topic My FICO was 575. I should be eligible to buy a house abou... in General Credit Topics

MyFICO vs. Lenders

tn — Thu, 08 Mar 2007 23:48:38 GMT

There are many different credit scores available in todays on-line markets. How does myFICO scores compare to that of lenders? Are they within 5%, 10%, etc. I have used truecredit and the scores reflected there were 50 to 80 points different to that of some lenders.

While the various non-FICO credit scores are similar to F...

Barry — Sun, 11 Mar 2007 21:54:34 GMT

While the various non-FICO credit scores are similar to FICO scores in design, score range, and how they're applied in lending decisions (if they're used in lending decisions), there really is no formula or rule of thumb that can be applied in any reliable manner that will give you a good idea of just how far off the score is from a true FICO score.

-Barry

Just a note on TrueCredit - I assumed my Fico would be a...

SoulSmilen — Wed, 14 Mar 2007 06:05:04 GMT

Just a note on TrueCredit - I assumed my Fico would be a lot lower than those shown on TrueCredit, and couldn't believe how wrong I was. I've been steadily building my credit for a little over a year and used TrueCredit to keep an eye on the scores, knowing they were different than Fico, but still gauging the rise in points as a good sign. In actuality, my Fico is so much higher on Equifax that I am almost stunned. I haven't checked Fico on Experian or TU, but they will be considerably higher since Equifax was the lowest one with TrueCredit. I didn't even realize I was in range to be approved for a mortgage... doh me! House, here I come soon!!

(Still recovering from shock)

a bit confused; truecredit was lower than myFICO score?...

cwalt — Wed, 14 Mar 2007 17:26:48 GMT

a bit confused; truecredit was lower than myFICO score?

i check my credit a few days ago on it and found that i was off by 50 points the last time I checked with NOTHING different in my report.

If this is the case (i.e. TC lower than FICO) I feel a bit relieved but frustrated at the same time.

How do Lenders obtain FICO scores? anyone??

Lenders obtain FICO scoes based on their lending needs....

Brammy — Thu, 15 Mar 2007 11:47:23 GMT

Lenders obtain FICO scoes based on their lending needs. The score you see on the myfico sight is the mortgage lending model. The credit card industry uses a slightly different model as do auto loans, You will never be sure which model your lender is using. Some use a model called the TransRisk model from TU which is supposed to predict the likelihood of you filing bankruptcy.

Barry probably can't tell you this (because he works for...

DionLawOffice — Fri, 16 Mar 2007 00:58:35 GMT

Barry probably can't tell you this (because he works for FICO and it wouldn't look good), but I can because I have absolutely no relationship with them. See my post about Advantage. There are a lot of scores out there - the new one being "VantageScore." Stick with a FICO based score.

No lenders I know of use the other non-FICO scores (but I am told Beacon and others are FICO based) - so they are almost worthless (unless you just like to pat yourself on the back for paying your bills - which is certainly okay - and besides you can get over a 900 with Vantage which feels kinda good too ;) ).

You should always check your credit with all three bureaus for fraudulent accounts - but if you are looking for your "score" I personally would stick with myfico or Equifax (until Equifax goes to Vantage - then ditch them too). So far, no creditors I know of use any score other than FICO based scores.

Message Edited by DionLawOffice on 03-15-2007 05:57 PM

Message Edited by DionLawOffice on 03-15-2007 05:58 PM

Confused now

nikkoslilmouse — Wed, 21 Mar 2007 16:17:27 GMT

Barry or anyone that knows. I am pretty confused now after reading these inserts I had a lender pull my scores and he said that my mid is 611 but myfico has it well was at 556 then I checked today with no change in the report and it is 538 why is it such a gap in the numbers if lenders only use the fico score and why did it drop with myfico plus I did not got a notice when it did drop I came online today and requested an update why did the alert not notify

Thanks for your help

My myfico score is exactly the same as the middle score o...

twnkltoz — Wed, 21 Mar 2007 17:12:02 GMT

My myfico score is exactly the same as the middle score on the report my lender pulled.

lol mouse you have THREE FICO scores. I assume the score...

Brammy — Wed, 21 Mar 2007 17:28:45 GMT

lil mouse you have THREE FICO scores. I assume the score you qouted was your Equifax score. However you also have FICO scores at TU and EX. They do not sell these scores at these bureaus, but you can pull them yourself on this site. All information does not report to all bureaus so its not odd that the sore you were quoted was diff from your equifax score. Most lenders take the middle score. From the score you qouted the 600+ is not too off-based for a middle score or high score pulling all three bureaus. Mine range for 680 -720. It also depends on whether trhe lender was using an auto-enhhanced model of the score or a credit card scoring model. The ones sold here are general mortgage models.

Message Edited by Brammy on 03-21-2007 01:28 PM

Myfico scores matched Fico scores run by lender the same week

antredd67 — Sat, 24 Mar 2007 21:44:58 GMT

After checking all three of my fico scores two weeks ago TU-666, EFX-663, and EXP-650 on myFico.com, I let a lender run my credit report that same week and he said that my scores were all the same except my EXP was 656 instead of 650. But there was a couple of days in between I had the lender run my credit report, and maybe one of the accounts I paid down the previous month updated within those two days.

Since I didn't understand what my middle score of 663 meant, I instantly found out that in California that meant that I would qualify as an Alt-A prime rate customer. If I am not mistaken, you need to be at 680 or above to be considered prime. But I could stil be able to get a loan without a prepayment penalty and be considered prime with a middle score of 663.

With that middle score, I was told that practically any lender could find me a loan with a rate of 6.12% with a 1/2 point buy down. But since I have a pre-payment penalty I am going to wait until next year hopefully having my middle FICO above 700.

My FICO was 575. I should be eligible to buy a house abou...

TheNewWorldMan — Sun, 25 Mar 2007 08:04:57 GMT

My FICO was 575. I should be eligible to buy a house about the time the first starship reaches Alpha Centauri. Give or take...

New World, why do you think its so dire with those scores...

Brammy — Sun, 25 Mar 2007 11:28:00 GMT

New World, why do you think its so dire with those scores? Is your score in that range due to a slew of NEW collections? If so the only thing that will help is time but not THAT much time:smileyvery-happy:

My collections are always new. They never age. As soon as...

TheNewWorldMan — Sun, 25 Mar 2007 20:04:24 GMT

My collections are always new. They never age. As soon as my FICO approaches 600 or so, the collection agencies then RE-report the charge-offs to make it look like I just defaulted a month or two ago. It's the Credit Bureau Fountain of Youth...lol.