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Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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Re: FORGET fico score NOT used by Mtg Lenders


anderson2624 wrote: (a lot)

 


I have a couple of comments I'd like to add to the community's response.

 

1.  If you hold Ctrl and press + or - your browser will zoom in and out.  That's how most people get text to a comfortable size on the internet.

 

2.  General forum etiquette is to not go colorful and multi-sized on your fonts.  Instead of emphasizing your point, it makes people not want to read it.  If you are new to forum posting this may be news to you, and is not meant to be insulting.  That's just how it is.  A post in the style you used is considered rude and inflammatory, and the community response will be colored by that fact.

 

3.  It is clear from your post that you need to read "Credit Scoring 101".  This will help clear some of the misconceptions and let you understand what is happening here.

 

4.  Most scores you buy, even those from the Credit Bureaus are not FICO scores.  This means they are a completely different scoring algorithm, i.e.. Everything is weighted differently, and the range of values is different as well.  If you got your scores from them, they are definitely not FICO scores.  A different algorithm means a different result.  Most of us here think this is a rip-off, and believe that consumers are intentionally misled into buying scores that don't matter.  

 

5.  If you go today and buy a FICO score here, you can only get one for TU and EQ.  They do not sell the FICO EX here, but there are a couple of places to find it.  Read the boards here to find out.

 

6.  Your comment that banks take in more loan applications than they have money to lend is completely baseless.  The bank that took your app doesn't get rich on application fees, in fact many lenders don't have those fees at all.  And they typically don't fund the loans themselves anyway.  If you pass the approval process, your loan is funded by someone else.  There is plenty of loan money available out there, if you qualify.

 

7.  Honest car dealers often use an Auto-Enhanced score. Which IS different.  Most people here will tell you to use a credit union instead.  Dishonest car dealers will tell you that you have bad credit even if you don't, in order to jack up your rate.  Buyer beware.  This is way different from the mortgage market.

 

8.  Tags like "Valued Contributor" are achieved through time and number of posts on the forum, a common thing among boards of all types.

 

9.  You mentioned that several banks gave you a score 50 points lower than you thought it was.  There's the proof.  All of these banks used the same scoring algorithm, likely the FICO score.  Your score was almost definitely an alternate algorithm, like Plus or Risk, or Vantage.  Sorry to hear you got duped, but the fault is not with your bank; it is with the deceptive practices of the score sellers.  

 

10.  There is no conspiracy...  They're not out to get you.  But the deck is stacked heavily against the consumer.  It's like blackjack - the house has an edge.  And reading here is like learning to count cards.  Educate yourself, and you'll be the one with the edge.  Instead of being a victim of your credit report, be the master of it.  And listen to what the people here are saying.  Their experience has value and can help you.

 

 

 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
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Re: FORGET fico score NOT used by Mtg Lenders

[ Edited ]

p- wrote:

anderson2624 wrote: (a lot)

 



 

LOL

Can this just be locked?  There's been very little useful info, if anything it will confuse newcomers looking for information; however my curiosity refuses to allow me to look away.

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Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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Re: FORGET fico score NOT used by Mtg Lenders


Jutz wrote:

p- wrote:

anderson2624 wrote: (a lot)

 



 

LOL

Can this just be locked?  There's been very little useful info, if anything it will confuse newcomers looking for information; however my curiosity refuses to allow me to look away.


 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
AndySoCal
Posts: 1,949
Registered: ‎04-07-2009
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Re: FORGET fico score NOT used by Mtg Lenders

Anderson2624,

 

If you please name the site where you bought the credit scores from it would be helpful.  There are many different socre models  risk, Vantage, plus adn FICO to name few. If you bought your three bureau credit report form the bureau you did not get a FICO score Hence the difference.. Experian since 2009 stopped selling the FICO socre to the consumer.   Ask Merrill Lynch who pulled your credit report  for a copy it they should provide it.

 

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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Re: FORGET fico score NOT used by Mtg Lenders


AndySoCal wrote:

Anderson2624,

 

If you please name the site where you bought the credit scores from it would be helpful.  There are many different socre models  risk, Vantage, plus adn FICO to name few. If you bought your three bureau credit report form the bureau you did not get a FICO score Hence the difference.. Experian since 2009 stopped selling the FICO socre to the consumer.   Ask Merrill Lynch who pulled your credit report  for a copy it they should provide it.

 


Andy - 

 

I'm guessing by his silence that he's not interested in a rational discussion.  By not immediatley jumping on board with the conspiracy theory, we are all now "one of them".  Sorry, I mean "ONE of THEM!!!"

 

 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
AndySoCal
Posts: 1,949
Registered: ‎04-07-2009
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Re: FORGET fico score NOT used by Mtg Lenders

The reason for the silence the OP has not logged into the forum today.  So we will have to wait and see.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Valued Member
hshearer
Posts: 39
Registered: ‎05-18-2007
0

Re: FORGET fico score NOT used by Mtg Lenders

Just my experience.  I applied for my pre-approval  in July for my mortgage.  I pulled my FICO score here and it was 802.  My mortgage broker pulled my credit score and my middle score was 805 so, in this case, the numbers matched.

Valued Member
algorithmslave
Posts: 68
Registered: ‎09-10-2012
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Re: FORGET fico score NOT used by Mtg Lenders

I have applied for a home loan myself before but did not qualify... The information here in this thread does provide insight into what could happen. Personally I do plan on keeping a close eye on the process myself when I am ready to apply. I believe it is possible for a mortgage lender to lie about ones score in order to obtain a higher interest rate but highly unlikely. Both the lender and underwriter would have to be in on it, I believe. Regardless, when the time comes, I will watch the process like a hawk. I plan on conducting my own due diligence on the targeted lender in order to find out if they do use the FICO score and what percentage of DTI they use including length of time in position or industry for income qualification. As far as pulling scores, I would pick one credit bureau to pull all three reports from and couple that subscription with this FICO site. 

You can wrap me in your flag, make me say a praise to your creator and make me spend your currency, but remember this, I am a loyal servant to Justice and a Patriot to none. I am free...
Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012
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Re: FORGET fico score NOT used by Mtg Lenders


anderson2624 wrote:

INTELLIGENT RESPONCE

 

 

 

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.

 

 

 



I think the OP is confused about calcukating DTI as well, but if not, he needs to understand that if he has bills totalling 80% of his gross income, it is unlikely he will be approved for any mortgage. Trying to argue with a lender that your bills are NOT 51% of your income, but rather they are much higher, at 80% of your gross income, is not going to help your case any.


Starting Score: 693 TU FICO, 679 EQ FICO
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New Contributor
Movin_on_up
Posts: 56
Registered: ‎01-31-2012
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Re: FORGET fico score NOT used by Mtg Lenders

I think the OP is confused about a lot of things.

 

Thanks for all the good natured ribbing and patience shown here.  Funniest thread in a while.   And def more cowbell!

 

 

:smileylol:


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