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It is so irritating when the lender doesn't know which version of the score used!

Senior Contributor

It is so irritating when the lender doesn't know which version of the score used!

I excitedly marched myself to my new CU and deposited 800 bucks.  Then I applied for a real grown up Visa with a decent limit.  I got a SW alert today and EQ is 633.  (I figured the deposit would look good, right?  Plus I'm tired of having that cash sitting in the safe).

 

She said "You aren't honest with me.  Your score is 647"

 

I tried to get her to tell me if it says beacon?  Does it have a number by it?  She just looked at me like I was the craziest person on earth!!!!!!!!

 

Hopefully they'll give me the doc which shows my score.

 

I am eagerly awaiting her phone call to see if I got approved.............19 minutes and then I don't get to know til Monday.  I told her I wasn't keeping my hopes up, but she winked at me, so IDK what that means, if anything.

 

i don't even want to BUY anything.  I just WANT IT.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 1 of 13
12 REPLIES
Super Contributor

Re: It is so irritating when the lender doesn't know which version of the score used!

 

Yeah, it's frustrating when people who work with personal finance and consumer credit all day long don't know a FICO from a FAKO, but most of these people haven't spent countless hours like some of us ( me ) who are somewhat obsessed with the nuances of credit scoring.   Smiley Wink

 

Good luck, I'm sure you'll get approved...

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 13
Senior Contributor

Re: It is so irritating when the lender doesn't know which version of the score used!

As soon as my student loans are forgiven (Public service forgiveness program) I'm going to change careers and become an underwriter or mortgage loan officer.  Someone in the business needs to know something.   ggrrr

 

Thanks for the vote of confidence, Pizza.....She didn't call me.  I'm not very hopeful.  Just hoping she mentions the deposit to the underwriter as it proves i'm not in desperate need of cash.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 3 of 13
Super Contributor

Re: It is so irritating when the lender doesn't know which version of the score used!

 

Well it is Friday ~ so could be that they just couldn't get the processing done before schlitz o' clock.

 

I would think that they would take note of your deposit, that should be a plus IMO.

 

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 13
Established Contributor

Re: It is so irritating when the lender doesn't know which version of the score used!


pizzadude wrote:

 

Yeah, it's frustrating when people who work with personal finance and consumer credit all day long don't know a FICO from a FAKO, but most of these people haven't spent countless hours like some of us ( me ) who are somewhat obsessed with the nuances of credit scoring.   Smiley Wink     +1  you got that right


 

Message 5 of 13
Senior Contributor

Re: It is so irritating when the lender doesn't know which version of the score used!


pizzadude wrote:

 

Well it is Friday ~ so could be that they just couldn't get the processing done before schlitz o' clock.

 

I would think that they would take note of your deposit, that should be a plus IMO.

 

 


I've heard of bowl thirty, but schlitz o'clock is a new one.....and a great one too!   hee hee

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 6 of 13
Senior Contributor

Re: It is so irritating when the lender doesn't know which version of the score used!

booner,

 

It's the downside to so many scores. Also the main reason I won't apply for the WalMart Discover: Despite being an actual FICO, it's unlikely to be a score used to determine creditworthiness by many companies.

 

Lenders should disclose which scoring model is being used. Also, if they're using FICO plus an internal model, it should be disclosed.

 

IMO, our information has far more value than we could ever imagine. Otherwise CRAs and banks wouldn't fight so hard to prevent our accessing and understanding how it's used.

 

 


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Message 7 of 13
Senior Contributor

Re: It is so irritating when the lender doesn't know which version of the score used!

Got the truth in lending - Says my Equifax FICO score is 647, nowhere does it give any clue on which FICO version.  So it's either cc enhanced or EQ 08?

 

They approved me for only 1000.00, but that's better than 300 any day of the week.  She said they said  to do a "hard close" which the CU lady said meant to tell me NO MORE NEW CREDIT!!!!!!!!!!!!!!!!!!!

 

I guess I have to go join that garden party. 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 8 of 13
Moderator Emeritus

Re: It is so irritating when the lender doesn't know which version of the score used!


Booner72 wrote:

Got the truth in lending - Says my Equifax FICO score is 647, nowhere does it give any clue on which FICO version.  So it's either cc enhanced or EQ 08?

 

They approved me for only 1000.00, but that's better than 300 any day of the week.  She said they said  to do a "hard close" which the CU lady said meant to tell me NO MORE NEW CREDIT!!!!!!!!!!!!!!!!!!!

 

I guess I have to go join that garden party. 


Could be CC enhanced, could be EQ Beacon 5.0 like is sold here, could be the latest EQ (Beacon 9.0).

 

It can be maddening trying to know exactly what is pulled by whom, when, where, and why.  Smiley Happy

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

 

 


 

Message 9 of 13
Super Contributor

Re: It is so irritating when the lender doesn't know which version of the score used!

 

Congrats on the approval !!!  I'm sure they will bump you up soon, when did they say that you can get a CLI ??

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 10 of 13