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Different formula for different pull?

New Member

Different formula for different pull?

My fico reports my score at 667 for Eqi Credit Karma reports it at 669 for TU { and their FAKO/Vantage at 739} 

 

I recently prequalified for a home purchase and the lender said I had a 729 median. Which seemed odd that they would use a FAKO score. I am trying to figure out the discrepancy without another pull. I asked him about it and he said the score they see for home purcahses is different than the score I would be using to qualify for a credit card etc. 

 

 

Further complicating things Credit One Bank offers a free score for me and they report 720 I have no idea which one that refers too. 

 

My goal is to shop around for loans at this point but I dont know how good my position really is from a lender perspective. ANy insight would be appreciated as to why a lender would see a 729 Median by My fico is at 667? 

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3 REPLIES
Frequent Contributor

Re: Different formula for different pull?

I was told the Equfax report you get from here, is the same one lenders pull

Message 2 of 4
Super Contributor

Re: Different formula for different pull?

Lenders generally use:

 

EXPERIAN, FICO v2

TRANS UNION, FICO Classic 04

EQUIFAX, BEACON 5.0 FICO

 

Vantage scores are none of the above, so if the report you pulling only uses Vantage scores then it won't match what a mortgage lender pulls.  I've found those who have good credit actually have higher FICO scores than Vantage scores but those who don't have good credit have lower FICO scores than Vantage scores.

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 3 of 4
Super Contributor

Re: Different formula for different pull?

+1. And yes the EQ score sold here is the same as the Beacon5
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 4