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New Member
anderson2624
Posts: 9
Registered: ‎11-09-2012
0

Re: FORGET fico score NOT used by Mtg Lenders

[ Edited ]

Just keep your reports clean and there really won't be an issue.

 

You just expressed a high level of ignorance.   I will continue to state that the FICO score that you work so hard to obtain by meeting every obligation is 50 points higher that the Fico score that a lender will use to determine you are a good credit risk BECAUSE they have the ability to LOWER you score by changing the formula.  If they know, as a fact you have a 760 score and base their interest rate on that at say 4% but know that they can change the formula to reflect 710 and get 4.2 they will go for 4.2.  Car dealers were famous for doing that but it is standard operating proceedure in the real estate finance process,

They hook you by saying "our best rate is 760"  YOU LOOK:  Your Ficos are 760, 765 and 780.  You allow a hard credit check and they come back and say your mid score is 720 and they have a document from all 3 bureaus.

 

YOU SAY THAT BIG FONTS ARE ANNOYING!  HOW ABOUT ALL CAPS.

 

OK:  old people can not see as well as smarter young people but they have the ability to use knowledge based upon previous situations to assist.

 

Its the message not the font nor all caps.  If YOU have no interest in learning or the message... prefering to dwell on your personal font/all caps issue a reader can conclude your comments of little value.  You comment

Just keep your reports clean and there really won't be an issue.  YOU KNOW THAT IS NOT TRUE

 

 why did you post as a valued member?

New Member
anderson2624
Posts: 9
Registered: ‎11-09-2012
0

Re: FORGET fico score NOT used by Mtg Lenders

[ Edited ]

Also done Internet, and several large banks.  No difference in how the BANKS fico came out Always much lower that that available to the consumer.  2000, 2004, 2008, 2010, 2011 AND 2012.  PREVIOUS YEARS: No major empathis on FICO but generally some issues, just prior to or at signing of documents of an interest bump.

Small bank.  19 branches.  30 loan officers.  Each paid $100.00 for taking a loan app.  Advertises community bank... competitive rates... fast close.  Collects $600.00 for appraisal.  Owns but really does not own appraisal management company.  Pays appraiser $100.00 of $600.00 fee.  Typical Appraiser does 40 appraisals a month thus earns around $50,000 a year.  Overflow from the least expensive "independent" appraiser.  Typically someone new in the biz.  $400 + a processing fee is profit Just for easy numbers PER APPLICATION $500.00 profit x minium 20 apps a month PER LOAN OFFICER  x 30 loan officers X 12 MONTHS =$3,600,000 a year profit from loan applications.  This particular small bank also has an IN HOUSE underwriter.  They loan based upon how much money they have available and kill all other loans. They do not have enough money to fund 600 loans a month so they reject 550 loans BECAUSE FnMae allows them to be MORE restrictive.  LEGAL LEGAL LEGAL but they made me a PORTFOLIO loan on my terms because I exposed their fraud.

BIG BANK  SMALL BANK  does not matter.

 

The subject was The FICO SCORE we purchase is always higher than the FICO score the Bank can create yet the information comes from the same source.  NO COMMENTS HOW THAT IS POSSIBLE YET.

 

New Member
anderson2624
Posts: 9
Registered: ‎11-09-2012
0

Re: FORGET fico score NOT used by Mtg Lenders

[ Edited ]

INTELLIGENT RESPONCE

 

Years ago I called FICO.  How you do that?  Its a secret.   Bank of America... etc.  No disclosure as to what FICO formula they use.  No disclosure that they have more stringent requirements than that PUBLISHED on the FnMae site.  Its a secret.

 

A few days ago I told Merryl Lynch Wealth Management that I would accept their :lies" about FnMae guidelines were changed, their lies about my Debt to Income ration being 49/51 when it is 20/80 and their need to get 4.1 APR on a 70/30 conforming loan even though they were offering at that time 3.5050 APR.

 

 

All they had to do was provide me with the Merryl Lynch " for FICO and the mandatory written real estate loan guidelines.  SORRY that is a secret.

 

As before I will follow up because they do not want Federal Oversight.  My loan will fund.

 

An "typical" borrower would assume the bank is honest and correct and the Bank wants to make loans.  Their profit center is, in part, the appraisal fee (they keep most of it) and will not inform the client how much they paid the appraiser but much more important they can earn more money gambling in the market while paying base overhead by turning down loans.

 

New Member
anderson2624
Posts: 9
Registered: ‎11-09-2012
0

Re: FORGET fico score NOT used by Mtg Lenders

[ Edited ]

I am simple.

 

I get 3 scores based upon the bureaus.  780, 760, 800. Lender orders report from same institutions and gets a different score same day FIFTY points lower. .  Next day I run ne again. 780, 760, 800

 

WOW... I have six FICO scores from 3 bureaus!  Mine ALWAYS higher that the BANK!

 

FORGET fico score NOT used by Mtg Lenders or FICO of San Rafael California is a fraud.  To fix that FICO needs to sue the lenders but will not do that because the bureaus want their OWN fico system and it looks like they have one they give to the public and the SECRET one they give to the lenders.

 

If that is the case then there is a CLASS ACTION suit involving Experian, Equifax and TransUnion. 

