Very disappointed in pre-approval fico scores

[icegeek]

Been working on credit for years now.   Finally pulled the trigger on a pre-approval.  They told me FICO scores which were unbelievable.  I ran the new "different versions" and saw this crazy descrepency.

FICO 8 (non-mortgage)

EQU  803

TRU  773

EXP  808 

FICO 5 (mortgage)

EXP 782

FICO 4 (mortgage)

TRU 722

FICO 2 (mortgage)

EXP 700

How on EARTH are my FICO 8 and FICO2 EXP score over 100 points different.

I thought I would be coasting in to a great rate and now I am worried I might not even get approved.  Please give me some info or help here I am very scared.

Thanks

[sports1965]

---

@gonzoflick wrote:

Been working on credit for years now.   Finally pulled the trigger on a pre-approval.  They told me FICO scores which were unbelievable.  I ran the new "different versions" and saw this crazy descrepency.

FICO 8 (non-mortgage)

EQU  803

TRU  773

EXP  808 

FICO 5 (mortgage)

EXP 782

FICO 4 (mortgage)

TRU 722

FICO 2 (mortgage)

EXP 700

How on EARTH are my FICO 8 and FICO2 EXP score over 100 points different.

I thought I would be coasting in to a great rate and now I am worried I might not even get approved.  Please give me some info or help here I am very scared.

Thanks

---

your mortgage middle score is 722 and u worried u might not get approved? really?

[icegeek]

Um yes considering they told me it was only above average and the research I've been doing states that the best rates are set for 740+ scores.

[Gladius]

You probably won't get a pity party from board members with those scores. I don't think you have to worry about not getting approved. Good luck!

[ezdriver]

Find a different lender ... they don't deserve your business. 

[Revelate]

What's on your EX/TU report that isn't on your EQ?  That big of a difference on the trifecta sounds like something is off in the data.

720 is nothing to sneeze at, that's my mid score and I'm OK; however, there is a mortgage product that I really really want but it's 740+ so I can empathize a little bit, but TBH 720 is still effectively cruise mode to approval... or at least it won't be your FICO which derails your underwriting at any rate.

That big of a disparity between FICO 98/04 and 08, is there an old derogatory or something?  Sub $100 collection as an example?  Would be interested in hearing more about your credit report if you're willing to share it.

[Anonymous]

There isn't a mortgage lender around that wouldn't kill to work with someone with your scores...lots of FHA 620+ scores out there get approved all the time.

Obviously you must be going conventional for it to even matter. 740 would get you a better rate but unless you're overstretched on you dti - you have nothing to worry about.

On the other hand...it nice to see that you're disappointed with your current scores and shooting for higher!

Good luck to you.

[icegeek]

yes I do have a <$100 collection (water bill) on my experian from 3.5 years ago.  That is my ONLY baddy.  I mean really, is that going to drop my score 100pts.   My credit profile otherwise is as follows

AAoA = 7.3 years

Oldest = 13 years

Credit Limit = $29,200

6% utilization

17 total accounts (mostly student loans) - 10 installment loans - 3 credit - 3 retail

CCs are--- CSP ($15k),  BoA ($7k), Home Depot ($6k), Exxon ($1k)

The negatives experian lists on myfico are as follows:

You have a public record/collection

You have a short credit history

The remaing balance on your installments loans is too high

You've been recently looking for credit.

[Revelate]

---

@gonzoflick wrote:

yes I do have a <$100 collection (water bill) on my experian from 3.5 years ago.  That is my ONLY baddy.  I mean really, is that going to drop my score 100pts.   My credit profile otherwise is as follows

AAoA = 7.3 years

Oldest = 13 years

Credit Limit = $29,200

6% utilization

17 total accounts (mostly student loans) - 10 installment loans - 3 credit - 3 retail

CCs are--- CSP ($15k),  BoA ($7k), Home Depot ($6k), Exxon ($1k)

The negatives experian lists on myfico are as follows:

You have a public record/collection

You have a short credit history

The remaing balance on your installments loans is too high

You've been recently looking for credit.

---

FICO 8 discounts collections <$100, the scores used by the overwhelming (near total) majority of lenders use the usual mortgage trifecta which is a mix of 04/98 scores.

Even a small collection on an otherwise gorgeous file can cause a 100 point drop on the older models.  If it were me I'd look hard at optimizing the other two given that mortgages take the mid score (you have an outsized difference even between TU/EQ)... and I would try like hell to get that collection off too.  Depending what you're looking for the difference between 720 and 800 even might be zero, in my case the only real thing it did was disqualify me for some interesting jumbo products, but that's hardly troublesome.   Not skeered rolling with a 725.