FICO Score Confusion

[Anonymous]

morning all!

ok. so i'm confused...i'm applying for a mortgage.....2 days ago the report that was pulled (by the mortgage lender) gave me a TU score of 671 (model used was FICO Risk Score, Classic '04), but here on myFICO today, TU gives me a score of 694.  what's (or could be) the cause in such a score difference?? the reports match in terms of content.  luckily this isn't my mid score....

Message Edited by MsDonesha on 04-24-2009 08:01 AM

[Anonymous]

Here at MyFico we're still on version 98 for Transunion while as you noticed some lenders are on version '04.

[Anonymous]

gotcha.  so the models being used are the cause.  thanks much!

[Anonymous]

That is scary since the models produce a 23 pt difference for the OP!! And it appears the new model('04) is a lower score....so is it not as forgiving? Makes me nervous about counting on the scores I get from myfico as my LO could pull a score that is so much lower!

Thanks for the info!

[Anonymous]

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@Anonymous wrote:

That is scary since the models produce a 23 pt difference for the OP!! And it appears the new model('04) is a lower score....so is it not as forgiving? Makes me nervous about counting on the scores I get from myfico as my LO could pull a score that is so much lower!

Thanks for the info!

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Just remember that FICO '08 will be "universal" here soon (from what I understand). FICO '08 will put less emphasis on old baddies and collections under $100.

However, if you max out your CCs, you'll be whacked big-time, since *that* is what FICO '08 (again, as I understand it) will really focus on. The nice thing about *that* though is that your score can recover a lot quicker -- as soon as you un-max your utilization, your score will be nice and pretty again!

You don't get *that* kind of FICO love from a collection being paid off, yannow!

[Anonymous]

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@Anonymous wrote:

Just remember that FICO '08 will be "universal" here soon (from what I understand). FICO '08 will put less emphasis on old baddies and collections under $100.

However, if you max out your CCs, you'll be whacked big-time, since *that* is what FICO '08 (again, as I understand it) will really focus on. The nice thing about *that* though is that your score can recover a lot quicker -- as soon as you un-max your utilization, your score will be nice and pretty again!

You don't get *that* kind of FICO love from a collection being paid off, yannow!

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Whew! Very good to know! Thanks Wonderin!

[Anonymous]

diva1971 -- i agree...i knew the models would vary my score, but with some, that huge gap can be the difference between interest rate or even worse, weather or not you can even get a mortgage loan to start!