Alternative Scoring

[veracious]

Can a person receive a mortgage with these scores only,    PRBC Scores, Anthem Scores, FICO Expansion,

E Funds or others ?   Do lenders insist on FICO scores only ?

Thanks,

[Anonymous]

FICO only as far as I am aware...

[veracious]

Thanks,  mickie08.

So is it safe to say that these alternative scores are for general credit applications only?

[Anonymous]

As far as I am aware, almost all creditors use FICO scores for determing credit decision.  They may use different variants of FICO, etc but they generally all use FICO.  Other scoring systems for credit are either for non credit uses, internal scoring, or in alot of cases just scams to get people to by their "credit score" without really telling the buyer that the scores they recieve mean little to nothing.  SOmeone else may have more information on specific ones and what they are used for, but if you are applying for credit, almost exculsively they will pull either perosnal FICO score or a business D&B score.

[veracious]

Thanks for the info,   mickie08

My question about alternative scoring models came from reading a post on this board.

Here is the link------->  http://ficoforums.myfico.com/t5/Mortgage-Loans/Update-to-No-FICO-score-Mortgage/m-p/783367#M72082

I just wondered if the alternative scoring models would be allowed as a substitute to the OP's documents that were used on the linked post.

Thanks for any replies

[Anonymous]

No.  The only thing that is going to save you if you do not have a FICO score (and no matter what they will attempt to pull it) is serious documentation in regards to income, expenses, etc.  Immacualte records (like OP had) along with some very obvious things (the paying her/himself for the car ahead and then buying it...being able to show that trail) is what got them approved.  Even then that is going to likely be an inhouse loan with a solid down payment or a lender that does all inhouse underwriting and funding and does not always sell their loan on the market. 

[veracious]

Thanks,  mickie08.

Without question,   the almighty FICO is the path to homeownership.

I was just wondering if the new kids ( fako scoring models ) on the block had any sway with the mortgage  lenders or mortgage markets.

[Anonymous]

nope