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

[Anonymous]

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?

[ceejx]

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@Anonymous 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?

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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

[beb86]

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?

[courtney091082]

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@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?

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+1 ^^^exactly

[llecs]

Locked thread to direct others here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FORGET-fico-score-NOT-used-by-Mtg-Lenders...