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stilettos_and_spitup
Posts: 54
Registered: ‎10-11-2011
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FICO score vs regular credit score

I'm so frustrated... I was so excited because my FICO scores have improved SOOOOOOOOOOO much since I have been disputing items and sending GW letters.  MyFICO states that most lenders look at FICO scores.  I've been waiting until my FICO scores were over 620 to begin applying for a mortgage.  I talked to 4 different mortgage officers today and not ONE of them looks at FICO scores... they all pull the score directly from the 3 CRAs and then use the middle score.  Well, although my FICO scores are AWESOME, one went up like 74 points, when I pulled the score directly from the CRAs, they were WAYYYYYYYYYYYY lower.  It's almost like myFICO has made my score go way up to appear like it has really made a difference, but in reality, my score hasn't really changed much?  So disappointed right now.  Any thoughts?

Starting Score : 498 - 04/01/11
My FICO : 573 - 09/04/11
My FICO : 639 - 11/23/11
My FICO : 663 - 01/04/12
My FICO : 748 - 03/15/12
THANK YOU MYFICO FORUMS!
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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: FICO score vs regular credit score


stilettos_and_spitup wrote:

I'm so frustrated... I was so excited because my FICO scores have improved SOOOOOOOOOOO much since I have been disputing items and sending GW letters.  MyFICO states that most lenders look at FICO scores.  I've been waiting until my FICO scores were over 620 to begin applying for a mortgage.  I talked to 4 different mortgage officers today and not ONE of them looks at FICO scores... they all pull the score directly from the 3 CRAs and then use the middle score.  Well, although my FICO scores are AWESOME, one went up like 74 points, when I pulled the score directly from the CRAs, they were WAYYYYYYYYYYYY lower.  It's almost like myFICO has made my score go way up to appear like it has really made a difference, but in reality, my score hasn't really changed much?  So disappointed right now.  Any thoughts?


What scores did they say they use? 

 

If they said they pull directly from the 3 CRAs (likely via a tri-merge reporting service like CredCO, CBCInnovis, etc.), they could be stating that the source of their info are from the big 3. AFAIK, there are no lenders that come to myFICO. They get the tr-merge info and a FICO is provided to them via that service.

 

If you pull your score from Experian.com, they sell a gimmick FAKO score called a PLUS score. They even say this about it within the T&C:

 

The PLUS Score, with scores ranging from 330 to 830, is a user-friendly credit score model developed by Experian to help you see and understand how lenders view your credit worthiness. It is not used by lenders, but it is indicative of your overall credit risk. Higher scores represent a greater likelihood that you´ll pay back your debts so you are viewed as being a lower credit risk to lenders. A lower score indicates to lenders that you may be a higher credit risk.

 

 

If you pull your score directly from TransUnion.com, you'll get a FAKO called a VantageScore. There are a rare few lenders that pull a VantageScore, but you'd be very hard-pressed to find one. The score range is from 501 to 990 and you certainly can't compare a FICO score to that. I think I read of 2-3 posters on here where a lender used a VantageScore.

 

Finally, if you go to Equifax.com, you'll have the choice of two scores: FICO or their FAKO called "Equifax Credit Score". The FICO on there will match the FICO on here, and will likely match your lender's FICO version. The "Equifax Credit Score" is their own score to compete, but no lenders use it.

 

The Equifax Credit Score™ is a proprietary credit model developed by Equifax.  It may be calculated using the information in your Equifax, Experian and TransUnion credit files.  This score is intended for your own educational use.  There are numerous credit scores and models available in the marketplace and lenders may use a different score when evaluating your creditworthiness.

 

In short, mortgage lenders use FICO scores and your scores frkom the 3 CRAs won't match myFICO's scores, because those other scores aren't FICO scores. They operate on different score ranges, factor in stuff FICO does not and so on.

 

Valued Contributor
ptr2593
Posts: 1,486
Registered: ‎08-14-2011
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Re: FICO score vs regular credit score

FICO = official score that most lenders use.  All of the information on this forum pertains to the FICO forumula and not any of the FAKO formulas.  FAKO scores are next to meaningless.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
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Re: FICO score vs regular credit score

Any thoughts? Well yes, either the mortgage officers are confused, lied, or something was lost in the communication. It seems that the mortgage officers did not communicate well. If they told you that they don't pull FICO scores then they are probably very confused. They do pull scores directly from the CRAs and they pull FICO scores, not the scores that you would be likely to pull if you buy a score directly from the CRA.

