Score drops 15 points!!

[CMONTOYA21]

A lender told me to pay off old almost 7 year old debts to qualify for a loan so i did and my score went down!!!

[Jesse30]

I just found out that lenders don't use fico scores they are using the scores from each bureau site which are different from myfico scores. myfico score from Transunion said I had a 620, but the transunion site from which my lender pulled said I had a 592 and sent my report and score, it was a 592

[llecs]

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@CMONTOYA21 wrote:

A lender told me to pay off old almost 7 year old debts to qualify for a loan so i did and my score went down!!!

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Welcome to the forums!

What did they tell you to pay off? Old bad accounts? Old closed, but current accounts? More importantly, did you have any choice as to whether or not you could pay it? Finally, as hinted, was the source of the before and after score from the same place (e.g. your lender)?

Paying an old baddie or old CC, for example, can drop your scores given some situations, but more info is needed.

[llecs]

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@Jesse30 wrote:

I just found out that lenders don't use fico scores they are using the scores from each bureau site which are different from myfico scores. myfico score from Transunion said I had a 620, but the transunion site from which my lender pulled said I had a 592 and sent my report and score, it was a 592

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As a head's up, virtually all mortgage lenders use FICO, but sometimes they'll use different versions of a FICO score that may not be the same as the one found on myFICO.com. For example, the TU FICO found on here is a TU98 version of a FICO score. However, most lenders use a different version now, and thet's a TU04 version. If that happened, you'd see a significant score difference in some cases. For our mortgage pull last December, DW's TU04 was almost 50 points higher than the TU98 found here whereas mine was 30 points lower. Also, there are some lenders out there that pull a TU FICO but are neither of these two. Always a YMMV-thing based on lender.

[Jesse30]

I wish I would have known this, before I brought my scores from Fico and was useless, it helped me none. my scores are much lower than what is reported and I was told lenders use Fico scores and I had to mortgage company I applied with and neither use fico scores.

[llecs]

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@Jesse30 wrote:

I wish I would have known this, before I brought my scores from Fico and was useless, it helped me none. my scores are much lower than what is reported and I was told lenders use Fico scores and I had to mortgage company I applied with and neither use fico scores.

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If they didn't use a FICO score, and out of curiosity, do you know what they used?

[cdtotten]

I've never heard of a mortgage lender not using FICO scores. I would love to hear what they are using. It has to be disclosed to you, so let us know please.

[haulingthescoreup]

If they go through Fannie Mae or Freddie Mac (many if not most do), they HAVE to use FICO scores.

Here are the names of the FICO scores that you will see on a mortgage report:

Beacon 5.0 (Equifax)

Empirica something (probably 04) (TransUnion)

FairIsaacRiskScorev2 (Experian)

I can't find my post with the exact names, but that's basically it.

You get the Beacon 5.0 here.

Alas, you get Empirica 98 here instead of 04 (thanks bunches, TU!)

Experian didn't like sharing the money from FICO scores, so consumers can't buy our FICO EX's any more. You can join PSECU, a credit union in Pennsylvania, to find out your EX FICO score. Or app for a mortgage, of course.

[CMONTOYA21]

They used these

Beacon 5.0 (Equifax)

Empirica something (probably 04) (TransUnion)

FairIsaacRiskScorev2 (Experian)

They were really old debts some the creditors were reaging from like 1996. I thought that was illegal?? I am so confused lol!!

[veracious]

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@cdtotten wrote:

I've never heard of a mortgage lender not using FICO scores. I would love to hear what they are using. It has to be disclosed to you, so let us know please.

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cdtotten, found this link on  Bankersonline.com  forum and in reference to your comment,

I don't know what to make of their discussion. Note: the lender explicitly mentions they do not use a credit score.

Here's the link--->http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=373811

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