FICO Discrepencies...

[KeithW]

I talked to a banker today about getting pre-qualified, and after pulling my scores, he had much lower numbers than what this website is reporting. Here are the differences:

MyFICO Scores: 675, 651, 660

Scores Banker Pulled: 652, 630, 629

Then of course the ones he pulled for my wife were similarly, much lower.

Do mortgage lenders pull a different version of scores?

[Goodness]

from what i have been reading and responses i have gotten, its fico04 mortagage lenders use

[KeithW]

Why don't they settle on a standard. Jeez!

I found a local bank who pulled my scores, and they are in line with the MyFICO scores. I have dealt with them before, so I think I will go with them.

[ezdriver]

Since THEY lend THEIR money, they can choose whatever "standard" they so desire. Have you vere heard of the "golden" rule? It says that he who has the gold makes the rules. Only lender-pulled scores matter. The others are for entertainment purposes ... and to make a few $$ off the unsuspecting consumers.

[DallasLoanGuy]

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@KeithW wrote:

Why don't they settle on a standard. Jeez!   or, rather, why dont myfico sell you a useful score?

I found a local bank who pulled my scores, and they are in line with the MyFICO scores. I have dealt with them before, so I think I will go with them.

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[KeithW]

I have talked to a few more lenders, and it appears that none of them use FICO. One flat out said they didn't go by scores. She said they assesed risk by evaluating your history, and that scores did not matter.

Another said they used some type of scoring which, had different high and low numbers for each agency.

[Anonymous]

Usually a TRI merged report is pulled.  Information is a "mortgage" pull since that is what you intend to do.  Some banks may only use 1 score as others most likely will use the Mid of three scores pulled.   If you are doing a convetional loan the scores could be a BIG difference in rate/fees.  For a government loan (FHA/VA/USDA) the rates/fees will not be as big of a difference.