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Lenders see different scores than consumers do

Moderator Emeritus

Re: Lenders see different scores than consumers do


kasage00 wrote:

I have a 770 EQ score but my TU and EX are around 600. I disputed  collection account on EX and got it deleted but it did not change my score any. I got all negative items offEQ but not off TU or EX (which is why my EQ is so much higher.) on TU and EX I have some negative items such as charged off credit cards that are about 3 years old. My only active account is my current mortgage and my student loan. I was never late with either one. I am seeking a HARP loan (I meet all the guidelines). Would my clean EQ score override the other two bad scores?


Your lender will still look at all 3 FICOs and factor in the middle of the 3.

Message 61 of 71
New Visitor

Re: Lenders see different scores than consumers do

Hi OKP,

 

Lender use the equifax score for consumer loans, and the middle of three scores for mortgage loans. Maybe that is the missing link in your ordeal. Make sure you know your equifax score as well.

Message 62 of 71
Member

Re: Lenders see different scores than consumers do

Not all lenders use the middle score; one lender I spoke to used a FICO score, another one used the middle of the three. If our scores matched what the lenders see, and if all lenders used the same criteria, it would be so much easier for consumers.

Message 63 of 71
Moderator

Re: Lenders see different scores than consumers do


kimfl wrote:

Not all lenders use the middle score; one lender I spoke to used a FICO score, another one used the middle of the three. If our scores matched what the lenders see, and if all lenders used the same criteria, it would be so much easier for consumers.


Mortgage lenders at least for conventional do indeed use the middle score: it's effectively mandated to do so in order to bundle the loans off to Fannie/Freddie.  AFAIK FHA is similar though for no required reason and non-traiditional can qualify there.

 

Outside of those cases in mortgage market though, you're absolutely right that different lenders can do whatever they want.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 64 of 71
New Visitor

Re: Lenders see different scores than consumers do

I bought Fico score watch which may minitor Equlifax score daily. However, when I do refiance, my lender has a much different Equifax number than what I can see from myfico. it was 755 in myfico, but lender's 728. I paid $14 per month to track my score via myfico, but it is totally useless...... I am so upset, I will never come back myfico

Message 65 of 71
Valued Contributor

Re: Lenders see different scores than consumers do


roy-ren wrote:

I bought Fico score watch which may minitor Equlifax score daily. However, when I do refiance, my lender has a much different Equifax number than what I can see from myfico. it was 755 in myfico, but lender's 728. I paid $14 per month to track my score via myfico, but it is totally useless...... I am so upset, I will never come back myfico


Lenders use a wide variety of FICO and proprietary scoring systems, and there are a wide variety of FICO and FAKO scores available to consumers.

 

Some of these match, and some don't.

 

For example, I'm a Penfed member, and I think they use the EQ Pinnacle score, and I don't know any place to get it.

 

Message 66 of 71
Valued Member

Re: Lenders see different scores than consumers do

I am trying to secure a loan but I am looking for lenders that are using either TU or EX not EQ. However, I like NFCU I have an account with them. I also have account with USAA but I got screwed over by EQ when I have a rude surprise of my EQ with only 650. Now, I understand why my score is different from those I soft pulled. Currently I have an issue with EQ which lowered by scored because of the same account I have with Capital One.

 

1. Negative report of $2.00 late payment on Apr 2013. 
2. Negative report on $0.00 balance on July 2014.

 

The first one, on Apr 2013, my automatic payment was stopped and payment was not received by Capital One and recently I learned it could be because my account was switched from HSBC to Capital One. I tried to fix it last year but gave up since I thought it will just go away over the time. 

The second one, I got no words for $0.00 balance that I didn't pay. I try to figure out what do I pay with $0.00 balance and how $0.00 balance negative report affect my opportunity to get an auto loan. Only EQ shows that I owed $0.00 balance but not TU or EX. I contacted Capital One 5 times in two weeks times to fix both issues. Cap just sent first letter for the Apr 2013 and the second letter for July 2014 should be on the way this week.

 

Currently I am trying to secure a loan but found out that all the money I paid towards EX, EQ and TU or even getting those free scores are all useless. I will just save some cash up to $20K to buy a shiny new truck and the rest use the loans. The rule is I am planning to wave it around to cool me down while looking at a truck at any dealer.



Starting Score: (Nov 13) EQ 650, EXP 750, TU 750
Score: (Aug 2, 2014) EQ 722, EXP 780, TU 777
Score: (Aug 11, 2014) EQ 781, EXP 784, TU 779
Current Score: (Nov 22, 2014) EQ 814, EXP N/A, TU 781
Goal Score: EQ 820, EXP 800, TU 800 | Take the myFICO Fitness Challenge
Message 67 of 71
New Member

Re: Lenders see different scores than consumers do

why is everyone stating that you cannot obtain an Experian score here?  There is a score on here for Experian on me.

Message 68 of 71
Moderator

Re: Lenders see different scores than consumers do


So_unique wrote:

why is everyone stating that you cannot obtain an Experian score here?  There is a score on here for Experian on me.


This thread started almost 4 years ago, at that time there was no EX available.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 69 of 71
New Member

Re: Lenders see different scores than consumers do

I have been reading thru 7 pages to find one answer to this question that was asked 4 years ago.  Still, I do not see it answered.  Can I get a yes or no on this?  Do mortgage companies 'for the most part' use these Fico Scores? Equifax- Fico Score 5,  TransUnion Fico Score 4, and Experian Fico Score 2?  Yes or No?  I found the answer on another thread on here....  The answer is Yes.  Smiley LOL

Message 70 of 71