 

If "lenders" or extenders of credit can manupulate the results a consumer's FICO is worthless

 

AMAZING .... how little those of you who are "valued" do not know.   I am still going through the responses and will soon leave this site as if the best anyone can do is act like sheep the site is worthless for true issues and valuable for conceptual guidance

 

Maybe this site is "industry" supported sorta like the fake emails sent during the elections.

Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
0

Re: FORGET fico score NOT used by Mtg Lenders

[ Edited ]

Please stop with the nonsense. Virtually every statement that you make is incorrect.

 

Also, please stop with the nonsense about the computer fonts and being "old", whatever that means. I assume that since I've been using computers for 44 years, that probably qualifies me as being "old". You simply need to adjust your display settings to whatever you need. My father is an administrator on a forum and has no problem with posts in normal fonts - he is 88. There is no reason to irritate everyone and it is rude and obnoxious.

 

Edited to add since you posted while I was posting:

 

You stated that you get your FICO scores from the CRAs. Those are NOT FICO scores, exactly as several of us stated in the beginning.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: FORGET fico score NOT used by Mtg Lenders


anderson2624 wrote:

NO COMMENTS HOW THAT IS POSSIBLE YET.

 


 


anderson2624 wrote:

 

What I am expressing is that if I obtained a score from myFico or several (or each) of the reporting credit bureaus I would have 3 scores...  775  763... 750.  That is what I have done.

 

________

 

I get 3 scores based upon the bureaus.  780, 760, 800. 


There were plenty of comments as to why there are differences. As  evidenced above.....if you pulled your scores from the bureaus, then you don't have your FICO scores. They sell scores but they aren't FICO scores. That can explain 10-20-50-or 100 point plus differences in scores between what your lender pulled and what you pulled from the bureaus.

 

Valued Contributor
creditnocash
Posts: 2,222
Registered: ‎07-23-2012
0

Re: FORGET fico score NOT used by Mtg Lenders


anderson2624 wrote:

 

The subject was The FICO SCORE we purchase is always higher than the FICO score the Bank can create yet the information comes from the same source.  NO COMMENTS HOW THAT IS POSSIBLE YET.

 


this is wrong! 
unless pulling FICO only applys to morgatges? 

 

my bank ran my credit about 6 times over the course of this summer. 

the last app i did was for an overdraft line of credit. 

 

that morning i pulled my eq and tu from here and they were 689 and 690. 

My car that i bought that day with reports in hand. came back with 707 which hey im fine with. 

still quallified for the 0% interest. 

 

Went to work. applied for the odloc. got a score back of 726(PULLED BY THE BANK) 

ALSO i apped amex same night as a last hooray. got approved but no score since it was a charge card and since it pif every month i got the "best terms" 

 

My walmart tu08 fico spit ot a 743 while my tu98 from here is a 690. ck tu (FAKO) is 663

 

there really is no secret way to find out who uses what. 

like stated 

 

pay your cards. dont ever be late. only apply for what you need, and can pay back and you will be golden. simple as that. 

 

Current: Discover Fico 689 8/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: FORGET fico score NOT used by Mtg Lenders

What is going on here???? Look you came to this site to find information... so maybe you should chill and listen and people will take you seriously....when you pull your CS from TU, EX, or EQ this is NOT a FICO score so it will be different and in some cases close to a 100 point swing.. if you want to complain or make a lawsuit go complain to the CRAs about not providing you a FICO.....A lenders doesn't solely base there decisions off CS alone as the also look at income, credit history, and how you manage your money.....according to the FCRA (which is the law) a lender can use any scoring model (FICO or internal )and base there decision off that, they just must provide you with the score the used and if you don't qualify for the best terms the must provide you with reasons for doing so.

 

P.S. When you don't provide any information in your post and just rant the whole time and use giant font and are extremely negative people tend to not care so much to help you..Just my .02

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Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: FORGET fico score NOT used by Mtg Lenders

oh and I forgot to add that if you don't like someones rates are cost or how the pull your scores or how there coffee taste or what the peoples names are or what kind of office furniture the have GO TO A DIFFERENT LENDER.

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Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: FORGET fico score NOT used by Mtg Lenders


anderson2624 wrote:

INTELLIGENT RESPONCE

 

Years ago I called FICO.  How you do that?  Its a secret.   Bank of America... etc.  No disclosure as to what FICO formula they use.  No disclosure that they have more stringent requirements than that PUBLISHED on the FnMae site.  Its a secret.

 

A few days ago I told Merryl Lynch Wealth Management that I would accept their :lies" about FnMae guidelines were changed, their lies about my Debt to Income ration being 49/51 when it is 20/80 and their need to get 4.1 APR on a 70/30 conforming loan even though they were offering at that time 3.5050 APR.

 

 

All they had to do was provide me with the Merryl Lynch " for FICO and the mandatory written real estate loan guidelines.  SORRY that is a secret.

 

As before I will follow up because they do not want Federal Oversight.  My loan will fund.

 

An "typical" borrower would assume the bank is honest and correct and the Bank wants to make loans.  Their profit center is, in part, the appraisal fee (they keep most of it) and will not inform the client how much they paid the appraiser but much more important they can earn more money gambling in the market while paying base overhead by turning down loans.

 


I may be ignorant, but seriously!!!   OMG,,  Sorry,  but the Intelligent responce just killed me.  I know, I'm above this sort of thing.  Just caught me wrong.  Best of luck to you.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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