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Difference in Scores

New Visitor

Re: Difference in Scores

I've had the same issues with the difference in scores between pulling it on FICO.com and having a mortgage lender pul the score.  My score is 20 points lower on the mortgage score than on FICO.com.  That's significant seeing that  can't qualify for the loan with the lower score.

is there a place I can purchase the "mortgage score" so I can see my progress toward my goal?

Message 81 of 111
Super Contributor

Re: Difference in Scores


Chris2004 wrote:

I've had the same issues with the difference in scores between pulling it on FICO.com and having a mortgage lender pul the score.  My score is 20 points lower on the mortgage score than on FICO.com.  That's significant seeing that  can't qualify for the loan with the lower score.

is there a place I can purchase the "mortgage score" so I can see my progress toward my goal?


access to some 04 scores , which i believe most lenders use, can be done via cu like DCU(EQ04) or PSECU(Ex04). You can also get EQ04 via equifax website. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 82 of 111
Regular Contributor

Re: Difference in Scores

My Equifax Score Power ($20) FICO was the same as the lender pull.
FICO: EQ - 809 TU- 808 EX - 797
Message 83 of 111
Moderator

Re: Difference in Scores


techiegirl wrote:
My Equifax Score Power ($20) FICO was the same as the lender pull.

Yeah, Score Power is the gold standard when it comes to mortgages these days for a point-in-time score pull.  

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 84 of 111
Regular Contributor

Re: Consumer reports article


pizzadude wrote:

hanify2001 wrote:

I'm new here so this may have already been covered. My apologies if so. The July issue of Consumer Reports had an article on the value of comsumer purchased credit scores. The thing that really caught my attention was that Fair Issac has 49 different scores availble to lenders but only two available to consumers. Why is this and how represenative is the FICO score I purchase from Fair Issac? If my FICO from Equifax is say 680 roughly how much variance will there be from the other 47 FICO scores made available to lenders?


Welcome to the forums !

 

You're right that there are many different FICO scores available to lenders, which we can't purchase.    Many of these are industry specific, such as bank card enhanced, Auto enhanced, etc... they weigh certain accounts more heavily based on the model.     Some of them have a max score range which is higher than 850.

 

As consumers we can only purchase the Classic FICO score ~ other specality scores just aren't available to us.


This is great information! I recently received information from T-Mobile which was very confusing because they stated my score was 898 on a scale of 1000 and I know they pulled Transunion but am wondering how that worked. My FICO TU score is 635  and Credit Karma says 588.

Starting Scores (5/2014): EQ 569, TU 601, EX 589
Current Scores (07/08/2015): EQ 640, TU 640, EX 654
Goal (12/2015): 700 across the board
Message 85 of 111
New Contributor

Re: Difference in Scores

  As you've found, mortgage lenders are using a different set of algorithms from the FICO '08 of myFICO.  A mortgage lender will typically be looking at-

 

Equifax - Beacon 5.0 (EQ's name for FICO '04)

Experian - FICO-II

TransUnion - FICO Classic '04

 

 

As one of the other posters reported, some of the "Free monthly FICO for account holders" programs are using FICO-04.   I recently saw a Beacon score somewhere, but I don't recall where - maybe CK or CS?  I don't recall ever seeing a FICO-II (other than on a mortgage credit report).

 

This thread has free sources for credit scores, and specifies which algorithm each source is providing.  There's an interesting chart halfway down the post that lists all the various credit reporting models.  Apparently "Beacon 5.0" is just Equifax's name for the FICO '04.

 

Message 86 of 111
Moderator

Re: Difference in Scores


jeffeverde wrote:

  As you've found, mortgage lenders are using a different set of algorithms from the FICO '08 of myFICO.  A mortgage lender will typically be looking at-

 

Equifax - Beacon 5.0 (EQ's name for FICO '04)

Experian - FICO-II

TransUnion - FICO Classic '04

 

 

As one of the other posters reported, some of the "Free monthly FICO for account holders" programs are using FICO-04.   I recently saw a Beacon score somewhere, but I don't recall where - maybe CK or CS?  I don't recall ever seeing a FICO-II (other than on a mortgage credit report).

