MyFICO Score and Lenders FICO Score

[Anonymous]

How far off are the score that you get here on MyFICO and what they pull when you go to apply for a mortgage?  We are right on the bubble for the USDA Streamline loan and I was just wondering if anyone had any experience with the scores not matching up

Transunion-575

Experian-616

Equifaxe-677

*** All scores off of MyFICO

[DallasLoanGuy]

Sometimes they are exactly the same. But I do see a varaince at times.

Higher and lower.

Do you have any revolving debt to pay down for those few points?

[WannaHouse]

As Dallas said, it really depends on the one pulling the scores. There are different systems used. I had 4 pulls altogether, and saw 2. Those two were exact matches. The other 2 I do not know for sure, including my current approval through Chase.

[Anonymous]

In my situation, I just had a Chapter 13 discharged on 12/4/08 so I know my scores should improve slowly.  I just got an Orchard Bank MasterCard with a $750 limit.  I plan on using it just to build credit.  I really don't have any other debt besides a car loan which I've paid on through the Chapter 13.  I'm hoping that a couple of payments on the car loan will help boost may score as well as responsible use of the MasterCard.  My wife has 2 credit cards at over 50% utilization, but we are paying those down in Jan.2009.  We cannot officially apply for the USDA loan until 1/20/09 when the income level modification goes into effect.  Also, my wife and I both have secure jobs, I've taught for 20 years and my wife for 5 years.  Including child support, we gross around $80,000.  The house we are looking at is selling for $185,000.00 and is in an eligible area.  With that said, what does it look like in terms of qualifying.  As I said, we want the 620 FICO so we can "streamline" the loan.  At the same time, is it really that simple?

[ShanetheMortgageMan]

Was the Ch 13 BK filed over 12 months ago and did you make all trustee payments on time?  For less than 1 year discharged, USDA will want to confirm that all happened correctly.  So that is the first thing on the checklist to make sure of.  The 2nd/3rd items, income & geographic eligibility, you appear to have already researched and determined you will meet them.  You might see a small decrease in the scores after the Orchard Bank MC reports but after a few months payments you should rebound from it.  Also, depending on your credit profile, you might actually see an increase in your scores initially from the new trade line, but that is not the norm.  Definitely will want to shoot for the 620 score as well as it allows you to not need rental history, explanation for negative items, collections do not need to be paid off, etc.  As long as you don't have tons of debt payments you look to be in pretty good shape for USDA.

[Anonymous]

Thanks!  As far as the Ch. 13 payments go, I made all of them on time so that shouldn't be a problem.   Like I said, we can't do anything until Jan 20th so we can qualify in regards to income.

[ShanetheMortgageMan]

30 days, less than a dozen points, it's been done before.  A co-signer (such as your wife) with 620+ scores can be a good compensating factor as well.