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Recently I found out that Wells Fargo will do a VA loan with a 600 minimum score. I just had them run my credit, and my transunion came back at a 580. Here it is showing a 612, I just pulled it myself. I am so beyondddddddddddddddddd frustrated right now...they tried pulling my credit a week ago, and for some reason Transunion wouldn't even come up. She just tried again, and now this. They are using TU04. I am just ready to throw my hands in the air and just rent the rest of my freaking life.
The reason for the difference is that myfico uses TU98. As you stated WF is using TU04. Still you are only taking about a 20 point difference. What negative factors do you have affecting your credit? I know its a hard uphill battle, but this site has a lot of people who have a lot of knowledge and can help you increase your credit score so you can get approved for your VA loan.
@Anonymous wrote:The reason for the difference is that myfico uses TU98. As you stated WF is using TU04. Still you are only taking about a 20 point difference. What negative factors do you have affecting your credit? I know its a hard uphill battle, but this site has a lot of people who have a lot of knowledge and can help you increase your credit score so you can get approved for your VA loan.
A 20 point difference which may not seem much can actually be an issue. As you noticed in this case if it were the other way around where his TU04 FICO was 612 and TU98 was 580 then he would of been approved.
One of the biggest complaints here is that myfico does not provide TU04 or TU08 which seems like more and more lenders are using versus TU98.
a 20 point difference is a big deal. It is the difference of paying $800 a month in rent or $650 a month on a mortgage, and losing out on a 3.79% interest rate that is being offered right now. Using an outdated software that lenders do not use and charging people for outdated obsolete information is frustrating.
Also, an extra unnecessary inquiry.
So, I would say a 20 point difference is a BIG deal.
Well, how about a 30 point difference (in my case). My fico here...577, TU04 (lender pulled) 544..33 points to be exact. Oh well, it just means I have A LOT more work to do...sigh...
Mine is a 65 pt difference though I'm not sure if they gave me a TU04 or another version. Frustrating and disappointing though. With so many versions of TU, I'm starting to feel that it's not worth knowing anymore.
@lpayton wrote:a 20 point difference is a big deal. It is the difference of paying $800 a month in rent or $650 a month on a mortgage, and losing out on a 3.79% interest rate that is being offered right now. Using an outdated software that lenders do not use and charging people for outdated obsolete information is frustrating.
Also, an extra unnecessary inquiry.
So, I would say a 20 point difference is a BIG deal.
$800 of rent? where do you live? here in south florida you can't get any 2-1 for less than $1200 a month, that is why i want to buy a house so badly because i can buy the exact same property and pay $600 of mortgage.
Back to the topic: a 20 point difference is a big deal especially when the score given here is almost always higher than your TU04.
It would be better if the score here was lower than your TU04, for example: if it was the other way around and the OP's score from MyFico was the T04 he would not have wasted the inquiry on the loan because he would have known that his score was too low, the TU score from MYFICO is misleading and paying $20 for a score that's not even accurate is something i am not planning to do anymore.
The TU FICO here is the best TU Score you are going to get if you are looking for a mortgage. It isn't worth as much as the EQ FICO here for your EQ Score. You can't get a EX FICO at all. Most mortgages will qualify you based upon your middle score so things were much better when you could get your EX FICO here.
I would say that with a 570EQ FICO that spending money on a score is probably not a good idea until you improve your reports.
TU Classic 04 is not always lower than TU Classic 98. Do you have AU accounts where the actual account owner isn't a spouse?