 

They will have to pull scores that are acceptable to the various entities involved in the mortgage and that usually means at least one of FHA, VA, Fannie Mae, Freddie Mac. That will mean certain versions of certain FICO scores including exactly the one you received from myFICO for your EQ score. If you bought a TU FICO from myFICO, then it isn't the exact score they will use but it is the closest score you can easily get for your TU FICO.

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stilettos_and_spitup
Posts: 54
Registered: ‎10-11-2011
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Re: FICO score vs regular credit score

One lender told me they use "CBC" to pull the 3 scores and they go with the middle score.  The others said they "get the scores from each bureau and go with the middle score".  When I asked them if they look at FICO scores or not, they act like they have no idea what I'm talking about and just repeat themselves "we pull the scores directly from the bureaus."  The reason why I'm so concerned is because my myFICO scores are mortgage-worthy (myFICO Equifax is 639 in which i would be approved) and my score that I pulled directly from Equifax says 585 (wouldn't get approved).  I really appreciate the responses- I was beginning to feel like I wasted my money and efforts here... but it is starting to make more sense.  This is so complicated and there is so much I still need to learn!

Starting Score : 498 - 04/01/11
My FICO : 573 - 09/04/11
My FICO : 639 - 11/23/11
My FICO : 663 - 01/04/12
My FICO : 748 - 03/15/12
THANK YOU MYFICO FORUMS!
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MarineVietVet
Posts: 14,967
Registered: ‎07-14-2009
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Re: FICO score vs regular credit score


stilettos_and_spitup wrote:

One lender told me they use "CBC" to pull the 3 scores and they go with the middle score.  The others said they "get the scores from each bureau and go with the middle score".  When I asked them if they look at FICO scores or not, they act like they have no idea what I'm talking about and just repeat themselves "we pull the scores directly from the bureaus."  The reason why I'm so concerned is because my myFICO scores are mortgage-worthy (myFICO Equifax is 639 in which i would be approved) and my score that I pulled directly from Equifax says 585 (wouldn't get approved).  I really appreciate the responses- I was beginning to feel like I wasted my money and efforts here... but it is starting to make more sense.  This is so complicated and there is so much I still need to learn!


This score is the EQ Beacon 5.0 version and should be what most mortgage lenders will use. The FICO score available at the EQ website is the same Beacon 5.0 you get here. That 585 is the "Equifax Credit Score" and is worthless and can be ignored.

 

 

 

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".

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: FICO score vs regular credit score

CBCInnovis provides tri-merge reports, which would include FICO scores, provided that the lender uses FICO (they will).

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stilettos_and_spitup
Posts: 54
Registered: ‎10-11-2011
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Re: FICO score vs regular credit score

Thanks guys!  I feel much better now.  :smileyhappy:  I'll be sure to post when I go ahead with the lender pulls.  I am so grateful for your feedback.  And also for your service to our country MarineVietVet!  I appreciate you more than you know!!!!

Starting Score : 498 - 04/01/11
My FICO : 573 - 09/04/11
My FICO : 639 - 11/23/11
My FICO : 663 - 01/04/12
My FICO : 748 - 03/15/12
THANK YOU MYFICO FORUMS!
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MarineVietVet
Posts: 14,967
Registered: ‎07-14-2009
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Re: FICO score vs regular credit score


stilettos_and_spitup wrote:

Thanks guys!  I feel much better now.  :smileyhappy:  I'll be sure to post when I go ahead with the lender pulls.  I am so grateful for your feedback.  And also for your service to our country MarineVietVet!  I appreciate you more than you know!!!!



And I thank you for the kind words. MIne was but a small part but I tried as best I could

New Contributor
stilettos_and_spitup
Posts: 54
Registered: ‎10-11-2011
0

Re: FICO score vs regular credit score

Whoa! So after you guys cheered me up, I went ahead and applied for the mortgage. And TO MY SURPRISE - the lender who said he pulled from each of the three bureaus said "I dont know what you were worried about, you are doing great!" he pulled the 3 scores and they were 635, 651, and 661. So my middle score is 651!!!! Thank you FICO forums!!!!!! Yeeeeehahhhhh!!! We're getting our dream home!!!
Starting Score : 498 - 04/01/11
My FICO : 573 - 09/04/11
My FICO : 639 - 11/23/11
My FICO : 663 - 01/04/12
My FICO : 748 - 03/15/12
THANK YOU MYFICO FORUMS!

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