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07-17-2017 04:26 AM
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?
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.
07-17-2017 06:42 AM
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...
07-17-2017 08:03 AM
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:
myFICO mortgage versions:
Equifax FICO V5 - 596
Experian FICO V2 - 624
Transunion FICO V4 - 547
Now I am even more confused.....
07-17-2017 11:11 AM
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.
07-17-2017 03:58 PM - edited 07-17-2017 04:00 PM
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.