score took a big dive

[cygnusdrache]

With the underwriter asking the impossible, and seeing that if we can even make this loan happen it will be almost August before we can close, I thought I'd better check the scores to see if they've improved at all - instead I find that the highest one dove over 30 points!  The mortgage company pulled credit on 4/18 & again on 5/31 during underwriting Friday, and I checked the Experian only today and it went from a 667 on 4/18, to a 630 today - WTH? 

We won't even qualify to be underwritten by ANYONE now if the other 2 dropped - we needed to gain 13 points on the mid

Does this mean we're sunk?  Why the hell does a pull hurt the score this much?  Is this because a loan wasn't issued?  Will the mortgage company take into consideration that it was them that screwed up our scores?  Literally nothing else on tose reports changed - ONLY their pulls.

ARGH

[misscammiej]

Who is your lender? ours was pulled once and my LO told me we wont be pulled again unless it's been 120 days!! 

[toi34]

Your score took a dive because the 2nd pull was outside of the 2 week window FICO allows for mortage shopping. All pulls for mortgage or car loans MUST be made within a 2 week window in order for them to count as only 1 pull. Your pulls on 4/18, and then again on 5/31 looks like your shopping for credit.

[cygnusdrache]

Looks like the LO was looking again to see if my TU had gone up - we needed the mid to go up 13 points to avoid some additionl underwriting issues, but he said it hadn't changed.

And I guess the score they see and the score I would get are not even close to the same anyway, so why even bother with monitoring that crap?  It's fricking useless.

[toi34]

Sorry 'bout that...I would be pissed too! But your score should go up this month when the CR's report your monthly payments. Give it about 2 weeks.

[StartingOver10]

That's right, the Experian scores that they sell to consumers is not a FICO score since about 2009. It's some other score that no lender uses. So you are right, that score is useless to monitor as it doesn't reflect with any accuracy at all. We only check the report for the info on the report and igonore the scores.

There is a thread announcing that sometime in the future Experian will allow consumers to purchase their FICO scores again, but we don't know the date yet.