Understanding FICO® Scoring

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3200Ocean
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3200Ocean
Posts: 1
Registered: ‎10-23-2012

Credit Scores

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‎10-23-2012 02:36 PM

I was looking to get financed for our new home. I ran all three of my credit scores from TU 670, EQ 599 and EX 644. When I went to the lender he told us that my mean/median score was 584 and I could not get qualified. He to us that what we see online from EQ, TU and EX are not real FICO scores? I am not sure what to do?  

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bettercreditguy1
Posts: 652
Registered: ‎02-11-2012

Re: Credit Scores

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‎10-23-2012 06:38 PM

You say you ran all of your credit scores. Where did they come from?  If not from a lender or my fico.com they were probably a generic, aka fako. Fako scores are a lot higher than tru Fico scores.

Starting scores 01/ 02/2012 EQ 707 TU 733 EXP 735 (FAKO)
Updated scores 05/01/2013 EQ 761 TU 780 EXP 788 (Exp. equivalency)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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HiLine
Posts: 1,608
Registered: ‎10-19-2012

Re: Credit Scores

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‎10-27-2012 02:57 PM

A score that does not mention FICO is guaranteed to not be a FICO score. 

---> HiLine's personal finance blog - Follow my journey!  :smileylol:


-Taking a break from the forums from 4/23/2013 :smileysad:
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myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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