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12-07-2011 02:28 PM
I'm glad this is working out.
It seems the mortgage officers weren't just confusing you, they were clueless.
If they don't know the scores they are pulling are FICO scores, what else don't they know?
I'm hoping it continues to work out.
12-07-2011 02:36 PM
12-11-2011 05:15 PM
Congrats! and great job improoving your scores.
This is a good lesson about the abysmal state of credit knowledge some mortgage brokers have.
12-12-2011 11:32 AM
You're frustrated? I'm going nuts, I've been working so hard to get my credit scores up, and the mortgage lenders are telling me my Fico scores are too low, but my vantage scores are great. Is there anyway to get a mortgage?
12-12-2011 12:47 PM
12-14-2011 12:36 PM
For mortgages FICO is what determines your interest rate, especially for conforming loans, but you still have to provide tax returns, income, and expense or bank records for the initial underwriting. The reason is that conforming loans are typically guaranteed and securitized. Once the loan is done your FICO is tracked together with that of other loans in the portfolio and they no longer have access to your other details. FICO scores are how they value the portfolio over time.
There is a huge amount of historical value agencies have relative to FICO scores so it is extremely difficult, bordering on impossible, to use other scores. This is the main reason Fair Isaac is so dominant and it's unlikely to change.