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Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012
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MyFICO TU98 vs Lender Pull TU

Good morning Forum,

 

I got the myfico TU98 score today, and it is listed at 655.  I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump.  I am sooo thankful that the mortgage company does not use the same scoring model that myfico does.   My middle score would have been in the 650's if they had used TU98 (either TU or Equifax).  However, at it stands, my middle score is 678 (Experian).

 

This goes to prove how important utilization is when calculating your FICO score.  With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
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pizzadude
Posts: 9,035
Registered: ‎01-28-2010
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Re: MyFICO TU98 vs Lender Pull TU


frugalQ wrote:

Good morning Forum,

 

I got the myfico TU98 score today, and it is listed at 655.  I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump.  I am sooo thankful that the mortgage company does not use the same scoring model that myfico does.   My middle score would have been in the 650's if they had used TU98 (either TU or Equifax).  However, at it stands, my middle score is 678 (Experian).

 

This goes to prove how important utilization is when calculating your FICO score.  With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.



A lot of people have reported large variances with TU98 and TU04, I'm glad that this one worked out in your favor :smileyhappy:

 

Good luck with your refi - what interest rate are you looking at ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor
BoysMumx2
Posts: 309
Registered: ‎01-24-2008
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Re: MyFICO TU98 vs Lender Pull TU


frugalQ wrote:

Good morning Forum,

 

I got the myfico TU98 score today, and it is listed at 655.  I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump.  I am sooo thankful that the mortgage company does not use the same scoring model that myfico does.   My middle score would have been in the 650's if they had used TU98 (either TU or Equifax).  However, at it stands, my middle score is 678 (Experian).

 

This goes to prove how important utilization is when calculating your FICO score.  With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.


I experienced the same thing!  On 6/7 my TU98 was 698 but the mortgage lender pull was 731.  It made a 1% difference on my down payment assistance product.


Starting Score: EQ 622, TU 676, EX 643 (mtg lender pulls) 2/1/12
Current Score: EQ 743, TU 775 (6/18 MyFico), EX 722 (per CITI approval letter 6/29/12 pull)
Goal Score: New goal: 760+ on all 3


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Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012
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Re: MyFICO TU98 vs Lender Pull TU


pizzadude wrote:

frugalQ wrote:

Good morning Forum,

 

I got the myfico TU98 score today, and it is listed at 655.  I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump.  I am sooo thankful that the mortgage company does not use the same scoring model that myfico does.   My middle score would have been in the 650's if they had used TU98 (either TU or Equifax).  However, at it stands, my middle score is 678 (Experian).

 

This goes to prove how important utilization is when calculating your FICO score.  With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.



A lot of people have reported large variances with TU98 and TU04, I'm glad that this one worked out in your favor :smileyhappy:

 

Good luck with your refi - what interest rate are you looking at ?


3.875% with the lender paying 1 point....i guess i'm saying that correctly.  I have an FHA mortgage, and i'm taking advantage of the new FHA streamline refi program that just went into effect last week.

Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Frequent Contributor
BigDaddy18
Posts: 673
Registered: ‎04-23-2009
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Re: MyFICO TU98 vs Lender Pull TU

I'm glad to hear that his program is helping someone out.  It's the first posative thing I've hear from it!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


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Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012
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Re: MyFICO TU98 vs Lender Pull TU

Before the rules changed on 6/11, it would not have benefited me to do the streamine refi because the additional MI cost would have taken away over half of P&I savings. But the reduction in the MI rates has turned out to be huge for me. The reduction in the upfront MI cost alone dropped my closing costs by nearly $2k. And my monthly MI is staying the same which will allow me to see the full P&I savings. On top of that, my property tax is decreasing (again), so im hoping my escrow payment will also reduce.

I anticipate that I'll recoup my closing cost in about 3 months.

Since I'm underwater on my loan and won't be able to sell anytime soon, I may as well take advantage of the new insurance rules.

What's interesting is that for FHA streamine refi, FHA doesn't require a credit score or income...but the banks rules override.
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Valued Member
tuckandroll
Posts: 31
Registered: ‎08-15-2012
0

Re: MyFICO TU98 vs Lender Pull TU

your lucky myfico shows me at 692,  pull from Tu came back at 622 -70pts.... I have no clue why.  Same day pulls, both soft.

- 6/2012 - FICOs EX 550 TU 580
- Lots of work.....
- 9/20/12 - FICO EX 646 TU 692
- Dec 12 - Home purchase - May 13 Auto Purchase
- 6/10/13 - FICO EX 672 TU 690
It CAN happen to you!
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: MyFICO TU98 vs Lender Pull TU


tuckandroll wrote:

your lucky myfico shows me at 692,  pull from Tu came back at 622 -70pts.... I have no clue why.  Same day pulls, both soft.


Was the 622 from a lender? If so, how did you get a soft pull for a TU04?

Valued Member
tuckandroll
Posts: 31
Registered: ‎08-15-2012
0

Re: MyFICO TU98 vs Lender Pull TU

i used lender club and setup account, they did a soft pull to get a "pre approval" and reported the 622 from TU. It didn't say the what method used but it certiinly wasn't the same as myfico.  

 

I had no intent of getting a loan just wandted to see the score and compare to myfico, getting ready for a mortgage and it really was depressing.

 

- 6/2012 - FICOs EX 550 TU 580
- Lots of work.....
- 9/20/12 - FICO EX 646 TU 692
- Dec 12 - Home purchase - May 13 Auto Purchase
- 6/10/13 - FICO EX 672 TU 690
It CAN happen to you!
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: MyFICO TU98 vs Lender Pull TU

[ Edited ]

You're the second person I recall seeing to mention that LC's score didn't match their TU98 from here. IME it always matched (I'm a lender and borrower). I wonder if they changed FICO versions.


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