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ktlynn_74
Posts: 126
Registered: ‎10-02-2011
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Differences between scoring

I am trying to raise my score to qualify for a mortgage.  My lender has told me they use three scores to score my TU report:

Beacon

Classic 2004 FICO

Fair Issac Score


What is the difference between these?  I can't find much information on these?


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Current Score: 644
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MarineVietVet
Posts: 14,907
Registered: ‎07-14-2009
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Re: Differences between scoring


ktlynn_74 wrote:

I am trying to raise my score to qualify for a mortgage.  My lender has told me they use three scores to score my TU report:

Beacon

Classic 2004 FICO

Fair Issac Score


What is the difference between these?  I can't find much information on these?


A mortgage lender will very often pull all three scores and use the middle one to make a decision. Those look like scores from each of the three CRA's.

 

Beacon = Equifax

Classic 2004 FICO = Transunion

Fair Issac Score = Experian

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 


 

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ktlynn_74
Posts: 126
Registered: ‎10-02-2011
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Re: Differences between scoring

Thank you thats very helpful.  Do you if I can get this exact scoring anywhere?  Is there something that is close to it if I can't?  I know my fico and my vantage score and most FAKO's, but they run the gamate as being diffrent.  Some I'm in the 570's some I'm in the 640's.


Starting Score: 580
Current Score: 644
Goal Score: 670


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MarineVietVet
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Registered: ‎07-14-2009
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Re: Differences between scoring


ktlynn_74 wrote:

Thank you thats very helpful.  Do you if I can get this exact scoring anywhere?  Is there something that is close to it if I can't?  I know my fico and my vantage score and most FAKO's, but they run the gamate as being diffrent.  Some I'm in the 570's some I'm in the 640's.


So the lender did not actually pull your scores? I guess that confused me.

 

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. You can get both your Transunion and Equifax scores here although the TU version sold here in an older TU98 version.

At one time you could also purchase your Transunion score at transunioncs.com but no more. Wal Mart now offers a TU08 score to those who have their store card and the Discover version.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/

 

The VantageScore is used by a few lenders but I wouldn't rely on that.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Contributor
ktlynn_74
Posts: 126
Registered: ‎10-02-2011
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Re: Differences between scoring

They only did a "prequalification" and only pulled my Transunion report.  So the TU score bought here would not be the same as the Beacon score?


Starting Score: 580
Current Score: 644
Goal Score: 670


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Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
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Re: Differences between scoring

[ Edited ]

ktlynn_74 wrote:

I am trying to raise my score to qualify for a mortgage.  My lender has told me they use three scores to score my TU report:

Beacon

Classic 2004 FICO

Fair Issac Score


What is the difference between these?  I can't find much information on these?


A bit lost in translation here:

 

"Beacon" = EQ Beacon 5.0 = The score sold here as your EQ FICO

 

"Classic 2004 FICO" = TU FICO Classic 04 = A later version than TU FICO Classic 98 sold here

 

"Fair Issac Score" = EX Fair Issac II = The one you used to be able to get here as your EX FICO

 

These are the normal 3 scores used for a mortgage and it would be very unusual for them to use anything else. If you are sure that your reports from each CRA (EQ, TU, EX) are similar then probably the best way to start is by pulling your EQ FICO from here. That will give you at least one score you can count on to be exactly correct and you can assume the others will be close.

Contributor
ktlynn_74
Posts: 126
Registered: ‎10-02-2011
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Re: Differences between scoring

Oddly enough, they all seem to have diffrent CA's, but the same general number of them so thats helpful.  And my FICO here is only about 20 points to low to qualify, so that is helpful!  Not quite so far to go then!!


Starting Score: 580
Current Score: 644
Goal Score: 670


Take the FICO Fitness Challenge

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MarineVietVet
Posts: 14,907
Registered: ‎07-14-2009
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Re: Differences between scoring


ktlynn_74 wrote:

They only did a "prequalification" and only pulled my Transunion report.  So the TU score bought here would not be the same as the Beacon score?


No. All three CRA's use slightly different scoring formulas when looking at the same data. That explains why the scores can vary so much but all three are FICO scores.

 

The Beacon score belongs to Equifax.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Contributor
ktlynn_74
Posts: 126
Registered: ‎10-02-2011
0

Re: Differences between scoring

Does anyone know how diffrent the TU score tends to be from here?  If its close and I can get both scores here over 640 then at least I know they would go with the middle so it would be over 640...or is there anywhere I can buy the acual FICO 2004 classic score?   Then I could at least have two of the three scores they would use.


Starting Score: 580
Current Score: 644
Goal Score: 670


Take the FICO Fitness Challenge

Moderator
MarineVietVet
Posts: 14,907
Registered: ‎07-14-2009
0

Re: Differences between scoring


ktlynn_74 wrote:

Does anyone know how diffrent the TU score tends to be from here?  If its close and I can get both scores here over 640 then at least I know they would go with the middle so it would be over 640...or is there anywhere I can buy the acual FICO 2004 classic score?   Then I could at least have two of the three scores they would use.


There are only anecdotal stories as to the differences between TU98 (sold here) and the newer TU04 and the newest TU08. And even then there doesn't seem to be any kind of reliable pattern.

 

I don't know anyplace you can buy the TU04. Perhaps someone else does.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


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