topic Re: My fico score low of 763 but lender says 713 How dat possible in Mortgage Loans

My fico score low of 763 but lender says 713 How dat possible

anderson2624 — Sat, 10 Nov 2012 04:39:25 GMT

Seem quite ODD.

Merryl Lynch is potential lender. Does anyone understand how a lender can manupulate the score. Certainly with a low score they can charge a higher rate and even more fees.

PLEASE someone EXPLAIN.

Any laws out there to protect us?

Re: My fico score low of 763 but lender says 713 How dat possible

seigex — Sat, 10 Nov 2012 09:15:15 GMT

anderson2624 wrote:

Seem quite ODD.

Merryl Lynch is potential lender. Does anyone understand how a lender can manupulate the score. Certainly with a low score they can charge a higher rate and even more fees.

PLEASE someone EXPLAIN.

Any laws out there to protect us?

I don't think there's much of a difference between a 763 and 713 when it comes to rates... but that is odd unless they are using their own inhouse score

Re: My fico score low of 763 but lender says 713 How dat possible

beb86 — Sat, 10 Nov 2012 15:00:44 GMT

Myfico uses the TU98 model where as most lenders use the TU04 so even though the are both FICOs the are different models which can cause a variance. And what would you want the law to be?

Re: My fico score low of 763 but lender says 713 How dat possible

courtney091082 — Sun, 11 Nov 2012 21:05:35 GMT

beb86 wrote:
Myfico uses the TU98 model where as most lenders use the TU04 so even though the are both FICOs the are different models which can cause a variance. And what would you want the law to be?

+1 ^^^exactly

Re: My fico score low of 763 but lender says 713 How dat possible

llecs — Sun, 11 Nov 2012 23:15:57 GMT

Locked thread to direct others here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FORGET-fico-score-NOT-used-by-Mtg-Lenders/td-p/1692964