Understanding FICO® Scoring

[tooscope2]

So I am applying for mortgages and one lender had my middle score at 569 and had me in a tough bind while another had me at 622 and yet another 602.  Obviously I got the best deal from the 622 lender but it doesn't make much sense.  All report were within 17 days of one another and I am not aware of any major changes to my report.  I recently disputed some inaccuracies on the reports but no judgement has been made on them.  Just curious. 

Also, can I continue to price check with another lender or will the inquiries kill me.

Last anyone know a good reputable online lender.

Thanks

[Brammy]

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tooscope2 wrote:

So I am applying for mortgages and one lender had my middle score at 569 and had me in a tough bind while another had me at 622 and yet another 602.  Obviously I got the best deal from the 622 lender but it doesn't make much sense.  All report were within 17 days of one another and I am not aware of any major changes to my report.  I recently disputed some inaccuracies on the reports but no judgement has been made on them.  Just curious. 

Also, can I continue to price check with another lender or will the inquiries kill me.

Last anyone know a good reputable online lender.

Thanks

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Do you have your actual FICO scores for comparison? Its a tough call without a comparison.  Most reputable lenders pull something called a tri-merged report or a 3-in-1 and go with the middle score. You can rate shop for the best rates within a two  week period and as long as they are all coded mortgage inquiries, they should be counted as one inquiry.

[masdeocho]

Your 3 FICO scores will always vary.  This is because the scores are based on your 3 CRs, and the information in the CRs is different.  As we all know, some of the info is incorrect.

More significantly, not every creditor reports to TU, EX, and EQ; there is no requirement for them to do so.  Some creditors report to only one bureau, some to all three. So TLs and inquiries may appear on some reports but not the others, and you end up with scores that can vary by many points.