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FICO score vs regular credit score

Moderator Emeritus

Re: FICO score vs regular credit score

Great news!! Enjoy your home.

Message 11 of 18
Valued Contributor

Re: FICO score vs regular credit score

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.

 

 

 

Message 12 of 18
New Contributor

Re: FICO score vs regular credit score

Thanks! I know, they should be the experts and we appear to know more about the scoring than they do...! You guys have been great. Thanks for your support.
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!
Message 13 of 18
Moderator Emeritus

Re: FICO score vs regular credit score

Congrats on your hard work and your scores!!! 

Just puttin' syrup on something, don't make it pancakes.
Message 14 of 18
Valued Contributor

Re: FICO score vs regular credit score

Congrats! and great job improoving your scores.

 

This is a good lesson about the abysmal state of credit knowledge some mortgage brokers have.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 15 of 18
New Visitor

Re: FICO score vs regular credit score

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?

Message 16 of 18
New Contributor

Re: FICO score vs regular credit score

All I know (now) is that FICO is what's important when applying for a mortgage. The other scores don't matter. Just keep plugging away and GW your lates and dispute the errors. It'll get there. You just need the middle score of the three FICOs to be like a 620-640 for conventional and 580 for FHA. Let me know if I can help in any way. Good luck!! Smiley Happy
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!
Message 17 of 18
Valued Contributor

Re: FICO score vs regular credit score

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.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 18 of 18