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Dmt25
Posts: 1
Registered: ‎02-13-2013
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Confused about credit score

I am being relocated due to my job and wanted to get pre-approved to buy a house. The lender pulled my credit scores: EFX Beacon-597, XPN FiCO II-612, and TUC Classic 04-648. This did not sound right to me as I have very little debt, pay on time, and keep a close eye on my scores. He suggested I check my credit report and score on annualcreditreport.com to compare. I did so, and the scores I recieved from the 3 companies were much higher than the lendors scores. Experian- 685, TransUnion- 725, and Equifax-658.

Can someone please tell me how and where I am suppose to find the correct information? The lendors scores are keeping me from being pre-apprroved as he says my score has to be a 640-680 and is not. 

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llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Confused about credit score


Dmt25 wrote:

I am being relocated due to my job and wanted to get pre-approved to buy a house. The lender pulled my credit scores: EFX Beacon-597, XPN FiCO II-612, and TUC Classic 04-648. This did not sound right to me as I have very little debt, pay on time, and keep a close eye on my scores. He suggested I check my credit report and score on annualcreditreport.com to compare. I did so, and the scores I recieved from the 3 companies were much higher than the lendors scores. Experian- 685, TransUnion- 725, and Equifax-658.

Can someone please tell me how and where I am suppose to find the correct information? The lendors scores are keeping me from being pre-apprroved as he says my score has to be a 640-680 and is not. 


Welcome to the forums!

 

Unfortunately all the scores offered through annualcreditreport.com are not FICO scores. They are non-FICOs (we call them FAKOs) and lenders don't use them. They run on different scales (e.g. at least one, maybe two run on a scale of 501-990 vs. FICO's 300-850) and they include stuff that FICO doesn't score, and vice-versa. In fact, you can't get a FICO score anywhere on Experian's or TransUnion's website. You can get a FICO through Equifax, but the score they push on you isn't a FICO.

 

You're limited on the places to get your FICO score.

You can only buy your EQ FICO from myFICO, your lender, or from Equifax.com (buyer beware: the scores they push are a FAKO, but your EQ FICO can be purchased through EQ).

You can only buy your TU FICO from myFICO or your lender.

Finally, you can only buy your EX FICO from your lender. As of a few years ago, Experian blocked consumer access to your own EX FICO.

Aside from the above, you can also get your FICO scores for free or at a reduced price. Banks and CUs will offer it as a benefit. M&T Bank, Unitus Community Credit Union, and Digital Credit Union each offer an EQ FICO. You can get your TU FICO from Wal-Mart or Merrick Bank if you have CCs with them. And you can get your EX FICO from PA State Employees Credit Union (PSECU) if you have a checking account with them. There are other CUs out there that will offer a FICO if you ask them as part of a benefit for being a member.

 

 

Definitely go through your reports. Items like paid off bad accounts, like charge-offs, collections, or public records, can continue to negatively impact your for years even after paying it off. Look at your mix of credit. Some out there avoid credit cards. Unfortunately it can hurt your score. So, if you have any CCs, good. Keep balances at or near $0 for best results. If you don't have any CCs, you may want to add a couple. Definitely sit down with your lender and go over the report he/she provided and see what they want to look for.


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