12-07-2012 05:34 PM
I'm preparing for a home purchase within 6 mos. My lender keeps saying don't take the consumer sites as gospel..meaning it's a false sense of a credit score.
Was your myfico score one one the three when your lender pulled your scores for a mortgage approval?
12-07-2012 05:57 PM
Yes, my EQ score was an exact match between MyFICO and the two lenders who did a credit check. TU was two points different. MyFICO shows true FICO scores while most other credit score sites show other proprietary scores that lenders don't use.
12-07-2012 06:50 PM
Ditto to the above. There are a limited number of places you can get your FICO with myFICO obviously being one. There are dozens and dozens of sites out there that offer scores, but they aren't FICO scores and your lender is probably trying to steer you away from those other sites.
My EQ FICO also matched and the same EQ FICO version is used by most all mortgage lenders. The TU FICO on here is an older version and isn't commonly used by lenders, though some still use it. They'll typically use a newer version of TU FICO. My lender's TU FICO was 10 pts lower than my TU FICO on myFICO. DW's was 30 pts higher than the TU FICO on here.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO