri, 14 Sep 2012 14:19:31 GMT

your lucky myfico shows me at 692, pull from Tu came back at 622 -70pts.... I have no clue why. Same day pulls, both soft.

Re: MyFICO TU98 vs Lender Pull TU

llecs — Fri, 14 Sep 2012 14:26:19 GMT

tuckandroll wrote:
your lucky myfico shows me at 692, pull from Tu came back at 622 -70pts.... I have no clue why. Same day pulls, both soft.

Was the 622 from a lender? If so, how did you get a soft pull for a TU04?

Re: MyFICO TU98 vs Lender Pull TU

tuckandroll — Fri, 14 Sep 2012 15:05:28 GMT

i used lender club and setup account, they did a soft pull to get a "pre approval" and reported the 622 from TU. It didn't say the what method used but it certiinly wasn't the same as myfico.

I had no intent of getting a loan just wandted to see the score and compare to myfico, getting ready for a mortgage and it really was depressing.

Re: MyFICO TU98 vs Lender Pull TU

llecs — Fri, 14 Sep 2012 15:11:28 GMT

You're the second person I recall seeing to mention that LC's score didn't match their TU98 from here. IME it always matched (I'm a lender and borrower). I wonder if they changed FICO versions.

Re: MyFICO TU98 vs Lender Pull TU

Shogun — Sun, 16 Sep 2012 03:56:10 GMT

Did some research on LC for investing. No notes offered in my state.

Re: MyFICO TU98 vs Lender Pull TU

llecs — Sun, 16 Sep 2012 04:40:34 GMT

Shogun wrote:
Did some research on LC for investing. No notes offered in my state.

I'm bailing. I've been cashing out after each payment.

Re: MyFICO TU98 vs Lender Pull TU

tuckandroll — Mon, 17 Sep 2012 12:24:33 GMT

It seems obvous to me that hey are now using 04 not 98.

Re: MyFICO TU98 vs Lender Pull TU

golo — Sat, 22 Sep 2012 17:59:48 GMT

Hi, how are you able to do that? Look at your TU 04 with LC, i mean.

Re: MyFICO TU98 vs Lender Pull TU

purbutterfly77 — Wed, 13 Feb 2013 18:59:31 GMT

My Transunion My Fico score is 656, lender pulled score 637. Talk about heartbreak when Wells Fargo denies you pre-approval for 3 points when you thought you had it.

MyFico Equifax was right on.

Re: MyFICO TU98 vs Lender Pull TU

golo — Fri, 15 Feb 2013 14:17:22 GMT

:smileysurprised: I taught it was 620, ugh