Understanding FICO® Scoring

[Fallonrmq]

I just had a bank run my credit scores which came back TU-694 EQ-694 and EX-741. Can anyone explain to me why the Experian score would be 47 points higher? I am looking to refinance my house with these low interest rates at the current time.

[llecs]

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Fallonrmq wrote:

I just had a bank run my credit scores which came back TU-694 EQ-694 and EX-741. Can anyone explain to me why the Experian score would be 47 points higher? I am looking to refinance my house with these low interest rates at the current time.

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There could be many reasons like:

1) baddies on EQ and TU, but not EX,

2) longer length of history on EX over EQ or TU,

3) longer AAoA on EX over EQ and TU,

4) lower revolving util on EX over EQ and TU,

5) improved mix of credit on EX over EQ and TU,

6) higher balances on EQ and TU over EX,

7) more accts reporting $0 on EX over EQ and TU,

8) newer accounts on EQ and TU over EX,

9) dispute comments on one CRA over another,

and others which slip my mind at this point. These are the biggest suspects. It could be a combination of one or many resulting in the difference. Also, the FICO formula differs across all 3, so it's normal to have small differences, though I'd guess there's something else in play.

[bettercreditguy1]

Most mortage lenders  pull a tri-merged report showing all three on one page. They pick out the Middle score and use it for your qualifying and to set your interest rate. So attempt to get all three reports higher for the lowest interest rate.

[Fallonrmq]

Thank you for the info.