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guru83
Posts: 5
Registered: ‎10-11-2011
0

HELP

I am completely frustrated.. My husband and I had a house built  and it is now complete and the Mortgage company cannot close our loan because the middle score is not 640. Is the Transuion score on here accurate?? The lender pulled it 11/21 and it was 652 and I pulled it on myfico 11/25 and it was 621 an I compared the two reports and I want to tell them to pull but they have already put 8 inquires on my report. is it possible that the the tranunion score could be higher.

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: HELP

Hi, welcome to the forums!

 

Unfortunately, we are still stuck with an older model of the TU score (TU98) while most lenders have long since moved on to TU04. (It appears to be due to TU foot-dragging, but I don't know the details.) It's a TU FICO score, but probably not the one that your lender pulled.

 

If you're willing to share the list of negatives on the TU report, plus add a few details, we might be able to help you scramble up some points. If you don't have a copy of the lender-pulled report, the one from here probably has the same negatives, although possibly in different order. Check screen 2 of your report, over on the left.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Member
guru83
Posts: 5
Registered: ‎10-11-2011
0

Re: HELP

I have a copy of both the lender pulled report and the report from My fico and the only negatives I have is a late payment from October 2010...I have 4 credit cards 2 have 0 balances and the other two are carrying balances.

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pizzadude
Posts: 9,026
Registered: ‎01-28-2010
0

Re: HELP

 

Do you know what version FICO your lender is pulling ?  Ask your Loan Officer, he should be able to find out.  

 

Is there anyway that you can get the late payment removed ~ have you tried sending GW letters ?

 

Also paying your %util down to less than 9% and only showing a balance on one CC is optimal for FICO scoring....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Member
guru83
Posts: 5
Registered: ‎10-11-2011
0

Re: HELP

The lenders are using the Classic 04 modeland I have tried to get the late payments removed and they wouldnt do it.. I realkly dont know what else to do.. its really crazy

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

Re: HELP

[ Edited ]

OP, assuming your 652 TU04 FICO score in November was the same or higher, would that score be OK for approval?

 

ETA...sounds like your TU is OK in the eyes of your lender. Have you pulled your EQ to see if that's OK?

New Member
guru83
Posts: 5
Registered: ‎10-11-2011
0

Re: HELP

November the scores were TU 652 Experian 637 and EQ 598... on here it now says the equifax score is 635 so I know that score has went up but the Lender needs the middle score to be 640 I think its there but am trying to avoid additional inquires since they already did it 9 times.. Im felling like they messed me up by putting all the inquiries on my report.. this whole process has been a nightmare

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

Re: HELP

[ Edited ]

Did they pull 9 seperate times resulting in 27 total inquiries (9 pulls x 3 reports)? Or was it 3 times (3 pulls x 3 reports = 9 inquiries)?

 

If it matters any, FICO has a built-in safeguard for those who are looking for lower rates through rate shopping. FICO will take all of the mortgage (and auto) inquiries, per report, and lump them together if pulled within a certain time frame. That time frame varies per report and per FICO version used. I know that the window is at least 30 days per report in your case (I know 30 on the EQ FICO version used on here and by most lenders....30 or 45 days for TU04....and at least 30 for EX FICO used by most lenders). FICO will take one inquiry inside that window and ignore the rest. So, you can apply 100 times in a month and only get dinged for one inquiry. As an added bonus, FICO will ignore the impacting inquiry while inside that window so that your score won't take a hit after applying. If there was a score hit due to the inquiry, assuming there would be one (likely there will be none in your case), the impact won't be felt for a month.

New Member
guru83
Posts: 5
Registered: ‎10-11-2011
0

Re: HELP

It was 9 separate times (27) because they got reports from the three different bureaus... this information you have provided has been very helpful.

 

Thanks


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