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Established Member
jhfghg
Posts: 20
Registered: ‎01-16-2012

Comparative scores?

Good Morning,

 

I am trying to understand my scoring from multiple sources as we try to repair credit to purchase a house.

 

On 1-13 our mortgage lender pulled my scores to give us an idea of what we needed to do,in the paperwork he gave us it listed:

 

EFX 607  ,  TRU 625  ,   XPN 588                        which I am guessing since it was our bank lender that these are our FICO scores? He said our middle score had to be 620 minimum,obviously the higher the better,but that was the least they could work with.

 

Based on that I did the whole join the credit places, spending lots of money until finally realizing their scores are pretty much worthless,at the same time I joined myFico without realizing this is where I needed to concentrate.

 

This morning I pulled my FICO scores from here and came up with: TransUnion 622 and Equifax as 626.

 

So my TU score dropped and EQ raised,this makes no sense to me. And given all the other information I have is there a way to estimate my Experian score with out having my lender do another check which will in turn lower my score even more?

 

My 3 credit report through Equifax is EQ 649,TU 651,EXP 668...but my credit score through Experian is 603. huh?

 

Thank you,

Jennifer and John

Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007

Re: Comparative scores?

[ Edited ]

jhfghg wrote: ................

EFX 607  ,  TRU 625  ,   XPN 588                        which I am guessing since it was our bank lender that these are our FICO scores? He said our middle score had to be 620 minimum,obviously the higher the better,but that was the least they could work with.

 

Based on that I did the whole join the credit places, spending lots of money until finally realizing their scores are pretty much worthless,at the same time I joined myFico without realizing this is where I needed to concentrate.

 

This morning I pulled my FICO scores from here and came up with: TransUnion 622 and Equifax as 626.

 

So my TU score dropped and EQ raised,this makes no sense to me. And given all the other information I have is there a way to estimate my Experian score with out having my lender do another check which will in turn lower my score even more?

 

My 3 credit report through Equifax is EQ 649,TU 651,EXP 668...but my credit score through Experian is 603. huh?

 ...........


Line1 - The first group of scores are the specific scores from the three CRAs you need to qualify for a mortgage:

EFX=EQ=Equifax, score should be EQ FICO Beacon v5.0

TRU=TU=Transunion, score should be TU FICO Classic 04

XPN=EX=Experian, score should be EX FICO v2

 

Line2 - Congratulations on quickly realizing most sites will sell you some version of a completely worthless FAKO score.

 

Line3 - TU from here is a FICO, but one version previous to the one the mortgage app would have pulled: TU FICO Classic 98. The EQ from here is exactly the same version. In order to explain the different score, you should compare the info on the reports.

 

Line4 - If the information in the reports is the same as the other two, the scores will be similar. If you are looking for exact scores, you won't be happy.

 

Line5 - The information on the reports that you pulled from the sources is valid but the scores are consumer nonsense not used by lenders.

 

 

 

Established Member
jhfghg
Posts: 20
Registered: ‎01-16-2012

Re: Comparative scores?

Thank you for the conformation.

 

Is there a stated reason anywhere why the scores for us vs.. lenders are so radically different? Why not provide the same information to all?

Misleading and poor design flaws,when we went to the lender we thought we were already past the minimum score only to find out we were barely in sight.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Comparative scores?


jhfghg wrote:

Thank you for the conformation.

 

Is there a stated reason anywhere why the scores for us vs.. lenders are so radically different? Why not provide the same information to all?

Misleading and poor design flaws,when we went to the lender we thought we were already past the minimum score only to find out we were barely in sight.


How far apart in time were the pulls from your lender and the pulls from myFICO?

 


 

Established Member
jhfghg
Posts: 20
Registered: ‎01-16-2012

Re: Comparative scores?

Jan. 13 from the lender,Feb. 18th from myFico.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Comparative scores?

Thanks. Scores can change daily. I'd compare both EQ reports side-by-side to see if there are any differences. Even $1 off can change your score. It's highly likely the score from your lender for EQ is the same one on here. Just about every lender out there uses the same EQ FICO as found on here. To confirm, your tri-merge report will list the FICO version used. Make sure it says Beacon 5.0. But look for differences like added accounts, dropped accounts, changes in balances, etc. as any of these can drop your scores by that much.

 

As mentioned, the TU FICO won't likely match because most lenders are using a newer version of TU FICO. This version can't be purchases from anywhere except for a lender and probably the only thing you can do is guess, though in your cases, it almost matched. For most, it can be 30 points between the two versions.

Moderator
Revelate
Posts: 8,334
Registered: ‎12-30-2011

Re: Comparative scores?


jhfghg wrote:

Jan. 13 from the lender,Feb. 18th from myFico.


FWIW my EQ/TU FICO's dropped 40 points virtually overnight as near as I can tell when the auto-loan and a cap one credit card inquiries hit.  

 

A lot can happen in a month.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Member
jhfghg
Posts: 20
Registered: ‎01-16-2012

Pre-approval,found house,contract agreed. Close on the 15th of March.

Well its been almost a year and looks like we are in the home stretch.Saw the house on Tuesday,made an offer that night,the sellers approved it and now its off to Quicken.

 

So barring any huge obstacles 5 weeks from today my family of 6 can have the keys to a rambling 2,000+ sq/ft built in 1880 2 storey Folk Victorian. :smileyhappy: whoooooo!

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Pre-approval,found house,contract agreed. Close on the 15th of March.

Good luck!


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