Understanding FICO® Scoring

[variableResistor]

My fico only gives a sorce based on one of it's models but where can I get the other fico scores?

[Revelate]

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variableResistor wrote:

My fico only gives a sorce based on one of it's models but where can I get the other fico scores?

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Few and far between.  EQ '04 from either myFico, Equifax (if you find the right one), or DCU.  MyFico TU '98 (Technically a second model).

Walmart TU '08

PSECU EX '04

And that's it.  No availability of any industry option unfortunately, or any easy way of getting EX anything if you don't live in PA.

[mmmmmm]

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Revelate wrote:

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variableResistor wrote:

My fico only gives a sorce based on one of it's models but where can I get the other fico scores?

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Few and far between.  EQ '04 from either myFico, Equifax (if you find the right one), or DCU.  MyFico TU '98 (Technically a second model).

Walmart TU '08

PSECU EX '04

And that's it.  No availability of any industry option unfortunately, or any easy way of getting EX anything if you don't live in PA.

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I think it would be easier to understand which scores are which if you referred to EQ as BEACON 5.0, as not too many refer to it as EQ '04.

Just my two cents, otherwise, spot on.

[variableResistor]

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Revelate wrote:

Few and far between.  EQ '04 from either myFico, Equifax (if you find the right one), or DCU.  MyFico TU '98 (Technically a second model).

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 So if i check my score  on myFico it is based on the 04 model if it is the equifax score and based on the 98 model if it is the transunion score?

[llecs]

If you pull from here for EQ, you'll get Beacon 5.0, which was developed in 2004-2005. This is the most commonly used EQ FICO used by mortgage and other lenders. If you pull your TU FICO from here, you are pulling a TU FICO model developed around 1998 and we call it TU98. It's seldom used by lenders. Aside from Beacon 5.0 for EQ and TU98 for TU, the only other FICO version you can get your hands on is TU08 offered via Wal-Mart and is rarely used by lenders. There are other FICO versions out there but you'd need help of a lender in order to get it.

[Revelate]

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mmmmmm wrote:

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Revelate wrote:

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variableResistor wrote:

My fico only gives a sorce based on one of it's models but where can I get the other fico scores?

---

Few and far between.  EQ '04 from either myFico, Equifax (if you find the right one), or DCU.  MyFico TU '98 (Technically a second model).

Walmart TU '08

PSECU EX '04

And that's it.  No availability of any industry option unfortunately, or any easy way of getting EX anything if you don't live in PA.

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I think it would be easier to understand which scores are which if you referred to EQ as BEACON 5.0, as not too many refer to it as EQ '04.

Just my two cents, otherwise, spot on.

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I think that's fair, but the internal lender names for models frankly adds to the confusion I think.  Beacon 5.0 is nothing more than EQ's FICO '04 product.  Sure I could call it that, or Transrisk whatever, but I think that just clutters it and makes it more inaccessible: I had no idea what the internal lender names were before I found this forum, whereas I knew there were several revisions of FICO roughly corresponding to the years that they were released.

Those names are a little harder to come by via Google at least when I went looking for them six months ago after reading here, but that could've been my own failure in GoogleFu.

Good point regardless and you're correct I should try to be more consistent with the rest of the information found on the forum. 

[bettercreditguy1]

While these are Fico scores here, a mortage lender pulls a tri merged report which will always be lower. It is mortage enhanced, specifically for their purposes. They throw out the top and bottom scores and use the middle score for your home mortage. I know, it just adds more uncertainty doesn't it? However, if you have great My Fico scores here, you need not worry because you most likely will get a home loan. (trimerged means there is a firm which combines all three bureaus).

[Revelate]

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bettercreditguy1 wrote:

While these are Fico scores here, a mortage lender pulls a tri merged report which will always be lower. It is mortage enhanced, specifically for their purposes. They throw out the top and bottom scores and use the middle score for your home mortage. I know, it just adds more uncertainty doesn't it? However, if you have great My Fico scores here, you need not worry because you most likely will get a home loan. (trimerged means there is a firm which combines all three bureaus).

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I don't think this is quite the case, the GSE's apparently use the same score as found here on myFico and as such so does the rest of the mortgage industry.  I had thought this was a Classic score, but I might be mistaken; as such I'm not certain the mortgage enhanced industry option is quite as prevelant as either the credit or auto-enhanced options are.

I've read at least that it's the same as the DCU FICO, so either they're both mortgage-enhanced (which doesn't make much sense but I could be wrong), or they're both classic, but there's numerous reports of the myFico EQ score being identical to a tri-merged pull.

[llecs]

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bettercreditguy1 wrote:

While these are Fico scores here, a mortage lender pulls a tri merged report which will always be lower. It is mortage enhanced, specifically for their purposes. They throw out the top and bottom scores and use the middle score for your home mortage. I know, it just adds more uncertainty doesn't it? However, if you have great My Fico scores here, you need not worry because you most likely will get a home loan. (trimerged means there is a firm which combines all three bureaus).

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I'll disagree too. All the posts I've read in Mortgage Loans indicate that their lender pulled a Classic score as opposed to a mortgage-enhanced FICO. My lender, M&T Bank, used a tri-merge service via CBCInnovis and the scores were Classic FICOs (Beacon 5.0 same as on here and TU04...not the same as on here).

While mortgage-enhanced FICO scores were rolled out for the first time in the newer FICO08 version, I've yet to see any post anywhere saying their lender used them. I'm looking too. If found, it'll be an indicator that lenders are open to using the newer FICO version.

[bettercreditguy1]

Hey guys, no offense. I am in the process of obtaining a mortage for a new house. In the last seven buisness days, three different lenders after being presented my Fico Scores with full credit reports from this sight,  and my Wife's scores similiarly, have all stated and I quote " The scores that we will recieve will be lower than what you have. We will throw out your top and low score and base your credit lending with this firm on your MIDDLE SCORE.  We use a firm of which we will recieve a tri-merged report." They will not disclose the firm until I get serious and apply nor wil they tell me if they use Mortage Enhanced, etc.   I only know what I have personally encountered the last few days as We (my wife and I) are beginning a new journey.  We have a working relationship with all of the lending institutions for a minimum of 5 years, one being over twenty four years. We have been quoted 3.35% to 3.875% for the instrument we are interested in plus closing cost and no points. As always, the final application and financials will be the determining factor. I sincerely wish each of you the best and you all know that YMMV. Good Luck!. Upon final application  and closing of the purchase, I will pull and post the differencials in the scores under the mortage category. To all have a SAFE Fourth of July.