Pulled TU fico and got a surprise

lagb · ‎08-02-2008

My husband and I are already pre-approved for our mortgage, but I decided to pull a score anyway and opted for the TU score.

Mine was as expected - low at 623, but I've been working hard at straightening out a mistakenly merged report. Most of my lates were from 2002 and 2003, but nothing at all since 2006. My husband's however - usually the better of the two of us - was a dismal 587!! I found that he has two recent negatives and one of those is in collections! The good news is that they total only $500. They were utilities from our last residence. I thought the balances were paid and didn't hear otherwise until now. I will call them up and pay them off right away now that I know about them. But what will these do to our final approval for the mortgage?

We found the house we will put an offer on Monday morning, but now I'm a bit afraid of getting a 9 or 10% interest rate - that will definitely kill the deal. We'll just wait a while, but I really had our hopes up.

What does anyone think??

Anonymous · ‎08-02-2008

The scores will probably be totally different from what Mortgage lenders pull. Can't trust what these sites give you. They are in the business to make you keep paying for scores until you think they've improved when in fact your scores don't change that often.

Tru Dat

Anonymous · ‎08-02-2008

foles28269 wrote:
Can't trust what these sites give you. They are in the business to make you keep paying for scores until you think they've improved when in fact your scores don't change that often.

Tru Dat

Wow, that's a very broad inaccurate statement. Your scores can change at any moment in time and nothing is intentionally change to keep you buying your reports. The only thing that can change your scores is the contents of your credit report, which is constantly changing dependent on your TL's, balances, age of accounts and any removal or addition of negative accounts.

Anonymous · ‎08-02-2008

Yep, I'd have to agree with UpUpUp ... the scores only reflect your credit.

If they were actually "purchase-driven" I doubt they'd be industry standard.

Unless, course, you're speaking of the FAKOs, in which case, since they make about as much sense as most everything that comes out of a politician's mouth, I'd have to agree.

You do know that there's a difference between FICOs and FFAKOs, right? A HUGE difference.

Anonymous · ‎08-03-2008

No, I am talking about FICO scores pulled form myfico. Yes, I agree the Fico score models that you pull here change almost daily.

Have you applied at several different mortgage companies lately within a 20 day period or so?..You will find the scores NOT the same that you pay for here AND you will not see much change in scores from day 1 to day 20.

Mortgage companies have different scoring models on their tri-merge files they pull. So, unless you have major changes to your credit files, you won't see the same scores from myfico that is on your mortgage company pulls.

Would like for someone to prove me wrong but it's a fact

WhirledPeasPlease · ‎08-03-2008

foles28269 wrote:

No, I am talking about FICO scores pulled form myfico. Yes, I agree the Fico score models that you pull here change almost daily.

Have you applied at several different mortgage companies lately within a 20 day period or so?..You will find the scores NOT the same that you pay for here AND you will not see much change in scores from day 1 to day 20.

Mortgage companies have different scoring models on their tri-merge files they pull. So, unless you have major changes to your credit files, you won't see the same scores from myfico that is on your mortgage company pulls.

Would like for someone to prove me wrong but it's a fact

I've said this time and time again on here. I pulled my scores in the AM before my LO pulled in the afternoon -- about 2 hours apart. My EX and EQ scores were identical and my TU differed by 8 points. The reason? MyFico sells TU98 scores whereas a lot of lenders are using TU04. I can't speak for EVERY mortgage company EVERYWHERE, but the scores you get here ARE the mortgage industry standard with the TU exception.

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.

Cobweb · ‎08-03-2008

In the Sept 08 edition of Consumer Reports magazine there is an article about credit scores.

Credit Scores Which ones do lenders use? on page 51

Julie Wooding, a senior scoring consultant at Fair Isaac is quoted. "The version available on myFICO.com is FICO 2004,"Woodling says. "If you're using a lender using FICO 98, they'll come up with a different score."

Message Edited by Cobweb on 08-03-2008 09:50 AM

lagb · ‎08-04-2008

Thanks for the debate on the differences in FICO scores... but that didn't answer my question!

If I've already been pre-approved, will the recent delinquencies that I just found hurt my final approval? The total amount is $500.00, which I will be paying in full now that I know they exist.

Anonymous · ‎08-04-2008

Sorry -I started that.

I guess what I was trying to say is that the Mortgage Company credit file is different from the one you pulled here (proving my point).

Therefore, they would use the Mortgage company credit file and you should be fine as they know nothing about your collections that you just paid.

Best of Luck on your new home purchase

southernficoaddict · ‎08-04-2008

But there is a chance that they will pull again before closing, so I would try to PFD those negatives ASAP.