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Valued Member
mew
Posts: 30
Registered: ‎08-30-2010

Various forms of FICO is frustrating!

I have been tracking my scores all through 2011 and 2012.  I get my Experian FICO through PSECU and Equifax FICO through DCU both monthly and my Transunion FICO through myFICO every other month or so.

 

The scores I had gotten at the beginning of May were as follows:

PSECU 791

DCU 752

myFICO 776

 

I felt like my scores were finally good enough for the lowest possible mortgage rates and today (5/22), I put in mortgage applications with two banks.

 

The gentleman working on my application told me my scores from the tri-merge report are as follows:

 

802, 759 and 752.

 

It is very frustrating feeling like you are making these applications with an advantage of knowing your scores.  The score that counts the most (the middle one) was actually quite a bit lower than what I expected it to be and the scores will go down as I acquire more inquiries.

 

I guess the bright side is that I had one score in the 800's, but the 800 score won't count for anything because lenders use the middle score.  I know it probably won't be that big of a deal when I look back on this experience, but it would be nice to know that you had the same info the lenders were going to see.

 

I guess it is just messing with my confidence a little.


Starting Score: 400's
Current Score: EQ 790 EX 782 TU 765 NOV 2013 (MYFICO SCORES)
Goal Score: All Above 800


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Established Member
datzme4ya
Posts: 35
Registered: ‎08-30-2011

Re: Various forms of FICO is frustrating!

I'm sorry .. but I don't know that I understand why you're so frustrated. Your scores are well above what lenders are looking for ... maybe I missed something??

Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008

Re: Various forms of FICO is frustrating!

After confirming which versions of scores your lender pulled your next step would be to see what info changed in your reports from the time you got your scores and then the date your lender pulled.  It might be something as simple as a credit card balance reported and messed with utilization.  An easy fix.  The TU score from your lender was probably the newer TU 04 and the EQ score should be same version you get here.  Which would mean that something in your reports changed that changed your score in between your pull and the lender pull. 

 

But, as stated, even your mid-score qualifies you for the best rate.


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
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Member
CantWait
Posts: 6
Registered: ‎12-24-2007

Re: Various forms of FICO is frustrating!


datzme4ya wrote:

I'm sorry .. but I don't know that I understand why you're so frustrated. Your scores are well above what lenders are looking for ... maybe I missed something??


My thoughts exactly

Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008

Re: Various forms of FICO is frustrating!

The point of the post was the frustration with the various fico scores and inability to obtain certain versions, the same frustration we all have about them and not knowing where we truly stand.  Or thinking you know where you do stand and learning otherwise.  Just because OP's scores are high doesn't mean they can't be frustrated just like someone who has lower scores. 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
Take the FICO Fitness Challenge
Valued Member
mew
Posts: 30
Registered: ‎08-30-2010

Re: Various forms of FICO is frustrating!

I was told 760 and higher qualifies you for the best rate and I am just shy of that.  I am frustrated because I went into the application thinking I had closer to a 776, not under 760.

 

Nothing has changed on my reports, I waited until all accounts updated to apply.  The difference is in the formulas/versions used, but I didn't have access to the TU04 version so I didn't know that it would be 17 points lower than the TU98 version I was acquiring here on myFICO.

 

I know I will get a good rate, but that is a decent size point difference that I am being judged by and I would like consumers to be allowed to access and track that same score.  I might have waited if I had known.


Starting Score: 400's
Current Score: EQ 790 EX 782 TU 765 NOV 2013 (MYFICO SCORES)
Goal Score: All Above 800


Take the FICO Fitness Challenge
Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Various forms of FICO is frustrating!

From what I understand, 740 will get you the best rates. Even the lows 700s will get you really good rates.


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