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My fico score low of 763 but lender says 713 How dat possible

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My fico score low of 763 but lender says 713 How dat possible

 

Seem quite ODD. 

 

Merryl Lynch is potential lender.  Does anyone understand how a lender can manupulate the score.  Certainly with a low score they can charge a higher rate and even more fees.

 

PLEASE someone EXPLAIN.

 

Any laws out there to protect us?

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Established Contributor

Re: My fico score low of 763 but lender says 713 How dat possible


anderson2624 wrote:

 

Seem quite ODD. 

 

Merryl Lynch is potential lender.  Does anyone understand how a lender can manupulate the score.  Certainly with a low score they can charge a higher rate and even more fees.

 

PLEASE someone EXPLAIN.

 

Any laws out there to protect us?


I don't think there's much of a difference between a 763 and 713 when it comes to rates... but that is odd unless they are using their own inhouse score

Message 2 of 5
Valued Contributor

Re: My fico score low of 763 but lender says 713 How dat possible

Myfico uses the TU98 model where as most lenders use the TU04 so even though the are both FICOs the are different models which can cause a variance. And what would you want the law to be?
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Message 3 of 5
Regular Contributor

Re: My fico score low of 763 but lender says 713 How dat possible


beb86 wrote:
Myfico uses the TU98 model where as most lenders use the TU04 so even though the are both FICOs the are different models which can cause a variance. And what would you want the law to be?

+1 ^^^exactly

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Moderator Emeritus

Re: My fico score low of 763 but lender says 713 How dat possible

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