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YMMV. When I applied for my DM card, the difference between what I had pulled here and what they told me my score was was only 1 point. (693 versus 694). It probably depends on which bucket you fall into, and which of the bad things are on your report. I was actually surprised at the mere 1 point difference myself.
@nrc2112 wrote:
The difference between what you pAy for here and what lenders pull in points can be 100 point difference. If you pay for your fico score here you are throwing money away.
IME it's spot on. The EQ FICO pulled from here will most always match the EQ FICO used by your mortgage lender. It's the same formula almost all lenders use. The TU FICO on here may or may not match. YMMV. For some it does match, and for most it will not. The version used by most mortgage lenders will not match. But again, YMMV. The last loan I got outside of the mortgage was the same TU98 version as found on here.
If your difference was 100 pts off, then that's quite a bit. If you experienced that, the difference could be due to not pulling on the same day. Scores can change daily. If pulled the same day, then the score you first pulled might not be a FICO score, and comparing a FICO to a non-FICO can result in 100 pts or more when compared the same day.
When is myfico going to update to TU04
@llecs wrote:
@nrc2112 wrote:
The difference between what you pAy for here and what lenders pull in points can be 100 point difference. If you pay for your fico score here you are throwing money away.
IME it's spot on. The EQ FICO pulled from here will most always match the EQ FICO used by your mortgage lender. It's the same formula almost all lenders use. The TU FICO on here may or may not match. YMMV. For some it does match, and for most it will not. The version used by most mortgage lenders will not match. But again, YMMV. The last loan I got outside of the mortgage was the same TU98 version as found on here.
If your difference was 100 pts off, then that's quite a bit. If you experienced that, the difference could be due to not pulling on the same day. Scores can change daily. If pulled the same day, then the score you first pulled might not be a FICO score, and comparing a FICO to a non-FICO can result in 100 pts or more when compared the same day.
Student_Loans_Kill wrote:
When is myfico going to update to TU04
In the words of Barry:
MyFICO should update to TU04, including adding other versions like keeping TU98 (I had a lender pull that no too long ago) and adding TU08 (even though nobody is using it). As well as adding all the other versions out there for TU and EQ like auto-enhanced, etc.
Wow it's the man trying to keep the lil ones down!
gerrrrr
Haha O' well guess I need to keep a lender in my back pocket! Hum!!!
Anyone know any hot lenders I can date??
Most posts in this thread have addressed the FICO/FAKO business, but the OP's point about the industry-specific scores hasn't gotten much response. I have to agree with him/her, it's just not right that we can't buy those specialized scores. I can see the value of them for lenders, and wouldn't mind paying for them, but the current situation means you can't contradict the used-car salesman when he says your score is too low. It's unjust.
On a different point raised by some in this thread, I also found the EQ score my mortgage lender got was the same as what's available through myfico. At least 33.3% works right!
@Duke-of-Earl wrote:Most posts in this thread have addressed the FICO/FAKO business, but the OP's point about the industry-specific scores hasn't gotten much response. I have to agree with him/her, it's just not right that we can't buy those specialized scores. I can see the value of them for lenders, and wouldn't mind paying for them, but the current situation means you can't contradict the used-car salesman when he says your score is too low. It's unjust.
On a different point raised by some in this thread, I also found the EQ score my mortgage lender got was the same as what's available through myfico. At least 33.3% works right!
Yeah.. I agree with your sentiment 100 percent.. at least with the EQ being right for most lenders, at least you do have an idea..
-scott
I paid for two myFICO scores from the myFICO website last week, one Experian and the other Transunion. They were 730 and 704 respectively. I printed them up and
took them to a mortgage lender, along with other documents, knowing that they would also pull their own score. The lender pulled scores within an hour later: 675!!!!! - and disappointingly, I was told to "sit tight for a while longer" and get "a longer paid on time history" - though mine is four years since any late payment. I was told that I wouldn't want to pay the high interest on a loan (that the bank wasn't actually even offering, based on that 675 score....)
How can the scores that consumers pull be so "off"? What a waste of money!!!! I feel completely misled by what appeared as the expensive myFICO scores.
I am outraged at the SECRECY and CONFUSION surrounding this jumble of differing formulas and calculations. The same information appears in each of the three
reporting agencies on me, as I have spent years honing it to be accurate, yet the scores vary wildly. What a crock!
@okp wrote:I paid for two myFICO scores from the myFICO website last week, one Experian and the other Transunion. They were 730 and 704 respectively. I printed them up and
took them to a mortgage lender, along with other documents, knowing that they would also pull their own score. The lender pulled scores within an hour later: 675!!!!! - and disappointingly, I was told to "sit tight for a while longer" and get "a longer paid on time history" - though mine is four years since any late payment. I was told that I wouldn't want to pay the high interest on a loan (that the bank wasn't actually even offering, based on that 675 score....)
How can the scores that consumers pull be so "off"? What a waste of money!!!! I feel completely misled by what appeared as the expensive myFICO scores.
I am outraged at the SECRECY and CONFUSION surrounding this jumble of differing formulas and calculations. The same information appears in each of the three
reporting agencies on me, as I have spent years honing it to be accurate, yet the scores vary wildly. What a crock!
myFICO does not sell an Experian score. Do you mean Equifax?
When you apply for a mortgage, they usually pull all 3 FICO scores. Did you get all three?
If you applied for a mortage, they almost certainly used the same EQ score sold here. They would have used one version newer on TU. They would have also pulled an EX score. Ask for the report and look at all three scores. Your EQ should match exactly. Look through the reports and check for differences so that you can figure out what the scores mean.
Sometimes a mortgage pre-qualify can use non-FICO scores. That is possible but very unlikely. If they do, then you normally still have to qualify based on FICO scores for virtually all normal mortgages.
Yes, I did mean Equifax (another sort of confusing issue, that two of the three credit agencies start with "e"....
I literally went down to the bank immediately after paying for and printing the scores. The lender, when I pointed out that I had just pulled
the scores I was showing him, said, "Nah, lenders get differnt information and scores than you as a consumer do. They're not the same." He was completely
dismissive of the scores I pulled through myFICO, as if they were utterly bogus.
Thanks for your response.