 

This thread has free sources for credit scores, and specifies which algorithm each source is providing.  There's an interesting chart halfway down the post that lists all the various credit reporting models.  Apparently "Beacon 5.0" is just Equifax's name for the FICO '04.

 


If you're fortunate enough (from a myFICO perspective anyway) to live in PA, PSECU offers an EX Risk Model v2 for it's membership which is still used by the GSE's for mortgage underwriting.

 

I've never heard of anywhere else unfortunately; mortgage wise for the mortals DCU membership is as good as it gets to my knowledge.  You are correct regarding Beacon 5.0 being Equifax's baseline version of the FICO '04 algorithm.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 87 of 111
Contributor

Re: Here's the link....

According to CK ( Credit Karma) my TU score is 619 and my Vantage score is 699. What's the difference between these scores? My TU Fico score is actually 688. 

Message 88 of 111
New Member

Re: Difference in Scores


Chris2004 wrote:

I've had the same issues with the difference in scores between pulling it on FICO.com and having a mortgage lender pul the score.  My score is 20 points lower on the mortgage score than on FICO.com.  That's significant seeing that  can't qualify for the loan with the lower score.

is there a place I can purchase the "mortgage score" so I can see my progress toward my goal?


access to some 04 scores , which i believe most lenders use, can be done via cu like DCU(EQ04) or PSECU(Ex04). You can also get EQ04 via equifax website. 

 

 

 

 

 

Can you please state that without all of the acronyms?  I am new to the forums and I'm upset today when I applied for preapproval and found out that the lender has 2 of my 3 scores (Equifax and Experian) at 50 points below what myFICO has my scores.  This was alarming, and makes me question what my monthly fee is paying for if I'm not getting a true picture as to what my scores are.  

 

I'm working on cleaning up what is on the report, but the difference in this error means while I thought I was "okay" and it would be a 'Slam dunk" to get the preapproval, instead, I found that I'm low enough they won't even talk to me.  

Message 89 of 111
Moderator

Re: Difference in Scores


apobby51 wrote:

Chris2004 wrote:

I've had the same issues with the difference in scores between pulling it on FICO.com and having a mortgage lender pul the score.  My score is 20 points lower on the mortgage score than on FICO.com.  That's significant seeing that  can't qualify for the loan with the lower score.

is there a place I can purchase the "mortgage score" so I can see my progress toward my goal?


access to some 04 scores , which i believe most lenders use, can be done via cu like DCU(EQ04) or PSECU(Ex04). You can also get EQ04 via equifax website. 

 

 

 

 

 

Can you please state that without all of the acronyms?  I am new to the forums and I'm upset today when I applied for preapproval and found out that the lender has 2 of my 3 scores (Equifax and Experian) at 50 points below what myFICO has my scores.  This was alarming, and makes me question what my monthly fee is paying for if I'm not getting a true picture as to what my scores are.  

 

I'm working on cleaning up what is on the report, but the difference in this error means while I thought I was "okay" and it would be a 'Slam dunk" to get the preapproval, instead, I found that I'm low enough they won't even talk to me.  


The problem is that the mortgage market is behind everything else when it comes to FICO versions.

 

The GSE's (Fannie and Freddie) pretty much dictate three explicit scores to be used, and they aren't ones provided by MyFICO.  I agree it sucks, I complained bitterly when FICO changed them here.

 

Anyway there's 3 places you can obtain some of the scores:

 

1) Equifax Scorepower (or Scorewatch which is their monitoring solution) - Equifax Beacon 5.0

2) Digital Federal CU membership - Equifax Beacon 5.0

3) Pennsylvania State Employees CU membership - Experian Risk Model v2

 

For anyone thinking of applying for a mortgage I recommend spending the $20 bucks at Equifax on their Score Power product and see where you stand on one of the 3; unfortunately the scores here just aren't reliable when it comes to something as important as mortgage qualification.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 90 of 111