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myFICO scores vs Quicker or any other Lender

Established Member

myFICO scores vs Quicker or any other Lender

Applied for a mortgage this past weekend with Quicken, I have been monitoring my scores with myFico for about a year now and have improved greatly. When quicken pulled my scores they were drastically different. Are all lenders like this?

 

Quicken:

Equifax 556

Experian 593

Transunion 527

middle:558

 

 

myFICO:

Equifax 581

Experian 594

Transunion 594

middle:589

 

I know my scores are low, but I was trying to qualify for there 580 program, I just don't understand how the scores are so different. Other than experian there are significant swings in the scores. 

 

Any insight is appreciated. 

 

Thanks

Starting Score: 576EQ, 594EX, 591TU
Current Score: 597EQ, 604EX, 604TU
Goal Score: 700


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9 REPLIES
Moderator

Re: myFICO scores vs Quicker or any other Lender

Have you been looking at the mortgage FICO scores or FICO 8's?  Totally different. 

 

Read this link for an explanation:  http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-the...

Established Member

Re: myFICO scores vs Quicker or any other Lender

Thanks for the link, that helped clear some things up. I updated the below to show what version I pulled and then went back to myfico and looked at the "versions" page that are commonly used for mortgages lending and I saw this:

 

 

Quicken:

Equifax 556

Experian 593

Transunion 527

middle:558

 

 

myFICO 8'd:

Equifax 581

Experian 594

Transunion 594

middle:589

 

myFICO mortgage versions:

Equifax FICO V5 - 596

Experian FICO V2 - 624

Transunion FICO V4  - 547 

middle:589

 

Now I am even more confused.....

Starting Score: 576EQ, 594EX, 591TU
Current Score: 597EQ, 604EX, 604TU
Goal Score: 700


Take the myFICO Fitness Challenge
Established Member

Re: myFICO scores vs Quicker or any other Lender

You're doing median, they go off the middle actual score
Established Member

Re: myFICO scores vs Quicker or any other Lender

How do I get the middle score?

Starting Score: 576EQ, 594EX, 591TU
Current Score: 597EQ, 604EX, 604TU
Goal Score: 700


Take the myFICO Fitness Challenge
Regular Contributor

Re: myFICO scores vs Quicker or any other Lender


joeyrbbns wrote:

How do I get the middle score?


To get your middle score you literally take the highest score and the lowest score of the three and discard them.  The score you are left with is what is considered to be your middle score.  Say for example my scores were 700, 720, and 705.  I would throw out the highest score (720 in this example) and throw out the lowest score (700).  My middle score would then be the one left; 705.


Established Member

Re: myFICO scores vs Quicker or any other Lender

Perfect! Now back to my orignal question, why the variance between myFICO and lenders?

Starting Score: 576EQ, 594EX, 591TU
Current Score: 597EQ, 604EX, 604TU
Goal Score: 700


Take the myFICO Fitness Challenge
Moderator

Re: myFICO scores vs Quicker or any other Lender


joeyrbbns wrote:

Perfect! Now back to my orignal question, why the variance between myFICO and lenders?


There should be zero variance between MyFICO and a mortgage lender scores.  If your scores are different - it could be because something changed on your CR between the lender pull and your consumer pull. 

 

If Quicken quoted you that score you posted originally as a "mid" score -then they screwed up. The mid score is exactly as described by the poster above (Pedro1 and Random_User_Name).

Quicken is not a good place to get your mortgage. They don't have LO's on the front end. They issue many, many pre-approvals that they do not/can not close due to their overlays. Go somewhere else for your loan.

Established Member

Re: myFICO scores vs Quicker or any other Lender

Thank You! I will look else where. Will comeback when I have an update. 

Starting Score: 576EQ, 594EX, 591TU
Current Score: 597EQ, 604EX, 604TU
Goal Score: 700


Take the myFICO Fitness Challenge
Valued Member

Re: myFICO scores vs Quicker or any other Lender

FWIW - mine were exactly as listed in myFico mortgage score.  I pulled it the day before though, so no changes.