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myfico equifax score is 612 and a lender pulled today and said it was 20 pts higher for equifax? Why would it be different?
Ive read there are different versions of TU98, TU04 so is there different in equifax?
2. Also does anyone know the differences in scoring models?
thanks bunches
Mortgage reports are using BEACON 5.0 scoring model on Equifax. Pre-2004 it used to be BEACON 96.
I've been told by someone at TU that amongst the scoring models used, different lenders or credit vendors may tweak certain aspects. This is just a hypothetical example, but one lender and their credit vendor may deduct 4 points for every 30 day late payment on an installment loan within the past 12 months, but the standard with most credit vendors could only be 3.
thanks for explaining shane. Im glad it was higher but scares me that the TU could be as off as ive read about since it could bump me below 620. Do you happen to see a trend of differences between the TU shores with the 98 vs 04 i should prepare for? I have a 658 with the myfico so i wonder if that is going to be lower with the 04 model.
I had a 661 TU on myFICO and the lender came back with a 640.
thats scary I hope my score raises some more before i apply so i have some cushion then. I wonder what is weighted more. Ive read on here that hard inquiries are weighted more but i wonder how collections/ past due is weighted different between the two
I've found people with great/excellent credit have a higher TU Classic 04 score than a TU Classic 98 score, and people with just OK or fair credit have lower TU Classic 04 scores than TU Classic 98 scores.
thanks shane that helps. At least I know to wait till its higher to apply. At least I know my eq is higher than on myfico. Does most FHA loans use the 04 version?
Thank you so much for your help everyone is great on here!
You are welcome. Pretty much every lender uses the 04 version, I don't think the old versions are acceptable anymore.