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Lenders see different scores than consumers do

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crunching_numbers
Valued Contributor

Re: Lenders see different scores than consumers do

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.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 11 of 71
llecs
Moderator Emeritus

Re: Lenders see different scores than consumers do


@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.

Message 12 of 71
Student_Loans_Kill
Frequent Contributor

Re: Lenders see different scores than consumers do


@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.


When is myfico going to update to TU04

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


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Message 13 of 71
llecs
Moderator Emeritus

Re: Lenders see different scores than consumers do


Student_Loans_Kill wrote:

 

When is myfico going to update to TU04



In the words of Barry:   Smiley Sad

 

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.

Message 14 of 71
Anonymous
Not applicable

Re: Lenders see different scores than consumers do

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??

Message 15 of 71
Duke-of-Earl
Regular Contributor

Re: Lenders see different scores than consumers do

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!

 

 


Starting Score: EQ 804 - (April 2009)
Upgraded thanks to FICO Forums: EQ 813 / EX 842 / TU 823 - (FICO scores from mortgage lenders, June 2010)
Recent Scores: EQ 807 / TU 799 - (March 2012)
Goal: Survive Another Day
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Message 16 of 71
rckstrscott
Valued Contributor

Re: Lenders see different scores than consumers do


@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

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 17 of 71
okp
New Member
New Member

Re: Lenders see different scores than consumers do

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! 

Message 18 of 71
GregB
Valued Contributor

Re: Lenders see different scores than consumers do


@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.

Message 19 of 71
okp
New Member
New Member

Re: Lenders see different scores than consumers do

Yes, I did mean Equifax (another sort of confusing issue, that two of the three credit agencies start with "e"....Smiley Happy

 

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.

Message 20 of 71
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