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So this week has gone from you are approved for your home loan to LO not getting us the right loan and won't work to now not being able to get a loan.
I just got off the phone with our newest LO and she said that she can't do our loan because of my scores. I was in shock because when I pulled my scores here the other day they had gone up.
They use credco to pull scores and it is my experian score that is so way off from whay My Fico and what credco ran. I mean we are talking 40 points.
I just don't understand.
I'm so sorry to hear that you're getting the big 'yank around'.
I almost moved your thread to Understanding Fico Scoring, but I'll leave it here to see if some of the mtg folks know how your two EX scores could be so different.
Did you by chance get a copy of the report from the LO? If I were you, I'd probably go ahead and pull my EX from here to see if ANYTHING changed. (There's a discount on the main page.)
Please send me a PM if you'd like to have the thread moved.
Good luck and keep us posted!
I think it may be best to find a different lender. I know for a fact that there are lenders that match the Fico scores on here, because I have gotten quotes from 3! They all matched mine and hubby's Fico scores to a T.
I am so sorry this has happened to you. Don't let it get to you. Get back on your horse and charge ahead!!
Good luck.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
well I just got off the phone with my LO, and I don't know if this is what is causing the difference or not but there is a chance.
If anyone knows the answer to this I would greatly appreciate letting me know.
On the Credco report it says Ref# and the date of 12/30 (this is because this lender ran my score on the 30th and then went to run it again today)
The TID# does say todays date.
I have heard that a lender can run your score again, but they have to request for a new report or something like that. Not sure if this is correct or not.
Not sure this helps any, but I looked up Credco and found this:
First American CREDCO’s consumer dispute resolution services are included free of charge for lender customers who pull credit reports through the company. The unique service allows borrowers to leverage First American CREDCO to help them navigate the complex process of disputing credit issues with one, two or all three national credit bureaus.
http://www.credco.com/company.aspx?mid=1006&cid=1378
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
Make sure that what you are pulling yourself is a "mortgage" credit reports.... there are different types of credit reports. For example, mortgage CRs weigh existing mortgage loan accounts slightly heavier than other loans, auto CRs do the same thing on car loans, etc. I learned that when I got my own mortgage 4 months ago.... the FICO score listed on my loan app in my case was about 8 points higher than my standard FICO score because I had had a mortgage loan from several years ago still on my CR and it was a good account.
Talk to a mortgage broker... I switched from a Chase mortgage loan officer to a mortgage broker working through MetLife Home loans, and was very happy I did. The broker was sharp as a tack and had all sorts of different options for me.
Binks wrote:Make sure that what you are pulling yourself is a "mortgage" credit reports.... there are different types of credit reports. For example, mortgage CRs weigh existing mortgage loan accounts slightly heavier than other loans, auto CRs do the same thing on car loans, etc. I learned that when I got my own mortgage 4 months ago.... the FICO score listed on my loan app in my case was about 8 points higher than my standard FICO score because I had had a mortgage loan from several years ago still on my CR and it was a good account.
Untrue Binks. There is no such thing as an Industry Option "mortgage" credit report, like you would find for bankcards and autos -- mortgages use the broad based score. If there is a difference in the score you received it can generally be explained by the fact that the lender is pulling a score using a different version of EX, EQ or TU than you would find here.
This is usually evident on TU. MyFICO uses version TU98 and will until at least 50% of institutions are using something else, like TU04. In the past year, my mortgage man has pulled my scores four times and they've been dead-on, except for TU -- he has always received TU04 scores, which for me, have been 8-10 points higher.
The common EX version at the moment is V2 and EQ is Beacon 5.0.
it was re-issued.
the loan officer didn't erase the reference number before they pulled again and thinks they have a new report.
rookie mistake