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Is Fico Score worth Paying for????

New Member

Is Fico Score worth Paying for????

went to apply for morgage pre-approval, according to myfico credit score 642 lender pulled 606? whyis there such a big difference in the score. has any one else had this prob?

4 REPLIES
Valued Contributor

Re: Is Fico Score worth Paying for????

Different models of score.  Are both scores pulled from EQ?  The EQ score from myfico is the 98 model.  Most lenders now use 04.  Each new model is supposed to be a better predictor of future payment behavior.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Established Contributor

Re: Is Fico Score worth Paying for????

Your mortgage pulled a tri-merge credit report.  This report is a summary of all three credit reporting agencies.  The highest score is ignored as well as the lowest score.  The middle score is used for qualifying.  The three scores are real fico scores as reported on the day pulled from Experian,Equifax and Transunion. 

Valued Member

Re: Is Fico Score worth Paying for????

I have had lenders pull credit twice now & the myfico EQ score matched EXACTLY.  Now the TU did not match, and you can't purchase EXP from my understanding - so as the previous poster noted, the score they gave you was your "mid score" - meaning the middle score of the 3 (EQ,TU, EXP).  In my opinion - knowing your exact EQ score is totally worth the $$, but I only wish you could get your exact TU & EXP scores as well....


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


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Regular Contributor

Re: Is Fico Score worth Paying for????

It is certainly worth it, imo,  if you are preparing to apply for a loan, to reduce your stress level, if nothing else.  Getting a real FICO score, as well as your full report, and educating yourself about the various scores, models, and lending practices empowers you, so you don't feel so victimized. 

 

FWIW, my EQ score I paid for yesterday matched my lender's pull today exactly also.