@tufa4311 wrote:
@jamie123 wrote:
@tufa4311 wrote:
@Revelate wrote:
@tufa4311 wrote:
@tufa4311 wrote:How do we actually know EQ Score Power is an 04? The website doesn't say anything about what version it is:http://www.equifax.com/credit-score/
Heck, it says "The FICO Credit Score is intended solely for your own educational use"
After some research I feel confident that EQ Score Power is the true FICO 04. I believe these are the "real" names of FICO 04 for each of the 3 CRA:
Equifax Beacon 5.0
Experian/Fair Isaac Risk Model v2
TransUnion FICO Risk Score 04
IF you consider a mortgage app to be the "real" version then yes.
Otherwise they're good at smaller lenders (CU's) and that's about it. Auto lenders are on entirely different set of scores which to date haven't been consumer available, and the overwhelming number of credit card issuers are on a FICO 8 model.
End of the day, the only score that is important is the one that the lender pulls. The rest are irrelevant in the heat of the moment.
Well, by "real" I just meant these are the names each of the CRA's call them by.
But, you make a very important point. It's all about what your goal is.
My goal? A house, so my yard stick is going to be FICO 4.
My auto loans is 3.44%, not too bad so I'm not too concerned about what my auto-enhanced FICO would be. And I get my FICO 8 from two credit cards so I'm covered there.
Yeah, it's really bad that us as consumers only have easy access to our FICO 08 scores. A good FICO 08 score will only get you a better credit card so you can spend more money.
When it comes to an auto enhanced score or the FICO 04 score for mortgages, scores that could REALLY save you money and give you negotiating power with a lender, those scores are hard/impossible to come by. I mean think about how much better the buying experience for an auto or house would be if you knew your actual scores BEFORE you started the process.
Well, actually, we can get the FICO 04 - EQ "Score Power" is a product that provides your FICO 04 score based on your EQ credit report.
YEah but in the current market nobody is providing either the EX nor the TU versions of the trifecta, short of making an application. EQ is the one saving grace but really to be guarunteed at a minimum of where you stand for a mortgage, you need 2 out of the 3, and the lower of the two will be the worst case scenario, and by the same token the higher would be a best case scenario too. Third one wouldn't really help much other than precisely identifying your mid-score on the trimerge.
@tufa4311 wrote:@tufa4311 wrote:Well, actually, we can get the FICO 04 - EQ "Score Power" is a product that provides your FICO 04 score based on your EQ credit report.
@Revelate wrote:
YEah but in the current market nobody is providing either the EX nor the TU versions of the trifecta, short of making an application. EQ is the one saving grace but really to be guarunteed at a minimum of where you stand for a mortgage, you need 2 out of the 3, and the lower of the two will be the worst case scenario, and by the same token the higher would be a best case scenario too. Third one wouldn't really help much other than precisely identifying your mid-score on the trimerge.
I agree, sort of. Yes, we don't know our mid score. But, the only thing that is now a factor is what is in our CR. The difference is equations between scoring versions is no longer a factor (and that's huge). Based on my three reports the only difference is the number of hard inquiries - all of my open/closed accounts report to all 3 with the same data. But we could go back and forth all day, in the end there is more likely than not going to be a difference between the 3 and we don't know to what degree.
FICO 04 as I once heard posted from FICO (second hand) +/-30 points of each other assuming different bureau and same information. That's a lot unfortunately when we're talking mortgage tiers for the credit mortals.
THe algorithms aren't 100% the same, that's been a common lender complaint... and it wound up being a common marketing point by the CRA's for VantageScore which is absurdly close across bureaus.
@Anonymous wrote:I purchased it, thanks, it seems good but the Experian is way way way off.
Not sure why.
My lender must use a different Experian (thank goodness). On MyFico it's like 60 points lower!!
I think my lender might use Experian Fico8??? I am not sure but it seems to match that Experian.
Are you with a portfolio lender? Who are you going with and what loan type are you getting? Did the EQ / TU scores match or were they likewise FICO 8?
99.9% of the mortgages underwritten in the United States are on EX 98 vis a vis EX Risk Model v2 and that is on the MF Experian 1B or 3B report.
I don't know of a cheaper option for getting it other than making a mortgage app, or if you're lucky enough to live in PA and be able to join PSECU.
@Anonymous wrote:We are getting an FHA.
Equifax & TU were nearly identical.
Not Experian, though.
Not sure why... it did come close to match FICO 8 for Experian.
MORTGAGE LENDER (AFTER disputes removed):
EQUIFAX: BEACON 5.0 617
EXPERIAN: 620
TU: CLASSIC 04 652
MYFICO 3 B - Mortgage:
EQ: 619
EX: 576 (FICO II??? what???) FICO 8: 624
TU: 677 (YAY!!!!)
See why I need to get my low and middles up???
Such a huge difference between TU and EX&EQ.
The numbers seem to indicate the 3B Experian is something other than FICO II or it's not updated or something.
I've had at least 3 pulls from LO and mortgage lenders over the past 2 months and none of them
were as low as the MyFico 3B shows.
Who knows!
More likely your lender is doing something awkward or you had a time period between the score pulls and something changed in the reports.
The Experian mortgage score here has matched every mortgage pull to date except one; it is indeed FICO Risk Model v2.