12-03-2012 01:41 PM
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?
12-03-2012 01:45 PM - edited 12-03-2012 01:45 PM
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.
Financed car @ 5.49% w/ DCU, Added DCU VIsa, Chase Freedom,
AMEX Gold and BCE, Lowe's
12-03-2012 01:53 PM
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.
12-03-2012 02:08 PM
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....
12-04-2012 04:21 PM - edited 12-04-2012 04:22 PM
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.