Score dropped 60pts

[llecs]

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lawstud11 wrote:
I bought my scores from here. The first score was verified though my lender (667). My lender hasn't ran another report yet. I bought another score here and it had the 607. 

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OP, figure out which version of TU score your lender pulled. Most lenders now are using TU 04, whereas myFICO offers TU98. There is a significant difference in score between the two for some.

Also look through your reports in great detail. Adding new accounts, disputing accounts, having a baddie update to a recent date, higher CC balances, added baddies, and so on all all can drop your score by a great deal.

[Anonymous]

llecs,

said... Most lenders now are using TU 04, whereas myFICO offers TU98. There is a significant difference in score between the two for some.

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I'm trying to get a mortgage as well.  Do you know why myFICO won't go to this newer version?  I'd hate to be very exicted now that my TU score is up to 680 just to be told by a lender it's only 618.  At what point should we feel comfortable to approach a lender since we only have access to 2 reports?  Should the lower one be no lower than 650ish???  (Example EQ = 650 & TU = 680 and Experian is ???)  And that's just HOPING Experian isn't the lower score. 

But do they really toss out the lower and higher therefore either one of these should be OK?

[llecs]

I don't know why there hasn't been a switchover. I'm guessing that because FICO released TU08 this past year, they wanted to see if lenders pick that up (they haven't) before making changes.

[Anonymous]

I don't want to curse this but my Loan Officer said that since my closing is close that they don't need to pull another credit report so I should be ok. My hopes are now up again. I can't wait to close and be done with this process. Thanks for all the support.

[Anonymous]

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@Anonymous wrote:
Does anyone know if I lose my financing will I get my earnest money back?

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Just wanted to clarify for others reading.. make sure your offer has a financing contingency.  Otherwise if your financing falls through you lose your earnest money.