Factual Data vs My Fico

[macungie]

I'm confused. My Fico says my scores are 635 Equifax, 675 Trans Union, 639 Experian. My bank says I have to be a 620 to qualify for a mortgage and he pulled a factual data and it says I'm a 598 ?? Some please explain the game to me??

[myjourney]

Scores from myFico are 08 model 

Your lender is most cases are pulling Fico 04 model which is a mortgage scoring model

Different models lead to different scores 

Hope this helps you get a better understanding 

[macungie]

Where I can go to pull a Fico 4? My fico pulls a Fico 8 which is almost useless

[myjourney]

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@macungie wrote:

Where I can go to pull a Fico 4? My fico pulls a Fico 8 which is almost useless Depend on which report you purchased 

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See this thread 

http://ficoforums.myfico.com/t5/General-Credit-Topics/Where-can-i-get-my-FICO-04-score/m-p/4400328#M...

[Anonymous]

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@macungie wrote:

Where I can go to pull a Fico 4? My fico pulls a Fico 8 which is almost useless

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Fico 8 isn't almost useless. It's the most used score of all of them. Mortgage lenders just haven't moved in to the 21st century yet.

[RobertEG]

Do you mean he pulled a credit report that is a full factual report, meaning it shows all derogs back to day 1 with no derogs excluded?

[StartingOver10]

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@macungie wrote:

I'm confused. My Fico says my scores are 635 Equifax, 675 Trans Union, 639 Experian. My bank says I have to be a 620 to qualify for a mortgage and he pulled a factual data and it says I'm a 598 ?? Some please explain the game to me??

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I am assuming that your mortgage lender used Kroll Factual Data (or one of the other services) to pull your mortgage scores as mentioned above. 

Mortgage scores can be purchased here under the products section - the 3 B report.  It will match your lender's report unless you have had changes to your credit since your lender pulled the score.  The lenders use the mid-score of the 3 scores.   Read the link that was posted for you earlier for an explanation of FICO mortgage scores.

[takeshi74]

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@macungie wrote:

Where I can go to pull a Fico 4? My fico pulls a Fico 8 which is almost useless

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As stated above, FICO 8 is far from useless.  It's useless if you want to know what score mortage lenders will pull for you but it is the most commonly used model.  myFICO provides much more than just FICO 8.

http://www.myfico.com/Products/Products.aspx

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@macungie wrote:

Some please explain the game to me??

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Always consider the specific scoring model and its relevance to a given creditor/product.  See alse the Understanding FICO Scoring subforum and its stickies.

[RonM21]

I agree that Fico8 is the more used model, it just may be less important depending on the lender using another score. If anything it's a good tool to see where you stand.